Fonterra Shareholder Chairman Resigns

NEW ZEALAND - The Chairman of Fonterra's Shareholder Council, Simon Couper, has resigned. Mr Couper tendered his resignation after the Council voted to support Fonterra's proposed Trading Among Farmers (TAF) plan. Mr Couper had been vocal in expressing his concerns with the plan.
calendar icon 30 May 2012
clock icon 1 minute read

Following his resignation, Mr Couper said he remains unconvinced that Fonterra has put the "controls in place” for farmers to retain 100 percent ownership and control of the cooperative.

Sir Henry Van Der Hayden, Chairman of Fonterra, said he regretted Mr Couper's decision and that the situation was "not ideal." Sir Henry said: "If Simon is uncomfortable, he has done the right thing by the co-operative. Everyone's got to make their own judgement call and if he can't live there, I accept that. He deserves a pat on the back."

A special shareholders meeting will be held on June 25 to gain final approval of the TAF plan from Fonterra members.

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