Thursday, 09 November 2023 14:29

Board revamp gets the green light

Written by  Sudesh Kissun
Fonterra will reduce its board from 11 to 9 at the completion of the 2024 annual general meeting. Fonterra will reduce its board from 11 to 9 at the completion of the 2024 annual general meeting.

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.

More like this

Fonterra R&D: Innovation needs more than just PhDs

Common sense and good human judgement are still a key requirement for the super highly qualified staff working at one of New Zealand's largest and most important research facilities - Fonterra's R&D Centre at Palmerston North.

Featured

$52,500 fine for effluent mismanagement

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.

Ospri brings Bovine TB testing in-house

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.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Arable advocacy?

OPINION: Spare a thought for the arable farmer, squeezed on one side by soft global prices and on the other…

Gaslight much?

OPINION: Labour leader Chris 'Chippy' Hipkins is carrying on the world-class gaslighting of the nation that he and his cohorts…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter