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22nd of October 2018

Economy



Shareholders approve amendments to constitution - Silver Fern Farms

A strong majority of 92% of votes have been cast in favour of amendments to Silver Fern Farms Co-operative’s constitution.

Silver Fern Farms Co-operative Chairman Rob Hewett said the strong vote in favour was pleasing, following an extensive consultation process with shareholders throughout June and July.

"The Board is very pleased that shareholders have supported these amendments," Mr Hewett said. "We believe this up-to-date constitution will set a foundation of sustainable success for our Co-operative. The amendments will ensure the Co-operative has a process that ensures constructive rejuvenation of its governors."

Key amendments to the constitution include; the addition of one Board appointed Farmer Director to the Board, limits on the tenure of directors, the requirement that director candidates elected by shareholder suppliers are active shareholder suppliers in the Cooperative, and continuity of voting rights for shareholder suppliers who may have restructured their family estate, trust or corporate structure to enable farm succession. The amendments also reflect that the Co-operative’s businesses are now predominantly undertaken via its 50% shareholding in Silver Fern Farms Limited, rather than directly, and technical updates to bring it in-line with current practice and legislation.

"The revisions made to the make-up of our appointed Directors will ensure the Co-operative has a sound succession plan in place to ensure active farmer elected directors are well equipped and gain governance experience and insight ahead of appointment to the Board of Directors of Silver Fern Farms Limited - which is a large complex business."

"The Co-operative sees that it has a vital role in developing future leaders for the rural community - not just within Silver Fern Farms but the many organisations that support our farmers. Being able to create a pipeline for constructive renewal in our Co-operative will assist in achieving that."

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