Wednesday, 25 November 2015 14:38

Boards of 13 prehistoric, says Gent

Written by Sudesh Kissun

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Greg Gent with Earl Rattray and Harry Bayliss at the Fonterra AGM today.

Former Fonterra director Greg Gent says boards of 13 are prehistoric.

Gent was commenting on early results showing over 54% support for a motion to reduce the size of the board to nine.

He thanked Fonterra shareholders for their support.

"Getting 54% support from a turnout of 73% (based on milk solids) is great," he says.

Gent says he will not be standing for the board again.

"Our motion has always been about a fitter and leaner board for shareholders."

The motion requires 75% support to change the constitution and will not achieve that.

About 300 Fonterra shareholders at the meeting have cast their votes and they are being counted; during debate it appeared that shareholders at the meeting were split almost 50/50 on the issue.

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