Revamped Fonterra to be ‘more capital-efficient’
Fonterra chair Peter McBride says the divestment of Mainland Group is their last significant asset sale and signals the end of structural changes.
Early voting figures showed more than 85% of farmer shareholders have approved reducing the board size to 11 — made up of seven farmer-elected and four independent directors.
About 100 farmer shareholders are attending a special meeting in Palmerston North today and will cast their votes soon.
Fonterra chairman John Wilson announced at the meeting that as at 10,30am today, 85.45% of farmers have voted in support.
The co-op needs 75% support to change its constitution.
The board’s last attempt to pass the changes attracted only 64% support.
