Fonterra Cuts 2026/27 Milk Price Forecast to $9.25
Fonterra has reduced its forecast 2026/27 Farmgate Milk Price.
Nominations for the Fonterra Board of Directors’ Independent Nomination Process candidates and the Shareholders’ Council, Directors’ Remuneration Committee, and Fonterra Farmer Custodian Trustee elections closed at 12 noon yesterday.
The candidates successfully nominated following the Independent Nomination Process will be announced on Friday, November 4, 2016. The full list of candidates, including self-nominated candidates for the Fonterra Board of Directors’ Election will be announced by Wednesday, November 16, 2016.
The nomination period for the self-nomination process, where farmers can put themselves forward as a candidate for the board outside the independent nomination process, runs from Friday, November 4 to Thursday, November 10, 2016.
The returning officer, Warwick Lampp, confirmed there will not be an election for the Directors’ Remuneration Committee, as shareholders Scott Montgomerie and Gerard Wolvers were elected unopposed. Paul Todd has also been elected unopposed as the Fonterra Farmer Custodian Trustee.
Nominations were also called for candidates for the Shareholders’ Council elections in 13 wards. An election is required in five wards, as follows:
Ward: Candidate
8 – Matamata: Terry Assen, James Barron
9 – Western Bay of Plenty: Don Hammond, Ian Jeffrey, Rowan Thomas
15 – Taupo: Vanessa Donald, Kylie Leonard
21 – Southern Taranaki: Dale Cook, Ben Dickie, Simon Washer
24 – Southern Manawatu: Hamish Easton, Robert Ervine
There was one nomination received in each of the other seven wards, so no election is required. The formal declaration of these candidates as Shareholders’ Councillors will be made in conjunction with the results of the elections at the annual meeting.
The Councillors-elect are:
Ward 2 Central Northland: Susan Rhynd
Ward 6 Hamilton: Ross Wallis
Ward 12 South Waikato: Steve Hines
Ward 18 Coastal Taranaki: Vaughn Brophy
Ward 27 North Canterbury: Shaun Lissington
Ward 28 Rakaia: Jessie Chan-Dorman
Ward 33 Northern Southland: Ivan Lines
Four of the seven councillors-elect are incumbents who have been elected unopposed.
New councillors-elect are Susan Rhynd in Central Northland, Steve Hines in South Waikato, and Jessie Chan-Dorman in Rakaia.
There were no nominations received in Ward 30 South Canterbury. The Shareholders’ Council will work with shareholders in that ward to have a councillor in place for the coming year by the 2016 Fonterra annual meeting.
All successful candidates take office at the close of the 2016 Fonterra annual meeting of Sshareholders which is scheduled to be held on Thursday, December 8.
Voting packs, containing candidate profiles, will be mailed to eligible shareholders on Monday, November 21, 2016. Shareholders can vote by internet, fax or post.
The voting period is from Monday, November 21 until 10.30am on Tuesday, December 6, 2016 with the results being announced later that day.
