Unanimous Support for Board and Operational Changes at Annual Meeting

In a clear demonstration of confidence, Fonterra Co-operative Group Limited's shareholders have unanimously passed all proposed resolutions at this year's Annual Meeting, endorsing a series of governance and operational enhancements. These measures are poised to strengthen the cooperative's strategic direction and management efficiency.

Overview of Resolutions Passed

The shareholders voted affirmatively on several crucial changes, including the adjustment of remuneration for Elected Directors, Co-operative Councillors, and members of the Directors’ Remuneration Committee, reflecting a broad consensus on the proposed compensation structures. These approvals indicate strong support for the Board’s governance policies and its alignment with shareholder interests.

Moreover, the appointment of KPMG as the auditor, with the Directors authorized to fix the auditor’s remuneration, received overwhelming approval, underscoring the trust placed in Fonterra’s financial oversight capabilities.

The meeting also ratified the appointment of Mr. Alistair Field as an Appointed Director, further enhancing the Board's expertise. Amendments aimed at refining the Constitution relating to Permitted Transferees and the By-laws of the Co-operative Council were also approved, which are expected to facilitate smoother operational processes and clearer governance protocols.

Another significant resolution that passed was the approval of the Co-operative Council programme and budget, which signifies shareholder support for the strategic initiatives and fiscal plans set out by the council.

Implications for Fonterra’s Future

These resolutions highlight the shareholders' commitment to maintaining robust governance frameworks and operational strategies that align with Fonterra’s long-term objectives. The changes are anticipated to bolster Fonterra's leadership in the global dairy industry by enhancing its governance structures and operational efficacy.

Moving Forward

With these resolutions now approved, Fonterra's management is set to implement these changes, aimed at driving sustainable growth and enhancing shareholder value. The cooperative remains focused on leveraging its strategic initiatives to strengthen its market position and ensure continued growth and profitability.