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.
The board has also nominated director Michael Spaans, retiring by rotation.
Both candidates were recommended by the Independent Selection Panel. The process for their nomination was supported by the Shareholders Council in accordance with the independent nomination process.
As a result of the recent changes to Fonterra’s governance and representation, approved by Shareholder vote at the Special Meeting in October, the 2016 Directors’ Election process includes two nomination options; the independent nomination process and the self-nomination process.
The self-nomination process, where farmers can stand as a candidate for the board with the support of 35 different Shareholders, is now open. Nominations close on Thursday, 10 November 2016.
The full list of candidates for the Fonterra board election, including the independent nomination process candidates and any self-nomination process candidates, will be announced by November 16.
Voting packs, containing candidate profiles, will be mailed to eligible shareholders on November 21.
Shareholders can vote by internet, fax or post, using the First Past the Post, Majority system. Voting closes at 10.30am on Tuesday, 6 December 2016 with the results being announced later that day.
