4 questions lodged at 2024 Fonterra hybrid AGM

Q1. New Zealand is becoming a governance backwater as it continues to resist mandating annual voting on remuneration reports, which is standard in many countries around the world. Will the chair undertake to consult with major shareholders and lead a board discussion on the issue of whether you will voluntarily put up a remuneration report resolution for an advisory vote at next year's AGM? This is the law in Australia and we are dual listed on the ASX, so why don't we step up and respect shareholders by adopting Australian market practice.

Answer: The question wrangler Jackie cut this right back and the chair just briefly said no because the FSF does not directly employ any staff. Watch brief video of exchange via Twitter.

Q2. In 2019, ASX-listed Treasury Wine Estates voluntarily moved to annual elections for directors in line with best practice that occurs in both the US and the UK. Dual listed companies like News Corp and Rio Tinto all do this due to the laws in the US and UK and BHP has continued doing it even after its UK DLC ended in 2021. Can the chair comment on whether our company will follow this TWE lead and move to annual elections of directors at the 2025 AGM, particularly given the skinny agenda today where there is only 1 item up for the vote. As the sole board candidate up for election today, what does Alastair Hercus think about annual elections for directors and is he open to the idea of putting a remuneration report up for the vote next year as well?

Answer: Censored by "Jackie" the question wrangler who claimed there were no questions on the one resolution up for the vote when this had been submitted in plenty of time. Watch this video from straight after the claim there were no questions.


Q3. Bega Group is one of our biggest competitors in Australia. At the recent Bega AGM, long term executive chair Barry Irwin was asked about his biggest regrets running the listed former mutual for the past 24 years. He said not persuading competitors Murray Goulburn and Fonterra to withdraw late season claw backs to farmer suppliers was his biggest regret because this damaged trust with farmers. Do the chair and CEO agree with this analysis by the most respected executive in the Australian dairy industry and what is our current approach to clawbacks?

Answer: Censored by "Jackie" the question wrangler who failed to read this out during general business at both the start and the end of the meeting, which only lasted 45 minutes in total so they were hardly overwhelmed with questions.

Q4. As a Melbourne-based shareholder in FSF, it is disappointing to hear about the plans to delist from the ASX. Isn't the board aware that Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX falling by 176 or 7.5% to 2,118 since June 2022, including 21 straight months of declines. Please don't go. The ASX is thinning out and we need support from our Kiwi friends to keep numbers up on the ASX. Have we attempted to negotiate a discounted annual listing fee?


Answer: More unnecessary editing by the question wrangler Jackie and then the chair just re-iterated that delisting from the ASX was a cost save. Watch video of exchange via Twitter.

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