It’s now up to the Government to decide whether to accept a major change to the structure of New Zealand’s largest company.
Fonterra’s farmer shareholders have overwhelmingly backed a change to its capital structure.
It would reduce the number of shares farmers need to hold to join the co-operative, and aims to discourage farmers from selling their surplus shares to non-farmers through the shareholder fund.
Chairman Peter McBride told Mike Hosking he now needs to convince Agriculture Minister Damien O’Connor to sign it off.
