Voting dates confirmed for Fonterra board vacancy

Details of a second election for a remaining vacancy on the board of Fonterra have been released, with voting to be held in December.

Only two candidates from the first election, Leonie Guiney and Peter McBride, secured more than 50 percent support from voting shareholders. 

Election rules mean if not enough candidates get more than 50 percent support, there must be a second election.

Fonterra Shareholders’ Council Chairman Duncan Coull said this is the first time a second election has been required, and has confirmed details of the structure of the election.

"After careful consideration, the Shareholders’ Council has determined that the second election will be a vote between the unsuccessful candidates nominated in the first election who wish to re-stand," he said.

The election will be between self-nominated candidate John Nicholls and Jamie Tuuta, who was nominated by the Board, having been recommended by the Independent Selection Panel.

As with the first election, to be successful a candidate must obtain more than 50 per cent support from shareholders who vote. 

If no candidate gets more than 50 percent support there will not be a third election and the Board may exercise its constitutional power to make a temporary appointment until the 2019 Annual Meeting is completed.

In an email to shareholders, Mr Coull said that "in reaching this decision your council has carefully considered the background circumstances, the range of possible options to find candidates for the second election, and what is best for the Co-operative."

"This approach provides shareholders with a choice between candidates who had strong support in the first election, and the timing gives the Board certainty to move forward with its performance priorities," he said.

"New candidates will have the opportunity to put themselves forward in 2019 as part of the 2019 Director election cycle," said Mr Coull.

Voting will open on 3 December and close at 1.00pm on 20 December, and the results will be announced later the same day.