Why Fonterra accepted defeat in the dairy aisle
OPINION: Fonterra's sale of its consumer dairy business to Lactalis is a clear sign of the co-operative’s failure to compete in the branded consumer market.
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.
