Council Praises Co-Operative’s Engagement

Council Praises Co-Operative’s Engagement as Resolutions Pass with Overwhelming Shareholder Support

Fonterra Shareholders’ Council Chairman, Duncan Coull, said the overwhelming Shareholder support for today’s Special Meeting resolutions was validation of the effort the Co-operative as a whole had put into the governance and representation review process over the past nine months.

The resolutions tabled at the Special Meeting in Palmerston North, which sought to change aspects of the Co-operative’s Governance and Representation structure, achieved 85.96% and 88.05% Shareholder support respectively, well above the 75% required for their implementation.

Duncan Coull: ““At the June Special Meeting I gave my commitment to complete the representation review and this has been the Council’s focus since.

“The process we have continued to undertake, in conjunction with refining the governance aspects of the proposal, has been a robust and truly Co-operative one and I thank Fonterra Farmers for the constructive feedback which has helped shape the proposal and facilitate the growth of our Co-operative.

“That the owners of Fonterra, from whom the mandate for change must come, overwhelming supported both resolutions has reinforced Council’s view that the proposed changes are the right ones for our Co-op.

“Moving forward it’s important to note that the needs of our Co-op will always change but central to its on-going success is a well-informed, engaged Shareholder based which is not afraid to have the tough discussions, and all Fonterra Farmers share in this responsibility.

“Now the real hard work begins and the Council looks forward to engaging with our Farmers as we begin to implement the representation recommendations.”

Mr Coull also acknowledged the Board, Shareholders’ Council and Management for their efforts during the Review process.

ENDS

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