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