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


Shareholders' Council approves changes

17 June 2005

Shareholders' Council approves changes to Fonterra Director Elections

The Fonterra Shareholders' Council has approved changes to the process for electing Directors to the Fonterra Board.

The Council sets the rules for the Director Elections and the changes follow a review of the process undertaken by a taskforce of Councillors. The Director Elections Taskforce consulted with Fonterra shareholders before developing final recommendations for the Council to consider.

The Council has approved the implementation of a Candidate Committee for the 2006 Director Elections.

The role of this committee will be to evaluate candidates and assess their suitability for a Board position. The committee will not rank candidates but it will inform shareholders of which candidates are considered capable.

Candidate participation in the committee process will be compulsory, however the outcome of the committee evaluations will not restrict candidates from standing for election.

Candidates will be able to withdraw from the process in confidence following the committee evaluations. It is intended that the committee will provide candidates with feedback on evaluations and areas for development.

Further changes include introducing a cap on candidate campaign expenditure and the introduction of more comprehensive written information about candidates and their skills for the 2005 Director Elections.

Director Elections Taskforce Leader Blue Read said: "The aim of these changes is to strengthen the Fonterra Director Elections process. Shareholders' right to elect Directors is considered non-negotiable and the focus of this review has been on developing changes that achieve a balance between democracy and the commercial needs of our co-operative.

"These changes will assist shareholders to make a more informed vote by providing greater information about candidates and their skills. The measures will also make the process fairer and more transparent for both candidates and shareholders."

The taskforce will now finalise details of the changes to be implemented for the 2005 Director Elections. Terms of Reference for the Candidate Committee will also be developed. These will define the committee's operating procedures, committee membership and evaluation guidelines.


© 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>>


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>>


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>>


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>>


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>>


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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news