Zespri shareholders voted in favour of constitutional changes aimed at strengthening grower ownership and control of New Zealand's statutory kiwifruit exporter, according to preliminary results from a special meeting held in Mt Maunganui today.
Source: 1 NEWS
Shareholders voted on a series of resolutions that will impose a cap on the number of shares they can hold relative to trays of kiwifruit produced, and phase out dividends for non-producing shareholders over seven years.
Existing growers who stop producing after the vote would cease getting dividends after three years, according to information distributed prior to the meeting.
The preliminary results show changes to Zespri's constitution were backed by more than 75 per cent of shareholders.
Chairman Peter McBride said the aim is to address a problem of growing misalignment between growers who supply kiwifruit to Zespri and people who own shares in Zespri.