Survey shows most Fonterra farmers plan to use capital return for debt reduction
A large slice of the $3.2 billion proposed capital return for Fonterra farmer shareholders could end up with the banks.
"We can finally put the ghost of June's TAF vote to bed where the concept was backed but not the constitutional safeguards," says Willy Leferink, Federated Farmers Dairy Chairperson.
"A 89.51% vote is nearly as comprehensive as you can possibly get and Fonterra shareholders have shown good judgment.
"I think the focus of Fonterra shareholder-farmers can turn back to farming. The cooperative's board and management now have all of the tools they said they needed. The strength of this vote today needs to be taken on board by directors.
"Speaking of directors, we congratulate John Wilson and Professor Nicola Shadbolt being returned as directors. We also look forward to working with Blue Read after his election to Fonterra's board.
"As chairman, John Wilson now has a clear mandate with the baton firmly passed onto him from Sir Henry van der Heyden."
Lefering also congratulated the newly elected shareholder councillors too. "This includes my immediate past Federated Farmers Dairy vice-chairperson, Robin Barkla, as well as the immediate past Southland provincial dairy chair, Vaughan Templeton," he says.
"Federated Farmers wants Fonterra to be a success but we also want that for Westland, Tatua and companies like Miraka, Synlait and Open Country Cheese. In fact, the entire New Zealand dairy industry."
