Fonterra only needs bare majority to pass TAF: O'Connor

Fri, 01 Jun 2012

By Pattrick Smellie June 1 (BusinessDesk) - Fonterra can implement its contentious Trading Among Farmers scheme on a simple majority vote by farmer shareholders, even if they reject constitutional amendments requiring 75 percent support, says Labour Party agriculture spokesman Damien O'Connor. He was responding to reports that a special shareholders' meeting on June 25 requires a 75 percent super-majority to allow TAF to go ahead. Instead, the constitutional amendments covering a suite of safeguards for farmers' interests could be lost, but...

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