Chinese strategy
OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.
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.
A governance group has been formed, following extensive sector consultation, to implement the recommendations from the Industry Working Group's (IWG) final report and is said to be forming a 'road map' for improving New Zealand's animal genetic gain system.
Free workshops focused on managing risk in sharefarming got underway last week.
Annual farmer gathering, the South Island Dairy Event (SIDE), is set to make history as it heads to Timaru for the first time.
Installing 400 solar panels at their Taranaki piggery and cropping operation will have significant environmental, financial and animal welfare benefits for the Stanley family.
WoolWorks, New Zealand’s largest wool-scouring company, has partnered with the Lions Club of Riverton to help raise money for much-needed repairs to the Southland town’s swimming pool.
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