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Shareholders’ Council seeks feedback on Review

Shareholders’ Council seeks feedback on Director Elections Review

The Fonterra Shareholders’ Council is calling for shareholder feedback on recommended changes to the process for electing Fonterra Directors.

The Shareholders’ Council is responsible for setting the rules for the Fonterra Director Elections. The recommendations follow a review of the elections process undertaken by a taskforce of Councillors.

The Director Elections Taskforce is recommending establishing a candidate committee to assess the suitability of candidates for the Fonterra Board of Directors. The committee would not rank candidates but it would inform shareholders whether candidates meet set criteria.

The taskforce is also recommending that a cap be placed on campaign expenditure. Director Elections Taskforce Leader Blue Read said: “These recommendations aim to improve the Director Elections process for shareholders, the Board, candidates and the co-op.

“The right of shareholders to elect their Directors is paramount but farmers have told us that they want to know more about candidates and their suitability for a Board position. The candidate committee will see that shareholders have more information so they can cast an informed vote.

“By placing a ceiling on campaign expenditure, all candidates will have the same campaign opportunities regardless of their resources.

“The proposed changes do not require a shareholder vote so it’s important for farmers to have their say during the consultation period.”

Fonterra shareholders can provide their feedback on the recommendations by attending one of the nine consultation meetings that will be held around the country between Thursday 12 and Thursday 19 May 2005.

The review process and recommendations are outlined in a consultation document, which has been mailed to shareholders this week. The document also provides details of how shareholders can make a written submission.

A final recommendation will be developed following the consultation period and this will be considered by the Fonterra Shareholders’ Council in June 2005. ENDS

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