Fonterra elections chance for farmers to be heard

Fonterra chairman John Wilson is up for re-election. Photo / Alan Gibson

Nominations have opened for seats on Fonterra's board, with chairman John Wilson and two other directors up for re-election.

There will also be elections for two members of Fonterra's directors' remuneration committee, and 12 members of the Shareholders' Council.

Current Fonterra directors Blue Read, Nicola Shadbolt and Wilson retire by rotation and are eligible for re-election.

Candidates for the directors' election will be announced on October 13 after the completion of a candidate assessment process.

For the directors' remuneration committee, David Gasquoine and Rodney Wilson are retiring by rotation. Both are eligible for re-election, but Wilson has advised that he is not seeking re-election, Fonterra said.

The election, which will be by post, fax or internet, will take place from October 31 through to November 23. A result will be known by the time of Fonterra's annual meeting, which is on November 25.

Fonterra and Wilson have come under fire from farmer shareholders after the company reported a worse-than-expected 16 per cent drop in its first-half net profit to $183 million in March and for lowering its dividend forecast range for the 2014/15 year.

In August, Fonterra announced that the forecast total payout available to farmers in the 2015/16 season would be $4.25-$4.35, comprising the $3.85 farmgate milk price and forecast earnings per share in a range of 40- 50c a share.

The company's annual result is due on September 24.