Fonterra Co-operative Group (FCG) AGM 2024 summary

Opening remarks and agenda

• Directors, management, and council members were introduced, with acknowledgment of retiring directors and councilors.

• Chair's review and CEO's presentation outlined as key agenda items, with a welcome and closing included.

• The agenda included financial performance, strategy refresh, and the intended divestment of the Consumer business.

• Co-operative Council report, voting on resolutions, and general business scheduled.

Financial performance review

• FY24 earnings reached NZD 1.6 billion, with strong performance across all sales channels.

• FY24 total payout was $8.38, down from $8.72 the previous year.

• Net earnings were NZD 0.70 per share, enabling a total dividend of NZD 0.55 per share.

• Share price increased from NZD 2.18 to NZD 4.93 over 12 months.

• Return on capital for FY24 was 11.3%, compared to 12.4% previously.

Board and executive committee updates

• Board size reduced from 11 to 9 directors, with 6 farmer-elected and 3 independent directors.

• Alistair Field appointed as an independent director, bringing international and sustainability experience.

• Chair Peter McBride and CEO Miles Hurrell delivered reviews and addresses.

• Retiring directors Leonie Guiney and Clinton Dines were recognized for their contributions.

• John Stevenson presented the Co-operative Council report.