Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Sitting Fonterra board members Brent Goldsack and Cathy Quinn are unopposed.
However, as this is an uncontested election, under Fonterra’s board election rules, both sitting directors must gain more than 50% support of votes cast to serve another three-year term.
When nominations for the non-assessment process closed last month, Goldsack and Quinn were the only two candidates. This is the first time in the co-op’s history that director elections have not been contested.
McBride told Rural News that while shareholders believe their co-op is well governed, it also reflects the skill sets of Goldsack and Quinn.
“No one else came through the nomination process; that shows the co-op is well governed and the calibre of the incumbents,” he says.
Fonterra Co-operative Council chair John Stevenson is also unopposed for another three-year term on the council.
Meanwhile, former Fonterra Co-operative Council chair Simon Couper is making a comeback to a governance role within the co-operative, 11 years after resigning as chair. Couper stepped down as council chair in 2012, unhappy with some aspects of the proposed Trading Among Farmers (TAF), which was later approved by farmer shareholders.
Voting Packs containing candidate profiles will be mailed to eligible shareholders from Monday. Shareholders can vote online or by post from Tuesday, October 17. Voting closes at 10.30am on Tuesday, 7 November 2023 with the results being announced later that day.
