Just 19% of Fonterra farmer shareholders turned out to vote at last Friday’s special general meeting.
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Lobbyists for Federated Farmers were appalled at the low turnout, with Dairy Farmers of New Zealand chairman Kevin Wooding saying yesterday [Tuesday] that it showed “the honeymoon for Fonterra is well and truly over”.
The main business of the meeting was to accelerate the removal of a farmer-elected director in favour of allocating a seat on the board to an independent commercial director.
Wooding said the low turnout showed that Fonterra had some work to do in rebuilding trust among its farmer shareholders.
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By GlobalData
