Fonterra council wants quick action – eDairyNews
New Zealand |16 noviembre, 2020

Fonterra | Fonterra council wants quick action

The Fonterra Shareholders’ Council wants to implement structural and procedural changes recommended by the recent steering group review as quickly as possible, chair James Barron says.

“As a large number of the recommendations involve interaction with others in the co-operative, such as the board, management and shareholders, we want to get started quickly,” he said.

Barron says implementing the review’s 27 highlights will go a long way to addressing the concerns of farmers expressed in the three remits to the annual meeting by Lumsden-based Tony Paterson.

Paterson proposed alternative council reforms and to cut its annual budget by $1 million.

They received between 35% and 40% voter support, short of the 50% needed to override the usual procedural remit about the council.

The council’s 2021 budget of $3.15m and work plan was approved by 75%.

Barron says the council would meet shortly to review Fonterra’s first-quarter performance and after that meeting it would send a quarterly update to all shareholders.

The changes in the council are designed to give more teeth to the co-operative’s watchdog, put some distance between it and the company to avoid conflict of interest and considerably improve the council’s interactions with farmers.

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