The Fonterra Shareholders’ Council has confirmed that a second election for the remaining vacancy on Fonterra’s Board of
Directors will be held in December. Voting will open on 3 December and close at 1.00pm on 20 December, and the results
will be announced later the same day.
Only two candidates from the first election, Leonie Guiney and Peter McBride, obtained more than 50% support from voting
shareholders. The Rules of the first election state that if not enough candidates obtain more than 50% support, there
must be a second election.
“This is the first time a second Director election has been required,” said Council Chairman Duncan Coull. “After
careful consideration, the Shareholders’ Council has determined that the second election will be a vote between the
unsuccessful candidates nominated in the first election who wish to re-stand.”
The election will be between self-nominated candidate John Nicholls and Jamie Tuuta, who was nominated by the Board,
having been recommended by the Independent Selection Panel.
As with the first election, to be successful a candidate must obtain more than 50 per cent support from Shareholders who
vote. If both candidates get more than 50 percent support then the candidate with the highest level of support will be
elected. If no candidate gets more than 50 percent support there will not be a third election and the Board may exercise
its constitutional power to make a temporary appointment until the 2019 Annual Meeting is completed. (The Board may not
appoint an unsuccessful candidate).
In an email to Shareholders, Duncan Coull said that “In reaching this decision your Council has carefully considered the
background circumstances, the range of possible options to find candidates for the second election, and what is best for
the Co-operative.
“This approach provides Shareholders with a choice between candidates who had strong support in the first election, and
the timing gives the Board certainty to move forward with its performance priorities. New candidates will have the
opportunity to put themselves forward in 2019 as part of the 2019 Director election cycle.”
ends