Member log in

Fonterra TAF vote result expected this afternoon

The returning officer for Fonterra's special meeting says a result should be known this afternoon.

Fonterra shareholders are voting on the controversial trading among farmers (TAF) scheme, which will allow non-farmers to buy limited non-voting "units" and help fund the co-operative's global expansion. 

Warwick Lampp, of Electionz.com, an election management company, says 70% of shareholders have already voted before today's meeting, being held principally at Claudelands Events Centre in Hamilton and beamed to seven other venues around the country.

A result should be announced this afternoon, Mr Lampp says, perhaps between 4pm and 5pm.

Asked if he could reveal what percentage of votes were in favour of TAF, he said: "No, we can't do that until all the voting is completed."

There has been a flurry of comment leading up to today's meeting, including accusations that Fonterra's CEO Theo Spierings has been scaremongering and warning from across the Tasman that the gamble of TAF isn't worth it.

More by David Williams

Comments and questions
3

I don't understand the voting threshold. It seems like they only need an ordinary resolution (50%) to pass the TAF scheme vote, but require a special resolution (75%) to pass the necessary consitutional changes to actually implement TAF.

Surely this means that if you are against TAF you should be focussing farmers on voting against the constitutional changes (because you only need 25.1% to block it) rather than the TAF vote itself (which presumably is useless without the associated constitutional changes). However I haven't seen any evidence of this occuring? Or am I missing something?

You only have to understand one thing, and that is; Fonterra is a co-op created by parliament. And that is it.
To try and understand anything more is futile. You will only do your head in if you try.
Take my word for it pal, it is truly incomprehensible to anyone from planet earth.

Fonterra was created through the innovation of dairy farmers, who have focused over 130 years on preserving the cooperative initiatives that have seen our New zealand dairy industry become the envy of the farming world internationally. The government realise, obviously you don't, that Fonterra is the foundation of this Nations economy and any advantage our industry has results in a great benefit for all in this Country.