Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Fonterra directors and shareholder councillors have strongly recommended farmers vote against a proposal to change the cooperative's capital structure.
Shareholder Murray Beach has successfully included a complex and detailed proposal to change the cooperative's shareholding rules; farmers will decide its fate at their annual meeting in Waitoa later this month.
Beach is also contesting the co-op's director elections. But his fate already seems sealed.
The ramifications of Beach's plan are profound. So in the meeting notice Fonterra's board has published a damning explanatory note: "The proposal is detailed but contains a number of inconsistencies and unworkable features."
The board says the proposal "would re-introduce redemption risk which was removed by the changes made to the constitution by shareholders as part of Trading Among Farmers".
"The proposal is also inconsistent with the current statutory framework provided for in the Dairy Industry Restructuring Act 2001. The re-introduction of redemption risk would undermine the company's financial strength which would impact [its] strong credit rating and its ability to secure debt funding on favourable terms."
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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OPINION: It seems every bugger in this country can get an award these days.