Ruralco slumps to second straight loss
Farmer co-operative Ruralco has slumped to its second straight financial loss.
Ruralco chair Sir David Carter is encouraging shareholders to consider standing or nominating worthy candidates.
"As a co-operative, our shareholders own the business, which means it is their business and they need to have a say," says Carter.
"It is important that people engage in the process, both through nominations for directors and through the voting process. We need as many shareholders as possible to vote and exercise their right to have their say," he says.
Currently, the board is made up of four farmer-elected directors (Kate Acland, Rhea Booker, Sir David Carter, and Tony Coltman) and an independent director (Sue Lindsay) who is appointed by the board. As per the co-operative rules, all elected directors are on a three-year rotation.
The rural trader says that while there are no specific skills mandated for prospective directors, it is highly recommended they have a background in governance and business, they are critical thinkers, team players, and have a real passion for the Ruralco co-operative and a desire to continue driving it forward.
Carter believes there are many talented people within the Ruralco co-operative.
"We have plenty of people who have good governance and business experience, and I am confident we have the talent out there."
This year Carter retires by rotation and is available for re-election; and the recent resignation of farmer-elected director, Andrew Barlass has created a further vacancy. Nominations close at 5.30pm Wednesday 11 October 2023. The election will take place at this year's 60th annual general meeting which will be held on Wednesday 22 November 2023 in Ashburton.
