Friday, March 29, 2024

Council role review a priority

Neal Wallace
New Fonterra Shareholder’s Council chairman James Barron promises a review of the council’s role will be completed by the co-operative’s next annual meeting.
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The council’s priority will be a review of its role while contributing to discussion on the co-operative’s capital structure and new strategy.

Barron is a fourth-generation farmer milking 450 cows on the 140ha dairy farm he grew up on, on the banks of the Waihou River south of Matamata.

He replaces Duncan Coull who has retired after four and a half years.

There was some passionate discussion at Fonterra’s annual meeting in Invercargill about the council’s performance and whether its review is sufficiently independent.

One remit called for a review by an independent panel and another for changes to the terms of reference of its performance committee.

Southland farmer Tony Paterson led the remit calling for an independent review, saying he and two others canvassed support among their farming network and were surprised at the level of support.

“The consensus is that change is needed.”

Paterson says a review is warranted because of the inaction by the council given the evident non-performance of Fonterra. 

Shareholders also want assurance the council representative structure is independent of board influence and fit for purpose letting shareholders have their views heard.

Both the board and council urged shareholders to vote against both motions given the council has embarked on a review.

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