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Fonterra Annual Meeting Results

Media Release
12 October 2006

Fonterra Annual Meeting Results

Fonterra today announced that all nine resolutions tabled at its Annual Meeting yesterday were passed.

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

Shareholders voted to re-elect incumbent Directors John Wilson and Stuart Nattrass. The Board also welcomes one new Director, Colin Armer, following the retirement of Harry Bayliss.

Mr Armer has a long history in the dairy industry. He was raised on a dairy farm in Te Puke and in 1978 bought his first herd. Over the last three decades, he has built up his farming interests, particularly in the Bay of Plenty and Central Plateau region. His company, Armer Farms NI Ltd, has 13 farms with around 9,500 cows and employs 70 staff. He is also a partner in Dairy Holdings Ltd that, with its subsidiaries, owns 48 Fonterra-supplying farms in the South Island employing 220 salaried staff and 22 sharemilkers. Mr Armer is married with eight children.

Farmers in Shareholders’ Council Ward 23, Canterbury South, elected Tom Mason and Desiree Reid.

In the nine 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 2 – Central Northland Mark Croucher and Murray Douglas
Ward 3 – Southern Northland Dirk Sieling
Ward 4 – South Auckland Stuart Muir
Ward 5 – Hamilton Neil McLean and Henk Weijers
Ward 8 –Rotorua Allan Crafar and Campbell Shearer
Ward 11 –Matamata David Gasquoine and Tony Sclater
Ward 14 – Northern Taranaki Nick Barret and Blue Read
Ward 17 – Southern Taranaki David Hopkins and Ross Johnston
Ward 20 – Hawke’s Bay Dean Nikora

Dirk Sieling and Stuart Muir 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.

The Directors’ Remuneration Committee also welcomes a new member with the election of Murray King. Incumbent Rodney Wilson 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 59.6%

RESOLUTION 2:
To approve the remuneration of Shareholders’ Councillors, as recommended by the Directors’ Remuneration Committee.
Passed 66.8%

RESOLUTION 3:
To approve the remuneration of members of the Directors’ Remuneration Committee, as recommended by the Board.
Passed 70.2%

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 93.3%

RESOLUTION 5:
To approve the Shareholders’ Council’s programme and budget for the current season.
Passed 85.6%

RESOLUTION 6:
To approve that the Company:
(a) alter the Constitution; and
(b) alter the By-laws of the Shareholders’ Council;
in each case in the manner described in Special Resolution A set out in the Explanatory Notes to the Notice of Annual Meeting.
Passed 94.9%

RESOLUTION 7:
To ratify the appointment by the Board of John Ballard as a Director of the company for two years, under clause 12.4 of the Constitution.
Passed 94.5%

RESOLUTION 8:
To ratify the appointment by the Board of Roger France as a Director of the company for three years, under clause 12.4 of the Constitution.
Passed 93.9%

RESOLUTION 9:
To ratify the appointment by the Board of Ralph Waters as a Director of the company for three years, under clause 12.4 of the Constitution.
Passed 94.4%

ENDS

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