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.
Waugh was a critic of Fonterra's performance during the election lead up and questioned why its payout was never substantially ahead of other milk processors.
Fonterra board chairman John Wilson and Nicola Shadbolt were incumbent directors who retained their seats, says returning officer Warwick Lampp, of electionz.com. Blue Read lost his seat and Greg Maughan and Murray Beach were unsuccessful.
Ashley Waugh lives and farms at Pokuru, near Te Awamutu. He is an experienced company director and dairy company executive, having previously worked for the New Zealand Dairy Board in a number of roles since 1991, and latterly as CEO of National Foods in Australia. Ashley is currently chairman of Moa Group Ltd, and a director of Seeka Kiwifruit Industries Ltd and The Heat Group Ltd (Australia).
Shareholders David Gasquoine and Stephen Silcock were elected unopposed as members of the Directors' Remuneration Committee.
In the Shareholders' Council elections, the following Shareholders' councillors were elected:
Ward 14 – Eastern Bay of Plenty Wilson James
Ward 17 – Northern Taranaki Kevin Turnbull
Ward 23 – Hawke's Bay Andrew Hardie
Ward 26 – Tasman/Marlborough Sue Brown
Andrew Hardie and Sue Brown are new shareholders' councillors.
In the eight other Shareholders' Council wards where elections were due, nominees were elected unopposed. The councillors in those wards are:
Ward 2 -Central Northland Penny Smart
Ward 5 - Hauraki / Coromandel Julie Pirie
Ward 8 - Matamata Grant Wills
Ward 11 - Te Awamutu Kevin Ferris
Ward 20 - Egmont Plains Rob Poole
Ward 29 - Ashburton Charles Whitehead
Ward 32 - Otago Ad Bekkers
Ward 35 - Western Southland Vaughan Templeton
All successful candidates will take office at the close of the annual meeting on Wednesday, November 25, 2015.
