Shareholders’ Council Nominations Needed By Wed

Sunday 8 July 2001

Dairy farmers have been reminded that Wednesday is the deadline for nominations for the Global Dairy Company Shareholders’ Council.

Global Dairy Company Chairman John Roadley says nominations began to “trickle in” after shareholders received an information pack early last week and the company is geared up for larger numbers over the next three days. He urged as many shareholders as possible to give serious thought to standing for the council to ensure it is as representative as possible.

“The Shareholders’ Council will be an independent watchdog over the company’s performance,” Mr Roadley says. “It will have an important role in working with the board to develop the company’s co-operative principles. It will approve the company’s mission statement and values. It will review the board’s annual statement of intentions and actual performance against it. And it will represent the views of shareholders to the board on an ongoing basis.”

Mr Roadley says the council will have important decisions to make as soon as it is elected. “The first job will be 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, to consider complaints from suppliers that can’t be resolved between the parties.”

Mr Roadley says 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.

Nominations for the council are needed by noon on Wednesday and can be faxed to 09 3780971. Voting papers will be posted on 19 July and the deadline for postal votes to be received by Global Dairy Company is noon on 3 August. Results will be announced on 6 August.

All nominees will receive preliminary training on 26 July at a venue to be confirmed and successful candidates will receive further training in August.

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