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Greg Gent.
Fonterra shareholders have approved the appointment of PricewaterhouseCoopers as auditors for another year despite reservations from some shareholders.
A resolution to re-appoint PwC was backed by 85.59% of farmers who took part in the vote.
At the co-op’s annual general meeting yesterday, former director and Northland farmer Greg Gent opposed the resolution.
Gent says he felt the relationship between PwC and Fonterra had “become too close”.
Gent says it was time to look at new auditors.
He also noted that several PwC executives have ended up on the Fonterra board.
Farmer-elected director Brent Goldsack was a partner in PwC for more than 12 years; appointed director Bruce Hassall had a 35-year career at PwC, including seven years as chief executive of its NZ practice.
Fonterra chairman John Monaghan says he was not going to support changing the auditors “on the hoof” at an AGM.
He says Gent’s comments will be considered by the board when deciding the appointment of auditors in 2020.
Other motions passed at the AGM included approving the remuneration of directors; 86.5% voted in support.
A motion by Marlborough farmer Murray Beach to overhaul the co-op’s share structure was voted down; only 12.19% voted in favour.
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
An A$2 billion bid for Fonterra's Oceania business would be great news, according to Forsyth Barr senior analyst, equities, Matt Montgomerie.
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
Over 85% of Fonterra farmer suppliers will be eligible for customer funding up to $1,500 for solutions designed to drive on-farm efficiency gains and reduce emissions intensity.
August 6 marks Farm Worker Appreciation Day, a moment to recognise the dedication and hard mahi of dairy farm workers across Aotearoa - and DairyNZ is taking the opportunity to celebrate the skilled teams working on its two research farms.
OPINION: The Government has been seeking industry feedback on its proposed amendments to a range of Resource Management Act (RMA) national direction instruments.
A Taupo company says it's the first to bring CO₂-powered water heating technology to New Zealand dairy sheds, helping farmers cut energy costs by up to 85%.
Waikato is home to a diverse range of lakes, and experts say they urgently need better management and restoration.
Federated Farmers is renewing its call for Greenpeace to be stripped of its charitable status immediately, following the activist group's latest publicity stunt.
Irish meat processor Dawn Meats is set to acquire a 70% stake in Alliance Group, according to a report in The Irish Times.
OPINION: Sydney has a $12 million milk disposal problem.
OPINION: Canterbury milk processor Synlait's recovery seems to have hit another snag.
