On Wednesday, 30 June, Fonlerra shareholders made a decision that, according to CEO Andrew Ferrier, was the most important in the company's history. The shareholders' vote was the final step in a 'Co-operative Solution to Capital Structure Change'. Ifthey accepted the proposal made by the Board of Directors it would change the company's constitution by introducing 'Trading Among Farmers'. The purpose of the change would be to ensure Fonterra has a constant share capital by removing its obligation to buy back shares from shareholders who for any reason cease to supply milk. Instead, these shares would be offered for sale on the shareholder market.
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