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Fonterra Annual Meetng Results

Media Release
12 October 2005

Fonterra Annual Meetng Results

Fonterra today announced the results of resolutions tabled at its Annual Meeting, held yesterday in Whangarei.

Scrutineer electionz.com confirmed all five resolutions were passed by a clear margin of nearly 90 per cent.

The final results from the Fonterra Shareholders’ Council and Directors’ Remuneration Committee elections have also been announced.

Farmers in Shareholders’ Council Ward 13, Hauraki, elected incumbent John Bubb and newcomer Michael Karl. In Ward 17, South Taranaki, Ross Johnston was elected to fill the single vacancy left by David Pearce who retired.

In the eight other wards where elections were due, there were the same number of nominees as vacancies and the following nominees were appointed as Councillors without the need for an election:

Ward 1 – Northern Northland Kevin Baxter
Ward 4 – South Auckland Lachie Cameron and Bill Millar
Ward 7 – Otorohanga William Berkers and Robyn Clements
Ward 10 – South Waikato Ian Brown and Philip White
Ward 16 – Central Taranaki Bill Gribble and Mark Masters
Ward 19 – Wairarapa John Monaghan
Ward 22 – Canterbury North Geoff Stevenson and Gail Woods
Ward 25 – South Central/West Southland Lloyd McCallum and Philip van der Bijl

Bill Millar, William Berkers, Ian Brown, Michael Karl, Ross Johnston, Geoff Stevenson and Gail Woods are new to the Shareholders’ Council while the others are incumbent members who sought re-election when their wards came up for election by rotation. Under the Council By-laws a third of Councillors must retire every year by rotation.

Shareholders’ Council Chairman John Monaghan says: “Strong farmer representation is vital to our co-operative and it is pleasing to welcome seven new faces to the Council. All seven new Councillors have a history of involvement in the dairy industry and we look forward to the contribution they will make to the co-operative on behalf of our farmers.”

The Fonterra Directors’ Remuneration Committee will also welcome a new face to the group with the election of shareholder Murray Holdaway. Incumbent Tom Lees was re-elected to fill the second of the two vacant positions.

Results of Voting at the Annual Meeting

Resolution Result

RESOLUTION 1: To approve the remuneration of Directors, as recommended by the Directors’ Remuneration Committee. Passed 89.4%

RESOLUTION 2: To approve the remuneration of Shareholders’ Councillors, as recommended by the Directors’ Remuneration Committee. Passed 93.4%

RESOLUTION 3: To approve the remuneration of members of the Directors’ Remuneration Committee, as recommended by the Board. Passed 91.3%

RESOLUTION 4: To appoint PricewaterhouseCoopers as auditor of the Company until the conclusion of the Company’s next annual meeting and authorise the Directors to fix the auditor’s remuneration. Passed 97.9%

RESOLUTION 5: To approve the Shareholders’ Council’s programme and budget for the current season. Passed 90.6%

ENDS

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