Lactalis in front to acquire Fonterra’s Australian dairy assets after ACCC clearance
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
Fonterra will reduce its board from 11 to 9 at the completion of the 2024 annual general meeting.
This follows a vote at today’s AGM, where 88.5% of shareholders voted in support of the change.
Fonterra chair Peter McBride says that Fonterra can now move into the 2024 director elections with certainty.
“Thank you to everyone who took the time to vote. The transition to a board of nine, comprising of six farmer elected directors and three appointed directors, will be completed at the conclusion of the 2024 annual meeting, 12 months from now.”
A counter proposal by Kaikohe farmer Richard Dampney to reduce only elected directors on the board wasn’t passed. Each of his four remits garnered only between 15% and 18% of votes.
Dampney told Rural News that he isn’t surprised at the result.
He claims Fonterra’s board and Co-operative Council stonewalled him.
“They killed my remits before they could even get off the ground,” he says.
“My remits were quite similar to Fonterra’s remit, but they told shareholders to vote against my remits.”
A proposal to increase director fees was passed by 76% support and another to boost councillors’ allowance passed with 77% support.
Independent directors Bruce Hassall and Holly Kramer were re-elected for another term.
Two butcheries have claimed victory at the 100% New Zealand Bacon & Ham Awards for 2025.
A Taupiri farming company has been convicted and fined $52,500 in the Hamilton District Court for the unlawful discharge of dairy effluent into the environment.
The Climate Change Commission’s 2025 emissions reduction monitoring report reveals steady progress on the reduction of New Zealand’s climate pollution.
Another milestone has been reached in the fight against Mycoplasma bovis with the compensation assistance service being wound up after helping more than 1300 farmers.
The Government’s directive for state farmer Landcorp Farming (trading as Pamu) to lifts its performance is yielding results.
The move to bring bovine TB testing in-house at Ospri officially started this month, as a team of 37 skilled and experienced technicians begin work with the disease eradication agency.
OPINION: Spare a thought for the arable farmer, squeezed on one side by soft global prices and on the other…
OPINION: Labour leader Chris 'Chippy' Hipkins is carrying on the world-class gaslighting of the nation that he and his cohorts…