Big changes proposed for Westland Milk board after 2016 loss

The proposals follow an extensive governance review conducted by a sub-committee of the board that included co-opted shareholders, directors and a governance consultant, Westland said.

The review was sought by shareholders at last year’s annual meeting following criticism of the then board for its performance in a year that saw a $17 million loss – and the lowest of any New Zealand dairy company payouts to shareholders.

“We believe the changes recommended will set the structure and tone of the governance of our co-operative, and better equip Westland for the opportunities and challenges ahead of us,” Westland Milk chairman Pete Morrison said in a statement.

The recommendations include a reduction in the number of Westland Board directors from 11 to eight, and a cut in the number of shareholder-elected directors from eight to five.

The eligibility criteria for all director roles has been reviewed using best practice models and benchmarking against companies similar to Westland, the co-op said.

A director “pipeline” will be developed with clear process for nurturing highly capable future Westland board directors and governance leadership.

The proposals follow an extensive governance review conducted by a sub-committee of the board that included co-opted shareholders, directors and a governance consultant.

“This was an independent, robust and highly analytical review undertaken at the request of shareholders,” Morrison said.

The shareholder meeting will be held on October 5.

Westland, New Zealand’s second largest dairy co-operative after Fonterra, is forecasting a net payout range, after retentions, of between $6.40 and $6.80 per kilogram of milk solids for the current season.

Farmer shareholders received an average payout of $3.88/kgMS in the 2016 year, while in February, the milk processor was forecasting a payout of $5.30-to-$5.70/kgMS for 2017.

 

Source: NZ Herald

Link: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11923449

Any claim arising from the information contained on the eDairy News website shall be submitted to the competence of the ordinary courts of the First Judicial District of the Province of Cordoba (Primera Circunscripción Judicial de la Provincia de Cordoba), Republic of Argentina, in the city of Córdoba, excluding any other jurisdiction (Federal jurisdiction is also excluded).

*

Criteria in the moderation of comments that eDairy News will take into consideration in all its publications.

  • They will not be considered insults of any kind against anyone,, whether a user, moderator or publisher. Complaints made with the name and surname of the author of the commentary will only be accepted after confirmation by the moderator.
  • Unsubstantiated and gratuitous destructive criticism or expressions of bad taste, whether offensive, racist or xenophobic.
  • SPAM, (Insert links to web pages not related to the subject, provide emails, etc...)
  • Comments that are meaningless with the footnote or the dairy sector.

Related posts


Top