fbpx
Print this page
Friday, 10 June 2016 13:06

Fonterra fails to get 75% support

Written by 

Fonterra says it will bring a revised governance structure for vote before shareholders by the end of this year.

The co-op has failed to get the 75% support needed to reduce its board size, from 13 to 11.

The board's proposal received 63.7% support from shareholders who voted; 58.6% of total shareholders took part in the vote.
Chairman John Wilson says personally he is delighted that nearly two-thirds of farmer shareholders supported the proposal.

He says there is a strong desire for change and he is confident the co-op will land on a model that is right for its shareholders.

"There is a strong desire for change among our farmer shareholder base," he says.
"Farmers want a system that will bring knowledgeable people to our board.

"We must change the current system; we proposed some significant changes and not everyone supported them."
Wilson says the main feedback from farmers was that under the proposed system they were not able to choose between all the candidates.

Wilson says the board will go back to the drawing board and bring a revised plan before shareholders by the end of this year.
"We cannot stand still."

More like this

"Our" business?

OPINION: One particular bone the Hound has been gnawing on for years now is how the chattering classes want it both ways when it comes to the success of NZ's dairy industry.

Farmers' call

OPINION: Fonterra's $4.22 billion consumer business sale to Lactalis is ruffling a few feathers outside the dairy industry.

Wasted energy

OPINION: Finance Minister Nicola Willis could have saved her staff and MBIE time and effort over ‘buttergate’ recently by not playing politics with butter prices in the first place.

Featured

Trial shows benefits of spring nitrogen use

A landmark New Zealand trial has confirmed what many farmers have long suspected - that strategic spring nitrogen use not only boosts pasture growth but delivers measurable gains in lamb growth and ewe condition.

Eric Roy: Championing the pork industry

It was recently announced that former MP and Southland farmer Eric Roy has stepped down of New Zealand Pork after seven years. Leo Argent talks with Eric about his time at the organisation and what the future may hold.

National

Machinery & Products

JDLink Boost for NZ farms

Connectivity is widely recognised as one of the biggest challenges facing farmers, but it is now being overcome through the…

New generation Defender HD11

The all-new 2026 Can-Am Defender HD11 looks likely to raise the bar in the highly competitive side-by-side category.