Fonterra trims board size
Fonterra’s board has been reduced to nine - comprising six farmer-elected and three appointed directors.
The interest-free loan of 50 cents for every kilogram of share-backed milk solids produced from 1 June to 31 December 2015 is available to Fonterra's farmer shareholders, Wilson says. It will remain interest-free until 31 May 2017, after which Fonterra may charge interest.
Wilson says Fonterra is well placed to help its farmers because of the Co-operative's underlying strength.
"Being able to help our farmers is all about standing together as a Co-operative and using our collective strength to get through these tough times.
"We have had a lot of interest from farmers who appreciate what the Co-operative is trying to do for them to assist them with their farming businesses in a tough financial climate, and we are anticipating a large number of applications."
Farmers can repay all or part of the loan at any time and no security is required over their shares or any other assets. The loan will be repayable directly from milk payments, and automatic repayments will occur when Total Advance Rate Payments exceed $6.00.
Applications for support are open until 5pm on 25 September 2015. Farmers can apply online (the preferred option) at nzfarmsource.co.nz, or by email, fax or post.
