Ex-mayor chases Fonterra seat

Former Hamilton Mayor Russ Rimmington. Photo / File

Former Hamilton Mayor Russ Rimmington is again challenging sitting Fonterra directors for a seat on the company's board.

He is one of five shareholders seeking three seats on the board of directors: each year three of the nine farmer-elected directors stand down by rotation, and must seek re-election if they want to stay on the board.

This year it is the turn of company chairman Sir Henry van der Heyden along with former Federated Farmers head Malcolm Bailey and ex-banker Ian Farrelly. They will all contest the election and have been challenged by Maurice Hardie from Papamoa and Rimmington.

Hardie tried, unsuccessfully, to get on the board in 2003, and Rimmington contested last year's election, when he called for Fonterra to abandon its proposed capital restructuring plan to concentrate on increasing returns to its farmer owners.

He also wanted the board to review costs line by line, starting with the chief executive, Andrew Ferrier, whose salary he said had grown from $1.4 million to $4 million in four years.

The candidates will campaign in a "roadshow" of 11 meetings over five days from November 1. The successful ones will take office after the annual meeting on November 18. Voting using the single transferable vote system takes place from October 22 until 10.30am on November 16.

- NZPA