Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
This will follow the completion of the Candidate Assessment Panel (CAP) process.
The returning officer, Warwick Lampp, confirmed no election for the Directors' Remuneration Committee is necessary as shareholders Murray Holdaway and Philip Wilson have been elected unopposed.
Nominations were also called for candidates for the Shareholders' Council in 22 wards. An election is required in four wards, as follows:
Ward 2, Central Northland, Penny Smart, Alex Wright; Ward 7, Piako, Andrew McGiven, Malcom Piggott; 14- Eastern Bay of Plenty, Corrie Smit, Gerard Van Beek, Wilson James; 22 Northern, Manawatu, Katherine Gillespie, Ellen Bartlett.
There was one nomination received in each of the other 18 wards, so no election will be required in these wards. The formal declaration of these candidates as Shareholders' Councillors will be made in conjunction with the results of the elections at the annual meeting.
The councillors-elect are:
Ward 1 Northern Northland Terence Brocx
Ward 3 Southern Northland Tracey Bryan
Ward 5 Hauraki / Coromandel Julie Pirie
Ward 8 Matamata Grant Wills
Ward 9 Western Bay of Plenty Murray Linton
Ward 13 Rotorua Matt Pepper
Ward 15 Taupo Phil Butler
Ward 19 Central Taranaki Noel Caskey
Ward 25 Wairarapa Philip Palmer
Ward 27 North Canterbury Shaun Lissington
Ward 28 Rakaia Angela Ward
Ward 29 Ashburton Charles Whitehead
Ward 30 South Canterbury John Gregan
Ward 31 Waitaki Greg Kirkwood
Ward 32 Otago Ad Bekkers
Ward 33 Northern Southland Ivan Lines
Ward 34 Southern Southland Emma Hammond
Ward 35 Western Southland Vaughan Templeton
Fifteen of the 18 councillors-elect are incumbents who have been elected unopposed. New councillors-elect are Matt Pepper in Rotorua, Shaun Lissington in North Canterbury and Emma Hammond in Southern Southland.
All successful candidates take office at the close of the 2014 Fonterra Annual Meeting of Shareholders.
Voting Packs, containing candidate profiles, will be mailed to eligible Shareholders on Friday, October 17. Shareholders can vote by internet, fax or post, using the Single Transferable Vote (STV) system.
The voting period is from Friday, October 17 until 10.30am on Monday, November 10, with the results being announced later that day.
