Fonterra slashes forecast milk price, again
Fonterra has slashed another 50c off its milk price forecast as global milk flows shows no sign of easing.
This year elections are being held for three shareholder-elected directors for Fonterra's Board of Directors, two members of the Directors' Remuneration Committee, and 14 members of the Shareholders' Council.
Candidates must satisfy shareholding requirements in order to be elected, and further procedural requirements are specified in the election rules. These include a requirement for candidates to be nominated and seconded by Fonterra shareholders.
Nomination papers and candidate handbooks are now available by phoning the Election Hotline on freephone 0508 666 446 or emailing This email address is being protected from spambots. You need JavaScript enabled to view it.. Nominations must be received by the returning officer, Warwick Lampp of electionz.com, by 12 noon on Friday, September 28, 2012.
Nominations can be faxed to 05282 3366 8372 or posted to the Returning Officer, 2012 Fonterra Elections, PO Box 3138, Christchurch 8140.
Current Fonterra directors John Wilson and Nicola Shadbolt retire by rotation in accordance with the constitution, and are eligible for re-election. There is also one vacancy on the board to be filled.
Candidates for the directors' election will be announced by the Returning Officer on Monday, October 25, 2012, following the completion of the Candidate Assessment Panel (CAP) process.
For the Directors' Remuneration Committee, Murray King and Rodney Wilson are retiring by rotation and are eligible for re-election.
This year there are Shareholders' Council elections in 12 wards due to councillors retiring by rotation, in accordance with the by-laws of the Shareholders' Council, and elections in Ward 4 and Ward 9 that are due to casual vacancies.
The 14 wards in which an election is being held for a Shareholders' Councillor are:
Ward 2 Whangarei Ward 4 Southern Northland
Ward 5 South Auckland Ward 8 Hamilton
Ward 9 Morrinsville Ward 11 Western Bay of Plenty
Ward 14 Te Awamutu Ward 17 Eastern Bay of Plenty
Ward 20 Northern Taranaki Ward 23 Egmont Plains
Ward 26 Hawke's Bay Ward 29 Tasman-Marlborough
Ward 32 Southern Canterbury Ward 35 Western Southland
The Shareholders' Councillors who have advised they will stand for re-election are:
Ward 5 South Auckland Bill Millar
Ward 8 Hamilton Neil McLean
Ward 11 Western Bay of Plenty Murray Linton
Ward 14 Te Awamutu Kevin Ferris
Ward 20 Northern Taranaki Kevin Turnbull
Ward 23 Egmont Plains Shona Glentworth
Ward 26 Hawke's Bay Sandra Cordell
Ward 29 Tasman-Marlborough Evan Baigent
The Shareholders' Councillors retiring are:
Ward 2 Whangarei Mark Croucher
Ward 9 Morrinsville Stephen Silcock
Ward 17 Eastern Bay of Plenty Brian Power
Ward 32 Southern Canterbury Desiree Reid
Ward 35 Western Southland Philip van der Bijl
The successful candidates in Ward 4 (Southern Northland) and Ward 9 (Morrinsville) will hold office until the date on which the vacating councillor was required to retire by rotation – 2014 for Ward 4 and 2013 for Ward 9.
The Single Transferable Vote (STV) system will be used for all election voting by internet, fax and post.
