Fonterra elections for board members and on remits

22:46, Dec 05 2012

Fonterra's Taranaki farmers are being urged to vote in the company's elections that are now under way.

Eleven candidates, including North Taranaki's Blue Read, are vying for three seats on the board of directors of the country's largest company.

Shareholders should vote to ensure the best people were put at the co-operative's helm, Fonterra shareholders councillor Noel Caskey, of Stratford, said.

"Farmers have been incredibly vocal about ensuring 100 per cent supplying shareholder ownership and control of Fonterra is secured and it has been.

"Voting in Fonterra elections is our key control right and it is important that we continue to exercise it," he said.

Shareholders are also voting on a resolution that will amend the company's constitution.

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The Fonterra Shareholders' Council supports the resolution that reduces the size of the Shareholders' Fund threshold and the number of dry shares on offer, and caps the number of wet shares an individual shareholder can put into the fund.

The resolution was not passed when shareholders voted in favour of the new capital structure, Trading Among Farmers, in June.

Caskey said the shareholder's council supported the board's decision to re-table the resolution at this month's annual meeting.

"The council views the security contained within this resolution as critical to protecting and serving supplier shareholders' best interests under the new capital structure, and we want to see these protections contained within the Fonterra constitution."

The resolution needs 75 per cent support to be adopted.

The council did not support another resolution proposed by shareholders, because it believed it pre-empted the review of the co- operative's governance and representation structures.

Sixty per cent of the company's votes were held by shareholders who supplied less than 200,000 kilograms of milksolids a year.

The director candidates are incumbents Nicola Shadbolt and John Wilson, Read, Donna Smit, Grant Rowan, Jan Marten Kingma, Michael Spaans, Eric Ray, Grant Cochrane, Jacqueline Rowarth and Lachie Cameron.

Shona Glentworth, John Murphy, and Rob Poole are the candidates for the Egmont Plains ward of the Fonterra Shareholders' Council.

Voting by post, fax and online closes on Saturday, December 15 and the results will be announced on December 17.

Taranaki Daily News