Fonterra slashes forecast milk price, again
Fonterra has slashed another 50c off its milk price forecast as global milk flows shows no sign of easing.
The Fonterra board is recommending a reduced board of 11- comprising seven farmer-elected directors and four independent directors.
For the change to come into effect, at least 75% of the votes cast must support it.
Fonterra directors and management have been holding meetings with shareholders to garner support.
Two former board members, Colin Armer and Greg Gent, are opposing the changes, saying they don't go far enough. They have been pushing for a smaller board. Fonterra currently has a 13-member board, comprising nine farmer directors and four independents.
The meeting kicks off at 10.30am, with speeches by chairman John Wilson, chief executive Theo Spierings and Shareholders Council chairman Duncan Coull.
Voting results are expected after midday.
Stay tuned to Rural News Group online for the latest from the special meeting.
