Fonterra shareholders have voted in favour of TAF by 66.4 per cent, and resolution two netted 72.8 per cent. It needed 75 per cent to pass.
Like any good election, the result of today's TAF vote has been delayed. We're expecting results through at 4:15pm, so stay tuned.
It's expected we'll have the result of today's vote at 4pm this afternoon.
Voting has begun. It looks as though this will go in favour of TAF.
Motion two has been moved, which requires 75 per cent approval.
More discussion from the floor. Concern seems to focus entirely on whether the share price will end up taking precedence over the farm gate milk price. Motion two will be moved soon.
Questions are being taken from the floor. A mix of those for and against, more for. TAF opponent Lindsay Blake asks Fonterra chair Henry van der Heyden what assurances he has unit shareholders won’t drive up the co-op’s share price.
Sir Henry van der Heyden is about to move the first resolution in today's TAF vote. This is to vote for or against TAF. Fonterra has said that 50 per cent approval is not enough.
Fonterra’s Trading Among Farmers (TAF) vote is underway at the Claudeland’s Event Centre in Hamilton.
A short time ago, Fonterra chair Sir Henry van der Heyden reported that 87 per cent of shares had already voted prior to today’s meeting, but the results remain unknown.
A full result is expected by 4pm today.
Chief executive Theo Speirings, who wasn’t able to make today’s meeting, spoke via video from the Netherlands, discussing the history of co-operatives in Holland, and emphasising the dairy giant’s need to have a greater presence in the New Zealand community.
We’ll keep you up to speed with the latest from the meeting as it comes to hand.