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Nominations For Shareholders’ Council Called For


Media Statement

Monday 2 July 2001
For Immediate Release


Nominations For Shareholders’ Council Called For

Dairy farmers are being asked to nominate candidates for the Global Dairy Company Shareholders’ Council, John Roadley, Chairman of Global Dairy Company, said today.

“The Shareholders’ Council will be a watchdog over the company’s performance,” Mr Roadley said. “It doesn’t replace direct accountabilities by the board to shareholders, but will assist shareholders in monitoring the performance of a much bigger co-op.”

Key roles for the council include working with the board to develop the company’s co-operative principles, approving the company’s mission statement and values, reviewing the board’s annual statement of intentions and actual performance against it, and representing the views of shareholders to the board.

The council will also play an important role in ensuring there is a pool of shareholders with the skills and experience to be the Global Dairy Company directors of the future.

Mr Roadley said the first council needed to be in place in early August to appoint a Valuer to determine the Fair Value Range of shares in the co-op. The council must also appoint the Milk Commissioner, in consultation with a Minister.

Shareholders will receive information on the council from today. Nominations for the council are needed by noon on 11 July and shareholders will receive voting papers from 19 July. The deadline for postal votes is 3 August and the results of the vote will be announced on 6 August.

Mr Roadley said that as well as working through the appointment process for the Global Dairy Company CEO, establishing the Shareholders’ Council had been a top priority for the board since the 18 June vote to establish the new co-op.

END

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