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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.
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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