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

 


Fonterra shareholders ratify director appointments

FONTERRA SHAREHOLDERS RATIFY INDEPENDENT DIRECTOR APPOINTMENTS

Fonterra’s chairman John Roadley said shareholders had voted to support all seven resolutions put to the co-operative’s inaugural annual meeting held today, including ratifying the appointments of three Board Appointed Directors.

The meeting discussed the Annual Report, which presented results for the financial year to May 2001, and reports from the Shareholders' Council and the Milk Commissioner. Shareholders also voted on seven ordinary resolutions.

“Fonterra’s inaugural annual meeting today gave shareholders the opportunity to look back on the great successes we’ve had since the vote to create Fonterra, and to consider strategies going forward to improve the company’s performance,” Mr Roadley said.

“We had robust discussion about the performance of Fonterra and the need to continue to improve on that. Fonterra is ahead of schedule to deliver on the benefits set out in the merger business case. While we recognise we have to continue to work to achieve all of the potential of the company, I believe Fonterra is well on track.”

Mr Roadley said that, in terms of the payout, the company has a benchmark through the theoretical Commodity Milk Price that ensures a never-ending drive for improvement. A long-term business strategy for Fonterra was nearing completion and this would also help to add value for shareholders

Mr Roadley said he was pleased with the shareholder turnout to the Annual Meeting, with 17% of shareholders participating, including through proxies, at seven venues around the country.

The result of the voting at the Annual Meeting was as follows:

Resolution 1.To ratify, in accordance with clause 12.4 of the Constitution, the appointment by the Board of Dr John Hood as a Director. Passed – 93%
Resolution 2.To ratify, in accordance with clause 12.4 of the Constitution, the appointment by the Board of Mr Graeme Hawkins as a Director. Passed – 83%
Resolution 3.To ratify, in accordance with clause 12.4 of the Constitution, the appointment by the Board of Mr David Hoare as a Director. Passed – 94%
Resolution 4.To approve the remuneration of Directors, as recommended by the Directors’ Remuneration Committee in accordance with clause 34 of the Constitution. Passed – 87%
Resolution 5.To appoint KPMG as auditor until the conclusion of the next annual meeting and to authorise the Board to fix the auditor’s remuneration. Passed – 78%
Resolution 6.To approve the Shareholders’ Council programme and budget for the 2002/2003 Season. Passed – 85%
Resolution 7.To approve the remuneration of Shareholder Councillors, as recommended by the Directors’ Remuneration Committee in accordance with By-law 3.1 of the Shareholders’ Council By-laws. Passed – 88%

John Roadley stands down as Chairman of the Board following the Annual Meeting, and Henry van der Heyden assumes the chairmanship.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news