Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Fonterra Annual Meeting

Tuesday, 27 August 2002

Fonterra Annual Meeting

Fonterra's chairman John Roadley said Fonterra's inaugural annual meeting of shareholders is being held on Thursday 12 September.

"This is an important opportunity for the whole shareholder base to collectively take stock of how we've done and to assess the outlook for the year. I encourage all shareholders to attend or to appoint a proxy to attend and vote at the meeting," Mr Roadley said.

"A huge amount has happened since we took the historic vote and step to create Fonterra last year and we have a lot to look back on, and obviously a lot to consider as we keep moving forward."

The business at the meeting will include the consideration of reports from the Chairman, the Chief Executive Officer, the Shareholders' Council and the Milk Commissioner and seven ordinary resolutions to be voted on by shareholders.

The resolutions are to:

§ Approve the Shareholders' Council programme and budget for the season;
§ Ratify the appointments of the three Board Appointed Directors, Dr John Hood, Graeme Hawkins and David Hoare;
§ Approve Directors' remuneration;
§ Approve Shareholder Councillors' remuneration; and § Appoint KPMG as Fonterra's auditor and fix their remuneration.

Unlike the Special Meeting where the resolutions altered the Constitution and required the support of 75 percent of voting shareholders, the ordinary resolutions at the Annual Meeting require 50 percent support of voting shareholders in order to be passed.

"Obviously, the main business of the meeting will be looking at our performance through the first year of operation and where we go from here," Mr Roadley said. These key issues are not only being discussed within the framework of the Annual Meeting - Directors will also be on the road from September 2 to hold a week-long series of 39 account meetings around the country.

These meetings will provide information on the annual accounts and the $3.70 payout forecast, including performance details and strategic objectives for NZMP, New Zealand Milk and Fonterra Enterprises, and an update on current market conditions.

"Having these details presented face-to-face to shareholders means that the Annual Meeting should be able to address the broader strategic issues facing Fonterra Co-operative Group."

A pack has today been mailed out to all shareholders containing the notice of the annual meeting that gives the agenda for the meeting and explanatory notes. The Shareholders' Council programme and budget and the Milk Commissioner's report are also included in the pack. A proxy form is included for those shareholders who are unable to attend the annual meeting so they can appoint a proxy to attend and vote on their behalf.

The Annual Meeting will be held at seven venues. The main venue in Hamilton will be audio-visually linked to Whangarei, Hawera, Palmerston North, Nelson, Christchurch and Gore. The meeting will start at 10.30 am.

Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO:

Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>

ALSO:

9.2 Percent: Gender Pay Gap Second-Smallest On Record

This is the second-smallest gap since the series began 20 years ago. In comparison, the gender pay gap was 9.1 percent in 2012 (the lowest on record) and 9.4 percent last year. More>>

ALSO:

Forest & Bird: Report Find Council Failures On Effluent

The report exposes significant inconsistencies and gaps in how regional councils are enforcing the rules around dairy effluent management. More>>

ALSO:

Mana In Mahi: Helping Young New Zealanders Into Work

Thousands of young people will be given the chance to gain valuable qualifications and meaningful work under the Mana in Mahi – Strength in Work scheme launched by Prime Minister Jacinda Ardern today. More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

The Official Cash Rate (OCR) remains at 1.75 percent. We expect to keep the OCR at this level through 2019 and into 2020, longer than we projected in our May Statement. The direction of our next OCR move could be up or down. ... More>>