Sugar hit
OPINION: Winston Peters has described the decision to sell its brand to Lactalis and disperse the profit to its farmer shareholders as a 'short sighted sugar hit'.
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.
