Fonterra’s $3.2b capital return to farmers set to boost rural incomes and NZ economy
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
Gent was commenting on early results showing over 54% support for a motion to reduce the size of the board to nine.
He thanked Fonterra shareholders for their support.
"Getting 54% support from a turnout of 73% (based on milk solids) is great," he says.
Gent says he will not be standing for the board again.
"Our motion has always been about a fitter and leaner board for shareholders."
The motion requires 75% support to change the constitution and will not achieve that.
About 300 Fonterra shareholders at the meeting have cast their votes and they are being counted; during debate it appeared that shareholders at the meeting were split almost 50/50 on the issue.
