Friday, March 29, 2024

Roundup: Record vote brings in new director

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Record shareholder voting has put one new director on Fonterra’s board.
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Chairman John Wilson and director Nicola Shadbolt who stood down by rotation were re-elected but Blue Read was replaced by Ashley Waugh.

The Shareholders’ Council has new members in Andrew Hardie (Ward 23 Hawke’s Bay) and Sue Brown (Ward 26 Tasman/Marlborough) who join incumbents Wilson James (Ward 14 Eastern Bay of Plenty) and Kevin Turnbull (Ward 17 Northern Taranaki).

Shareholders’ Council chairman Duncan Coull praised the record-breaking efforts of shareholders which saw 65% of farms, representing 73% of milksolids, cast their votes.

“This is an outstanding result for our co-op.

“Fonterra farmers value the principle of 100% ownership and control and it is great to see shareholders, as the owners of Fonterra, come out in numbers to decide the direction in which their co-op will travel.

“My view is that the health of our co-op is dependent on our shareholders and their willingness to participate in the decision-making processes and based on the participation rates in this election I would suggest that our co-op is in very good shape.”

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