UPDATED: Fonterra shareholders turn down bid for smaller board

Wed, 25 Nov 2015

(Updates, recasts with final vote on board resolution, added comment) By Fiona Rotherham Nov. 25 (BusinessDesk) - Fonterra Cooperative Group shareholder support for a proposal to reduce the board size was evenly split and has led to the company acknowledging change is needed sooner rather than later in its governance and representation. A total of 53.8 percent of shareholders voted in favour of the resolution put forward by former directors Colin Armer and Greg Gent to cut the board size from 13 to nine directors but it required 75 per...

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