Friday, 10 June 2016 13:06

Fonterra fails to get 75% support

Written by 

Fonterra says it will bring a revised governance structure for vote before shareholders by the end of this year.

The co-op has failed to get the 75% support needed to reduce its board size, from 13 to 11.

The board's proposal received 63.7% support from shareholders who voted; 58.6% of total shareholders took part in the vote.
Chairman John Wilson says personally he is delighted that nearly two-thirds of farmer shareholders supported the proposal.

He says there is a strong desire for change and he is confident the co-op will land on a model that is right for its shareholders.

"There is a strong desire for change among our farmer shareholder base," he says.
"Farmers want a system that will bring knowledgeable people to our board.

"We must change the current system; we proposed some significant changes and not everyone supported them."
Wilson says the main feedback from farmers was that under the proposed system they were not able to choose between all the candidates.

Wilson says the board will go back to the drawing board and bring a revised plan before shareholders by the end of this year.
"We cannot stand still."

More like this

Editorial: Roll on 2021!

OPINION: There is no doubt that 2020 has been a challenging year for New Zealand and the world.


Covid minces meat prices

Farmgate red meat prices are taking a hit as Covid continues to disrupt dining out businesses around the world.


Not a very cherry start!

What was expected to be a bumper cherry crop this year has been badly hit by untimely wet weather.

Hort sector denied!

MPI has turned down a request from the horticulture sector to declare the recent hail and rainstorms, that decimated many orchards around the country and cost growers millions
of dollars in lost income, as an ‘adverse event’.

Pledge to end child labour in agriculture

The director-general of the Food and Agriculture Organisation of the United Nations (FAO), Qu Dongyu, has pledged to intensify efforts toward addressing child labour in agriculture through a dedicated work programme.


Expat workers ready for NZ

Dairy industry recruitment company Rural People Limited is seeing a huge increase in overseas interest to fill New Zealand farming…

Machinery & Products

Kubota ROPS tractors here

Kubota New Zealand product specialist Shaun Monteith says Rollover Protective Structure (ROPS) tractors make up 30% of all tractors in…

» The RNG Weather Report

» Latest Print Issues Online

Milking It

Dung paint

India now has its own cow dung paint, a world-first. 

Fresh for 60 days

A Queensland-based company is set to release its own production of milk this year that stays fresh for at least…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter