Friday, March 29, 2024

Decision time is nearly here

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If Fonterra farmers attend only one meeting this season it should be one of those coming up in the last week of October and first week of November.
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That’s when the director candidate roadshow is being held and Fonterra Shareholders’ Council (FSC) chairman, Ian Brown, is urging farmers to make the effort to get to the meeting closest to them. Farmers need to make an informed decision that will enable Fonterra to continue to succeed in the world, he said.

“That means electing the candidates who have the governance skills, ability and experience to drive Fonterra’s global strategy.”

He believes it’s a crucial election for the co-op as at least one new director will be elected, after the resignation in early August of long-serving director Jim van der Poel.

Those are big shoes to fill. As well as two sitting directors hoping to do another term, John Monaghan and David McLeod, there are four newcomers, although several have contested a board seat previously. Gray Baldwin and Grant Rowan certainly know the ropes when it comes to the election process while Garry Reymer has a high profile as a successful farmer in the Waikato. Leonie Guiney, perhaps best remembered as spearheading the campaign against trading among farmers, once again gives a choice for those who believe women need to be better represented at board level.

So no Fonterra farmer could say there’s not enough choice on offer.  

But there is sure to be a wide range of issues on which they will want to hear candidates’ views. The first, without a doubt, will be the drop in the forecast payout this season. They will want reassurance that the board’s present strategy is the right one and they will be listening carefully to what those not on the board have to say by way of any alternative plans. While it’s easy to criticise what’s been done, when there’s a call for another suggestion there’s so often nothing on offer. Empty handedness won’t wash with shareholders, especially those who have seen the ups and downs of payout forecasts and actual results over many years.

Ian Brown – crucial election for Fonterra farmers.

So how will they judge those vying to be directors? The Candidate Assessment Panel’s (CAP) view will certainly hold weight with many farmers, but some will remember only too well instances in the recent past when some aspiring directors seemed to be judged too harshly, especially in the area of international experience. They may rely more on candidate profiles which are posted out with voting packs and the CAP matrix from October 17.

Fronting up to a roadshow meeting is a great opportunity to eyeball the contenders, ask them any burning questions, and make a very personal assessment of their qualities. While the media don’ t like the fact they’re not allowed to attend, the intention is that the meetings give farmers the chance to hear what candidates have to say out of the media spotlight, where grandstanding can too easily occur as they try to capture tomorrow’s headlines.

The most useful part of the meetings may well be the cup of tea afterwards where farmers can quietly ask any of the candidates for further detail on something they mentioned earlier. Or if they choose they can bring up totally different subject matter, taking in local concerns if that’s where their interests lie.

There are also elections in four FSC wards – ward 2 Central Northland, ward 7 Piako, ward 14 Eastern Bay of Plenty, and ward 22 Northern Manawatu.

Penny Smart and Alex Wright are contesting ward 2, Andrew McGiven and Malcolm Piggott ward 7, Corrie Smit, Gerard van Beek, and Wilson James ward 14 and in an all-women contest Katherine Gillespie and Ellen Bartlett are the choices in ward 22.

The FSC plays a vital role in bringing farmer concerns to Fonterra directors and running a ruler over the co-op’s performance. It’s not short of subject matter at present, particularly with some of the lingering worries about how the milk price is arrived at.

The roadshow meetings start in Invercargill on Tuesday October 28, then move up the country to Balclutha and Oamaru the next day, finishing the South Island venues on October 30 with meetings in Ashburton and Nelson.

North Island meetings start on October 31 at Palmerston North and Stratford, Rotorua and Hamilton on November 3, and finish at Whangarei and Pukekohe on November 4.

Voting opens next Friday, October 17 and closes at 10.30am on Monday November 10 and as usual farmers can use internet, fax, or post to vote using the Single Transferable Vote system.

It’s no excuse to say you’re “electioned out” with the general election just over and then the recent DairyNZ election coming hard on its heels.

Make sure you have your say.

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