Fonterra share trading work begins
Work is beginning on the mechanism for Fonterra shareholders to trade shares with each other, after the overwhelming historic vote in favour of changing the cooperative's constitution.
Share trading among farmers will boost the cooperative's financial future, according to chairman Sir Henry van der Heyden.
The resolution received a 89.85 percent vote in support.
"Those who voted represented 77.77 percent of the co-op's milksolids (MS). I am delighted with this because, for me participation in the co-op is as important as the outcome and it is something that the board has made a priority," van der Heyden said.
"Their participation is the strongest since Fonterra was formed. It signals a clear mandate and shows that the unity and spirit of our co-op is alive and well," he said.
The detail of the Trading Among Farmers scheme is expected to be completed in 2011/12. Van der Heyden said the Shareholders' Council would be closely involved as the mechanisms - such as the Fonterra Shareholders' Market and the Shareholders' Fund - are developed.
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