Medals galore for Fonterra cheeses
Fonterra cheeses are continuing their golden run at the annual New Zealand Cheese Awards.
Fonterra chairman John Wilson says the final vote on governance and representation reflects shareholder sentiment.
He says that the recommendations were a significant improvement and it was time to move the cooperative forward.
“Cooperatives, by their nature, need consensus on the important decisions. That is as it should be and today we have agreed on the final recommendations after a very constructive eight months of discussions and refinements,” says Wilson.
“It is a clear signal from our shareholder base that it is time to push on so the co-op can focus on our business priorities.”
Fonterra shareholders voted 85.96% in favour of the new proposal by the board.
The main effect of the changes is that a new election process for farmer directors will come into force. Under this process, candidates are selected by an Independent Selection Panel, then approved by the Nominations Committee of the Board and by the Shareholders Council before they are put forward to shareholders for their vote and support.
There is also provision for candidates to stand outside this process and self-nominate, provided they are supported by 35 other shareholders. A first past the post majority voting system will mean all director candidates now need at least 50% farmer support.
Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
The opportunity to spend more time on farm while providing a dedicated service for shareholders attracted new environmental manager Ben Howden to work for Waimakariri Irrigation Limited (WIL).
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
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