Monday, 17 December 2012 14:33

Fonterra vote results

Written by Pamela Tipa

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Fonterra shareholders have voted overwhelming in favour of a resolution to lock in protections around the size of the Fonterra Shareholders' Fund and the integrity of the Farmgate Milk Price.

Resolution 8 was passed with 89.51% support at Fonterra's Annual Meeting in Hamilton today.

The results of the resolutions are:

RESOLUTION RESULT -
% in favour
Resolution 1: Approval of remuneration of Directors 73.73%
Resolution 2: Approval of remuneration of Shareholders' Council 75.85%
Resolution 3: Approval of remuneration of members of Directors' Remuneration Committee 80.21%
Resolution 4: Appointment of PricewaterhouseCoopers as auditor and authorisation of the Directors to fix the auditor's remuneration 94.67%
Resolution 5: Approval of Shareholders' Council programme and budget 87.53%
Resolution 6: Ratification of appointment of Sir Ralph Norris 84.91%
Resolution 7: Ratification of appointment of Ralph Waters 88.37%
Resolution 8: Constitutional Changes for Trading Among Farmers 89.51%

SHAREHOLDER PROPOSAL RESULT -
% in favour
McKenzie Proposal 36.56%

Following the annual meeting, the board formally confirmed chair Elect John Wilson as the chairman of Fonterra.

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