Fonterra Annual Meeting

Tuesday, 27 August 2002

Fonterra Annual Meeting

Fonterra's chairman John Roadley said Fonterra's inaugural annual meeting of shareholders is being held on Thursday 12 September.

"This is an important opportunity for the whole shareholder base to collectively take stock of how we've done and to assess the outlook for the year. I encourage all shareholders to attend or to appoint a proxy to attend and vote at the meeting," Mr Roadley said.

"A huge amount has happened since we took the historic vote and step to create Fonterra last year and we have a lot to look back on, and obviously a lot to consider as we keep moving forward."

The business at the meeting will include the consideration of reports from the Chairman, the Chief Executive Officer, the Shareholders' Council and the Milk Commissioner and seven ordinary resolutions to be voted on by shareholders.

The resolutions are to:

§ Approve the Shareholders' Council programme and budget for the season;
§ Ratify the appointments of the three Board Appointed Directors, Dr John Hood, Graeme Hawkins and David Hoare;
§ Approve Directors' remuneration;
§ Approve Shareholder Councillors' remuneration; and § Appoint KPMG as Fonterra's auditor and fix their remuneration.

Unlike the Special Meeting where the resolutions altered the Constitution and required the support of 75 percent of voting shareholders, the ordinary resolutions at the Annual Meeting require 50 percent support of voting shareholders in order to be passed.

"Obviously, the main business of the meeting will be looking at our performance through the first year of operation and where we go from here," Mr Roadley said. These key issues are not only being discussed within the framework of the Annual Meeting - Directors will also be on the road from September 2 to hold a week-long series of 39 account meetings around the country.

These meetings will provide information on the annual accounts and the $3.70 payout forecast, including performance details and strategic objectives for NZMP, New Zealand Milk and Fonterra Enterprises, and an update on current market conditions.

"Having these details presented face-to-face to shareholders means that the Annual Meeting should be able to address the broader strategic issues facing Fonterra Co-operative Group."

A pack has today been mailed out to all shareholders containing the notice of the annual meeting that gives the agenda for the meeting and explanatory notes. The Shareholders' Council programme and budget and the Milk Commissioner's report are also included in the pack. A proxy form is included for those shareholders who are unable to attend the annual meeting so they can appoint a proxy to attend and vote on their behalf.

The Annual Meeting will be held at seven venues. The main venue in Hamilton will be audio-visually linked to Whangarei, Hawera, Palmerston North, Nelson, Christchurch and Gore. The meeting will start at 10.30 am.

Ends

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