Green Light for Fonterra's $3.2b Capital Return Scheme
Fonterra farmer shareholders have approved the mechanism for a $2/share capital return expected from the sale of its global consumer and associated businesses.
The line-up includes two sitting directors- John Monaghan and David McLeod, who retire from the co-op board by rotation; other candidates are Gray Baldwin, Leonie Guiney, Garry Reymer and Grant Rowan.
Three directors will be elected by Fonterra shareholders; director Jin van der Poel has stepped down from the board.
The candidates were announced by the returning officer, Warwick Lampp following the completion of the Candidate Assessment Panel (CAP) process.
A Fonterra Shareholders Council statement says as in previous years, the CAP process was available to assess the capabilities, experience and qualifications of director candidates and provide Fonterra shareholders with more information to help in making an informed vote. While the CAP process is open to all director candidates, it is not compulsory; this year all candidates went through CAP.
The panel, consisting of independent chairman, Bill Falconer, two members appointed by the Fonterra board, John Spencer and John Wilson, and two appointed by the Shareholders Council, Ian Brown and Cathy Quinn, interviewed prospective candidates. The results of the panel's assessment and profiles of the candidates will be sent to Fonterra shareholders with the voting papers on Friday, October 17 and will also be displayed on Fencepost via www.fonterra.com.
Fonterra shareholders have the opportunity to meet director candidates and ask questions at the eleven roadshow meetings which are scheduled to run from Tuesday, 28 October to Tuesday, 4 November 2014.
