Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
The three directors were the only candidates for board elections this year: however new election rules mean a candidate must get over 50% of the votes cast to be elected.
Fonterra Co-operative Council chairman James Barron announced that shareholders had voted to re-elect the three sitting directors.
Elections were also held in three council wards.
In Ward 10 (Northern Bay of Plenty) Don Hammond was re-elected.
In Ward 13 (Central Taranaki) Karyn Johnson and in Ward 19 (Tasman / Marlborough) Simon Tripe defeated their opponents to get elected to the council for the first time.
In the seven other Co-operative Council wards where elections were due, nominees were elected unopposed.
They are: Ward 1 (Northern Northland) Peter Giesbers, Ward 2(Central Northland) Greg Collins, Ward 7 (Waipa) Mike Montgomerie, Ward 16 (Central Districts West) Megan Cushnahan, Ward 21 (Central Canterbury) Mark Slee, Ward 22 (South Canterbury) Mark Cressey and Ward 25 (Western Southland) Kevin Dixon.
Giesbers, Collins, Cushnahan, Cressey and Dixon are new councillors.
