Eroding share of milk worries Fonterra shareholders
Fonterra shareholders are concerned with a further decline in the co-op’s share of milk collected in New Zealand.
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.
Fonterra shareholders are concerned with a further decline in the co-op’s share of milk collected in New Zealand.
A governance group has been formed, following extensive sector consultation, to implement the recommendations from the Industry Working Group's (IWG) final report and is said to be forming a 'road map' for improving New Zealand's animal genetic gain system.
Free workshops focused on managing risk in sharefarming got underway last week.
Annual farmer gathering, the South Island Dairy Event (SIDE), is set to make history as it heads to Timaru for the first time.
Installing 400 solar panels at their Taranaki piggery and cropping operation will have significant environmental, financial and animal welfare benefits for the Stanley family.
WoolWorks, New Zealand’s largest wool-scouring company, has partnered with the Lions Club of Riverton to help raise money for much-needed repairs to the Southland town’s swimming pool.
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