Monday, 01 October 2012 15:25

TAF passes another hurdle

Written by 

The Fonterra Shareholders Council has given its approval to TAF (trading among farmers), paving the way for Fonterra board to launch the share trading scheme.

For Fonterra to move forward with TAF, the board had to be satisfied that five preconditions were met. The fifth TAF precondition was the support of at least 50% of the Shareholders Council.

Council chair, Ian Brown says there was 97% support for the resolution and this reflected the confidence the Council had in the new capital structure.

"The council's support for the preconditions, which are underpinned by 100% farmer ownership and control, signal that they have reached the standards set by the council on behalf of our farmer shareholders."

Brown says the council has undertaken a robust and fully independent two-year review process to ensure farmers' interests were paramount in the construction and design of TAF.

"From the outset the council viewed 100% farmer shareholder ownership and control as a non-negotiable and that any change to the capital structure had to be an enduring one.

"To ensure this was the case the council engaged the services of a number of external advisors who worked to review all aspects of TAF from a farmers' perspective. We are confident that the protections contained within TAF will preserve 100% farmer shareholder ownership and control and that the TAF model before us will provide the cooperative with stability for years to come."

More like this

Fonterra posts solid results

Fonterra has delivered a solid half-year result, thanks to higher margins and sales volumes across the co-op's diversified product and category mix.

Featured

Dairy sheep and goat turmoil

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.

Hurry up and slow down!

OPINION: We have good friends from way back who had lived in one of our major cities for many years.

Editorial: Passage to India

OPINION: Even before the National-led coalition came into power, India was very much at the fore of its trade agenda.

National

Knowing bugs means fewer drugs

A mastitis management company claims to deliver the fastest and most accurate mastitis testing available at scale for New Zealand…

Machinery & Products

100 years of Farmall Tractors

Returning after an enforced break, the Wheat and Wheels Rally will take place on the Lauriston -Barhill Road, North-East of…

JD unveils its latest beast

John Deere has unveiled its most powerful tractor ever, with the launch of the all new 9RX Series Tractor line-up…

Biggest Quadtrac coming to NZ!

In the biggest announcement that Case IH Australia/New Zealand has made around its tractor range, its biggest tractor is about…

A different shade of blue for Norwood

Norwood and ARGO Tractors, the Italian manufacturer of Landini and McCormick tractors, have announced an agreement that gives Norwood exclusive…

Kubota tests diesel engines

Kubota last month used the UK LAMMA Show to test the water with its new 200hp, four-cylinder 09-series diesel engines.

» Latest Print Issues Online

The Hound

Why?

OPINION: A mate of yours truly wants to know why the beef schedule differential is now more than 45-50 cents…

Fat to cut

OPINION: Your canine crusader understands that MPI were recently in front of the Parliamentary Primary Sector Select Committee for an…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter