Fonterra elections signal farmer unrest

NEW ZEALAND – Only one of Fonterra’s three board members has survived the recent shareholder elections, showing that farmers are unhappy with the company’s performance.

Only Harry Bayliss retains his position on the board, and is joined by newcomers John Wilson and Stuart Nattrass.

Kevin Wooding, chairman of Dairy Farmers of New Zealand, said: “Voting in the Fonterra Board elections is the only effective way for farmers to voice their views on the co-operative’s performance.

“This result sends a clear message to Fonterra directors to stick to their knitting and focus on delivering profitability to their shareholders.”