Milk price certainty
Westland Milk has reaffirmed its commitment to pay farmer suppliers 10c above Fonterra farm gate milk price for the following two seasons.
Shareholders of independent milk processor Westland Milk Products have endorsed a package of changes designed to improve and update the cooperative’s governance.
Westland Chairman Pete Morrison says shareholders at today’s special general meeting in Hokitika approved the changes with 93.5% percent in favour.
This will ‘future proof’ the structure and tone of the governance of our co-operative, and better equip Westland for the opportunities and challenges ahead of us, he says.
One of the key recommendations in the report, a programme to identify and upskill potential shareholder directors, was well received, with feedback from shareholders during the consultation and at the SGM emphasising that continuity and succession planning was important.
“Among Westland shareholders will be a number of people who have the skills and knowledge to be high performing members of our board,” he said,
“but who might lack experience at this level. Our new programme will help identify and upskill these people so that we can ensure there is a continuing pool of high quality, effective directors available for shareholders to vote on to the board in coming years.”
The constitutional changes approved at the Special General Meeting in Hokitika today include:
- A director ‘pipeline’ with a clear process for nurturing highly capable future Westland board directors and governance leadership.
- A reduction in the number of Westland board directors from 11 to 8 (including a reduction in shareholder-elected directors from 8 to 5).
- Reviewed eligibility criteria for all director roles to reflect best practice models and benchmarking against companies similar to Westland and modern international best practice. This includes an Independent Ccndidate assessment that will be visible to shareholders.
- Shareholder-elected candidates will be able to nominate themselves and will undergo a transparent election process, including a ‘roadshow’ where nominees will present to shareholders within strict electioneering protocols.
- The three independent directors will be appointed by the board, and their competencies and suitability for the role will be transparent to shareholders.
Federated Farmers president Wayne Langford is claiming “some real success” on the 12 policy priorities it placed before the Coalition Government.
Federated Farmers is throwing its support behind the Fast-track Approvals Bill introduced by the Coalition Government to enable a fast-track decision-making process for infrastructure and development projects.
The latest report from ANZ isn’t good news for sheep farmers: lamb returns are forecast to remain low.
Divine table grapes that herald the start of a brand-new industry in Hawke’s Bay have been coming off vines in Maraekakaho.
In what appears to be a casualty of the downturn in the agricultural sector, a well-known machinery brand is now in the hands of liquidators and owing creditors $6.6 million.
One of New Zealand’s deepest breeder Jersey herds – known for its enduring connection through cattle with the UK’s longest reigning monarch, Queen Elizabeth II – will host its 75th anniversary celebration sale on-farm on April 22.
OPINION: Talking about plant-based food: “Chicken-free chicken” start-up Sunfed has had its valuation slashed to zero by major investor Blackbird…
OPINION: Synlait's financial woes won’t be going away anytime soon.