Wednesday, 12 October 2016 11:04

Fonterra's new governance structure gets the tick

Written by Sudesh Kissun

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A new governance and representation structure for Fonterra will be passed today.

Early voting figures showed more than 85% of farmer shareholders have approved reducing the board size to 11 — made up of seven farmer-elected and four independent directors.

About 100 farmer shareholders are attending a special meeting in Palmerston North today and will cast their votes soon.

Fonterra chairman John Wilson announced at the meeting that as at 10,30am today, 85.45% of farmers have voted in support.

The co-op needs 75% support to change its constitution.

The board’s last attempt to pass the changes attracted only 64% support.

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