Fonterra Calls For Nominations In Board Of Director Elections Monday, Mar 3, 2003
Fonterra is calling for nominations from its 12,000 shareholders for positions on its farmer shareholder-elected Board of Directors.
Nominations officially opened on February 28 and will close on March 21, with voting forms posted on April 28 and voting closing on May 23. Results will be known and appointments made by May 26.
Returning officers Mike Linnegar and Carolyn Mason say each year three of the Co-operative's nine shareholder-elected Directors must retire by rotation, but can seek re-election.
This year incumbent Directors up for retirement by rotation, Harry Bayliss, Richard Booth and Marise James, are all seeking re-election in the nationwide vote.
At the same time elections are also being held for positions on the co-operative's Shareholders' Council and Directors' Remuneration Committee.
Elections are being held in eight wards, or for 15 positions, on the co-operative's Shareholders' Council. Key roles of the Council are to monitor Fonterra's performance and represent views of shareholders. The Council consists of 46 shareholders representing 25 wards.
There is also a nationwide election for two positions on the Directors' Remuneration Committee, which makes a recommendation to shareholders on the form and amount of remuneration paid to shareholder-elected Directors and Shareholder Councillors. There are six members in the committee, with two required to retire by rotation each year.
In all elections, the Single Transferable Voting (STV) system will be used to elect candidates.