Expert Says Fonterra Backing Current Strategy With New CEO Appointment
The appointment of Richard Allen as Fonterra's new chief executive signals execution, not strategy, according to agribusiness expert Dr Nic Lees.
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.
