Coast & Country April 2018

Page 43

KIWIFRUIT

Page 43

Growers strengthen their ownership and control over Zespri Zespri shareholders have voted to strengthen control of their single-desk fruit marketer via changes to its constitution which aims to curb ownership of the company falling out of current growers’ hands. The changes to Zespri’s constitution was backed by more than 75 per cent of shareholders voting in a Special Meeting on March 14 in Mount Maunganui, ith the fi al results co firmed. The resolutions implement a number of changes arising from a recent industry consultation. Zespri chairman Peter McBride says the new constitution addresses a problem of growing misalignment between growers who supply kiwifruit to Zespri and people who own shares in Zespri. si ifica t um er o e eala d i i ruit orchard owners do not own Zespri shares and over 18 million shares are held by people who have left the kiwifruit industry,” says Peter. He says the constitution puts in place a share cap with a maximum shareholding of four shares for each tray of production and introduces dividend restrictions on shareholders who do not grow kiwifruit. “Without these measures, there is a risk that, over time, ownership of Zespri would progressively move away from the current growers supplying Zespri and undermine the stability of our industry structure.”

A fantastic legacy

Another step to improve alignment is a targeted share issue and buyback programme. This was supported through a shareholder resolution and is planned for the second half of this year. It will be based on an independent valuation and target a share issue to unshared and under-shared growers, and a buy-back offer to non-producers and overshared shareholders.

Fair process

The changes to Zespri’s constitution follow a long period of consultation with growers, s a i early fi e years. It involved a grower referendum in 2015 with the highest turnout in a horticultural referendum

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Peter says shareholders have voted to take advanta e o a u i uely im orta t mome t or the e Zealand kiwifruit industry. his su ort or cha e re ects the cohesi e ess o our industry and a common interest among growers and former growers in seeing it prosper. The measures require a huge amount of goodwill but ultimately they will support Zespri’s ability to deliver strong, sustainable value to kiwifruit growers and shareholders over the long term. “It’s a fantastic legacy for the next generation of people in our industry.”

in recent history, followed by amendments to the Kiwifruit Export Regulations last year. “There are diverse shareholder positions in our industry and we have been committed to a fair process, respectful of all shareholders,” says Peter. “The changes will come into effect over a number of years, with a substantial transition period in place. The steps we have taken today will help us to deliver sustainable wealth to e eala d i i fruit growers, the wider kiwifruit industry and the communities which rely on our industry.” Zespri chairman Peter McBride talking to shareholders at the Special Meeting in Mount Maunganui last month.

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Coast & Country April 2018 by Sun Media - Issuu