Fonterra Election Process Underway
Fonterra Co-operative Group Ltd shareholders have received their first information pack on elections for the company’s Board of Directors and Shareholders’ Council, Joint Returning Officers Kerry Heath and Pam Hikuroa said today.
The information pack calls for nominations for the nationwide election for the Board and – in the ten wards where elections are to be held, for the ward-based election for the Council.
A third of the shareholder-elected directors - three this year - and a third of councillors retire annually. The Directors and Councillors to stand down this year were selected by ballot and they can seek re-election. There is an election in one additional Shareholders’ Council ward because a casual vacancy has arisen.
The Shareholders’ Council elections are in wards: 1 - Northern Northland, 4 - South Auckland, 7 - Otorohanga, 10 - South Waikato, 12 – Te Aroha (casual vacancy), 13 - Hauraki, 16 - Central Taranaki, 19 - Wairarapa, 22 - Canterbury North, and 25 - South Central / Western Southland.
The two elections will run concurrently. Nominations for both elections are required to have been received by the Joint Returning Officers by midday on 28 March. Voting will run from 30 April to 17 May and results will be finalised and appointments made by 31 May.
The Single Transferable Vote (STV) voting system will be used for both elections.
The Director Elections Committee of the Shareholders’ Council considered various electoral systems and chose STV for the Board election. It is considered to be a fairer and more effective system for electing multiple candidates and is the best system for reflecting shareholders' wishes and making sure their vote counts.
Rules and processes for the elections have been approved by the Shareholders’ Council for the Directors’ election. For the Shareholders’ Council election rules have been determined by the joint returning officers who are appointed by the Board under the by-laws of the Constitution. Input and advice was sought from Russell McVeagh, PricewaterhouseCoopers and Professor Nigel Roberts of the Political Science and International Relations programme at Victoria University of Wellington. KPMG has been appointed as scrutineer. The Joint Returning Officers will update shareholders and media through the election process.