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Deadline Looms For Fonterra Director Nominations

Deadline Looms For Fonterra Director Nominations

The deadline is looming for prospective candidates to return their nomination forms in the Fonterra Director elections.

Nominations for the Fonterra Board officially close at noon this Friday, March 21 - three weeks after opening. Candidates for the three contested shareholder-elected director positions will be announced on March 25.

Returning officers Mike Linnegar and Carolyn Mason say voting in the election will take place during May with results known by the end of May.

Each year three of the co-operative's nine shareholder-elected Directors must retire by rotation, but can seek re-election.

Elections are also being held for positions on the co-operative's Shareholders' Council and Directors' Remuneration Committee.

Elections are being held in eight wards, or for 15 positions, on the Council. Key roles of the Shareholders' Council are to monitor Fonterra's performance and represent views of shareholders. The Council consists of 46 shareholders representing 25 wards.

There is also a nationwide election for two positions on the Directors' Remuneration Committee, which makes a recommendation to shareholders on the form and amount of remuneration paid to shareholder-elected Directors and Shareholder Councillors. There are six members on the committee, with two required to retire by rotation each year.

In all elections, the Single Transferable Voting (STV) system will be used to elect candidates.

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