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A proposal to reduce Fonterra's board to nine has received over 50% support from shareholders.
While shareholders at the annual meeting in Waitoa are yet to cast their votes, 54.4% of votes received before 10am on Monday supported the motion.
Former Fonterra directors Colin Armer and Greg Gent spoke in favour of the motion at the meeting today. However, it will not reach the 75% threshold required to change the constitution.
Fonterra's board and the Shareholders Council are opposing the motion.
More to come
Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.
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