Monday, 25 June 2012 13:39

TAF voting underway

Written by 

Voting is now underway at Fonterra special meeting on TAF (trading among farmers).

The first two resolutions on approving TAF and necessary constitutional changes were put to vote after an hour-long debate.

While most farmers spoke in favour of TAF, South Canterbury farmer Leonie Guiney and former Federated Farmers Dairy chairman Lachlan McKenzie spoke against it.

Guiney says TAF puts the focus back on co-op shares. She says shares will rise and fall bringing greater volatility and increase redemption risk.

The first resolution on TAF requires a simple majority but constitutional changes require at least 75% support.

Fonterra director Jim van der Poel urged shareholders to support the constitutional changes although they oppose TAF.

He says the constitutional changes strengthen farmer ownership and control.

Results of the vote will be released this afternoon.

More like this

Fonterra posts solid results

Fonterra has delivered a solid half-year result, thanks to higher margins and sales volumes across the co-op's diversified product and category mix.

Featured

Sheep drench resistance costly

Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.

Dairy sheep and goat turmoil

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.

Hurry up and slow down!

OPINION: We have good friends from way back who had lived in one of our major cities for many years.

National

Knowing bugs means fewer drugs

A mastitis management company claims to deliver the fastest and most accurate mastitis testing available at scale for New Zealand…

Machinery & Products

AGTEK and ARGO part ways

After 12 years of representing the Landini and McCormick brands in New Zealand, Bay of Plenty-based AGTEK and the brands’…

100 years of Farmall Tractors

Returning after an enforced break, the Wheat and Wheels Rally will take place on the Lauriston -Barhill Road, North-East of…

JD unveils its latest beast

John Deere has unveiled its most powerful tractor ever, with the launch of the all new 9RX Series Tractor line-up…

Biggest Quadtrac coming to NZ!

In the biggest announcement that Case IH Australia/New Zealand has made around its tractor range, its biggest tractor is about…

» Latest Print Issues Online

The Hound

Why?

OPINION: A mate of yours truly wants to know why the beef schedule differential is now more than 45-50 cents…

Fat to cut

OPINION: Your canine crusader understands that MPI were recently in front of the Parliamentary Primary Sector Select Committee for an…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter