Farmers call for new board chair

Fonterra shareholders are frustrated and want accountability after turbulent times for the country’s biggest enterprise.

The co-op recently posted a $605 million loss for the past financial year, and didn’t pay dividends to shareholders.

About 200 farmers gathered in Invercargill for the dairy giant’s annual meeting. ‘‘Thank you for putting your crash helmets on . . . for making the courageous and difficult decisions,’’ one farmer shareholder said during a Q and A session.

There were calls for Fonterra’s board of directors chairman, John Monaghan, to step down. ‘‘I encourage the directors, when you vote for the chair after this meeting or the next meeting you have, that you vote a new chair in.

‘‘Change is needed, we have lost a lot of money, we have got a co-op that is hugely at risk,’’ another shareholder said. But Monaghan said the blame should not fall solely on his shoulders. ‘‘Looking at the past, I guess we are all responsible. But I guess one thing would be just to cut and run, the other thing is to stand up and do something about it. If I look at the change this co-op has undergone, you now have a board that is totally rejuvenated.’’ The co-op was not broken but it did need to change, he said.

Chief executive Miles Hurrell said: ‘‘I am feeling energised and excited about the year ahead and the future for our co-operative. It has been a tough year but we are building the right team . . . I have 10,000 farming families and 20,000 employees right behind me and [I’m] determined to make that happen. You, me, us, together.’’