Tuesday, 09 November 2021 11:55

No challenges!

Written by Milking It

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While no official statement has come yet from Fonterra Co-operative Council, Milking It understands that for the first time ever, there are only three candidates for board elections.

And they are sitting directors - chairman Peter McBride, John Nichols and Leonie Guiney - all retiring by rotation and seeking re-election.

With three vacancies and three candidates, an election will still need to take place as rules stipulate that a candidate must get at least 50.01% of the votes to be elected.

But with no one challenging the status quo, it seems farmers shareholders are happy with the direction of their co-op.

This also bodes well for the capital structure revamp, spearheaded by McBride, It will need 75% support from voting farmers at the co-op's AGM next month to pass.

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