increase font size
Primary Industries Minister Nathan Guy is urging Fonterra farmers to go out and vote on the co-op’s governance and representation plan.
Guy says Fonterra has listened to farmer feedback and made some changes. “I would urge farmers to go out and vote,” he told Dairy News.
Fonterra will hold a special meeting in Palmerston North on Wednesday (October 12) for a fresh vote.
In November last year the co-op did not get the 75% support required and is now keen to gain farmers’ approval of the revised structure for electing directors and vetting board candidates.
Chairman John Wilson is also urging farmers to back changes, intended to maximise the co-op’s production from farmers’ milk and grow their wealth.
“Over the past eight months there has been a lot of good discussion on the unique governance structure of the cooperative. We have considered the different governance and representative roles including the process for electing directors, the size of the board and the defined role of the Shareholders Council. The recommendations being put to the vote reflect those discussions.
“There has been good feedback and acknowledgement that we have listened to our farmer shareholders and have adjusted the proposal where there were concerns, while still retaining the strong points of the original proposal.
“This is a big step to ensuring we have the best people to lead our cooperative into the future. Now it’s up to farmers to have their final say so we can move forward and give our full attention to making the most of improving global markets,” says Wilson.
The main variation to the recommendations put before farmers is a new election process for farmer directors. The earlier recommendation remains that candidates are selected by an independent selection panel, then approved by the nominations committee of the board and by the Shareholders’ Council before they are put forward to shareholders for their vote and support.
In addition there is now a path where candidates can stand outside this process and self-nominate. A first-past-the-post majority voting system will mean all director candidates now need at least 50% farmer support.
The new recommendation addresses choice by including the option for any eligible farmer to be able to stand outside the independent selection panel process and to be considered by farmers.
Wilson says there is strong agreement that it is time to move Fonterra forward and for farmers to vote to improveme the election process.
The proposals put to farmers have the unanimous support of two independent expert panels, the unanimous support of the board and the backing of 33 out of 35 councillors.
Postal balloting closed on October 10 but shareholders can vote in person at the special meeting.
Fonterra released its interim results last month, showing a continuation of the strong earnings performance delivered by the co-op through the 2023 financial year. Here’s what Fonterra chair Peter McBride and chief executive Miles Hurrell said about the results…
OPINION: Last week's revelation that data relating to New Zealand MPs was stolen amid Chinese state-sponsored cyber espionage targeting two arms of the country’s Parliament could test the long-standing trade relations between the two countries.
A 'proteinification' wave is sweeping through the US and Fonterra is cashing in with New Zealand made protein.
Fonterra cheeses are continuing their golden run at the annual New Zealand Cheese Awards.
Fonterra is talking up the strength of its Australian business despite a 70% drop in half-year profit after tax.
State farmer Pamu has appointed Ash-Leigh Campbell as an associate director and observer on its board.
A near miss experienced by a North Island farmer worker when their tractor ‘park’ gear failed, has been shared as the latest Safety Alert from Safer Farms.
The dairy industry has lost its mojo in the last six or seven years, according to a leading dairy farmer, Trevor Hamilton.
Biosecurity Minister Andrew Hoggard has reiterated that 'frontline' biosecurity services within Ministry for Primary Industries (MPI) will not be cut under the Government's plan to reduce the public service.
Could smaller foodservice operators take advantage of the benefits of artificial intelligence (AI)?
An appalling case of migrant worker exploitation on a Southland farm isn't acceptable, says Federated Farmers dairy chair Richard McIntyre.
OPINION: Milking It believes a recent Employment Relations Authority ruling on the exploitation of three migrant workers from Indonesia highlights…
OPINION: Milking It wasn’t too surprised to hear Kiwis’ trust in media has sunk to a new low.
