Fonterra sent strong message

Fonterra has been sent a very strong message from shareholders:

Returning Officer Warwick Lampp, of electionz.com Ltd, has declared the final result of the second 2018 election for the election of one Director to the Fonterra Board.

Shareholders voted to elect John Nicholls. John Nicholls received 53% support from shareholders, Jamie Tuuta received 37% support.

John Nicholls lives in Christchurch and has farming interests in mid-Canterbury. John was a previous Fonterra Shareholders’ Councillor and is currently Chair of MHV water, NZ’s largest inter-generational irrigation co-operative providing water to 50,000ha in Ashburton District.

John Nicholls takes up his position on the Board immediately.

The voting return was 64.10% by milk solids, being 5,324 votes cast from 9,347 shareholders of which 79.19% voted via the internet and 20.81% voted by post. . . 

This election was required after neither of these two candidates, and sitting director Ashley Waugh failed to gain 50% support in the first election.

Peter McBride, a board nominee, and Leonie Guiney, a former board member, were elected.

The board had nominated McBride, Waugh, who chose not to stand for the second vote, and Tuuta.

That McBride was the only one of those three nominees to get through is a very clear indication that shareholders are unhappy.

The new chair and chief executive have signalled a change of direction and the election results show that is what shareholders want.

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