Fonterra annual meeting voting results

Fonterra shareholders today voted overwhelmingly in favour of the first two steps of the Co-operative’s new capital structure at the Annual Meeting in Ashburton.

 

Shareholders passed two special resolutions in support of the first two capital structure steps, both of which required a 75% shareholder vote under the Co-operative’s constitution. Resolution 1 – Strengthening the Share Structure, received an 89% vote. Resolution 2 – Restricted Share Value also received an 89% vote.

 

Fonterra Chairman, Sir Henry van der Heyden, said the high vote expressed “great confidence in the Co-operative and our future.”

 

“It is also a great comment on our farmer shareholders,” he said. “They told us they wanted to retain 100% control and ownership of our Co-operative. They said give us the opportunity to back our Co-operative. Today they have stepped up to the plate in a big way to strengthen our Co-op.”

                            

Sir Henry said that future generations of Fonterra farming families would look back on this day as a significant step in Fonterra’s evolution.

 

“The past twelve months has also done a lot to build Co-operative spirit. The Board of Directors, Shareholders’ Council, Management, our field team staff and our shareholders have all worked hard and pulled together to make this happen.”

 

The results of the resolutions are as follows:

 

RESOLUTION	RESULT
RESOLUTION 1: required 75% majority Approval of constitutional changes – Strengthening the Share Structure	89.61%
RESOLUTION 2: required 75% majority Approval of constitutional changes – Restricted Share Value	89.71%
RESOLUTION 3: required 75% majority Approval of constitutional changes – Housekeeping Changes	92.21%
RESOLUTION 4: required 50% majority Approval of the Shareholders’ Council programme and budget	85.25%
RESOLUTION 5: required 50% majority Approval of remuneration of Directors	90.86%
RESOLUTION 6: required 50% majority Approval of remuneration of Shareholders’ Councillors	89.08%
RESOLUTION 7: required 50% majority Approval of remuneration of members of Directors’ Remuneration Committee	91.40%
RESOLUTION 8: required 50% majority Appointment of PricewaterhouseCoopers as auditor and authorisation of the Directors to fix the auditor’s remuneration	96.27%
RESOLUTION 9: required 50% majority Ratification of the appointment of Ralph Waters	95.07%