Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
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.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.