FARMLANDS SHAREHOLDERS:
YOUR VOTE MATTERS — AGM 24 NOVEMBER
Farmlands shareholders have an opportunity to have their say on the Board's decision to invest shareholder funds in AgriZeroNZ.
The AGM will be held on Tuesday, 24 November at 6.30pm in Gore, with online attendance available. The deadline for appointing a proxy is 6.30pm on Sunday 22 November.
Farmlands is a co-operative owned by farmers and for farmers. It is not a venture capital fund or green investment bank.
Many Farmlands shareholders have told us, in no uncertain terms, that they oppose the Board's decision to commit shareholder funds to AgriZeroNZ. Some because the scheme begins by treating farming as the problem to be solved, and others due to its pursuit of speculative methane-reduction technologies. For many, it’s just that this isn’t what the cooperative is for.
Groundswell NZ believes this raises serious questions about commercial value, accountability, and the rights of shareholders.
What can you do?
Shareholders have an opportunity to challenge Farmlands' investment in AgriZeroNZ, demand greater accountability from the Board, and require shareholders to have a say over future investments.
You can vote in person, online, or by appointing a proxy. You can also put questions directly to the Board at the AGM.
How can you vote?
You have three options:
- Attend in person: Attend the meeting in Gore and vote yourself.
- Attend online: Join through the official online meeting portal and vote during the meeting.
- Appoint a proxy: If you cannot attend, you can appoint someone you trust to attend and vote on your behalf. Your proxy does not need to be a Farmlands shareholder.
You must be an eligible voting shareholder. This means you must have transacted with Farmlands within the 12 months before the voting entitlement date and have had your account up to date on 30 October 2026. You can check your voting entitlement through the online portal.
Who can be your proxy?
We strongly recommend that you do NOT appoint the Chairperson of the meeting or another Farmlands director as your proxy.
The Notice of Meeting specifically states that the Chair or any other Farmlands director holding discretionary proxies intends to vote in line with the Board's recommendations.
Instead, appoint an independent person you trust to represent your voting intentions.
Groundswell NZ co-founder Laurie Paterson is available to act as proxy for shareholders who would like him to represent their voting intentions at the AGM.
To appoint Laurie or someone else as your proxy, use the official Farmlands proxy portal:
https://meetings.lumiconnect.com/300-569-811-383
Log in and complete the proxy appointment, entering the nominated person's details. We recommend providing clear voting instructions for each resolution.
Proxy appointments must be completed by 6.30pm Sunday 22 November 2026.
IMPORTANT FOR FARMING COMPANIES: If your Farmlands shareholding is held by a company, you cannot simply turn up and vote on behalf of the company. You must appoint an authorised representative or proxy in advance using the online process. Don't overlook this requirement or you risk your company's votes not being represented at the AGM.
What can you vote on?
Farmlands Board chair Rob Hewett is also chair of AgriZeroNZ. Farmlands maintains that this conflict of interest was adequately managed, but Groundswell believes shareholders deserve answers about how the investment decision was made. Shareholders have also questioned whether it is appropriate for one person to hold both positions in the first place.
We encourage shareholders to give particular consideration to the following five resolutions:
- Resolution 3 – VOTE AGAINST: Do not ratify Rob Hewett's appointment as a Farmlands Shareholder Director.
- Resolution 6 – VOTE FOR: Reverse Farmlands' decision to commit shareholder funds to AgriZeroNZ and allow shareholders to have a say through a referendum.
- Resolution 8 – VOTE FOR: Remove Rob Hewett from his position as a Farmlands director.
- Resolution 9 – VOTE FOR: Require the Board to explore options to exit or dispose of Farmlands' existing AgriZeroNZ investment and report back to shareholders within three months.
- Resolution 10 – VOTE FOR: Require shareholder approval by special resolution before Farmlands makes any further investments or financial commitments in AgriZeroNZ or specified methane-reduction technologies and interventions.
What should shareholders ask at the AGM?
Shareholders have every right to ask the Board questions about this investment and the decision-making behind it. You can ask questions in person or through the online meeting portal's Q&A function.
Here are some questions you may wish to consider:
- What commercial benefit or financial return is Farmlands expecting from this investment, and over what period?
- Farmlands invested at the Limited Partnership level, described as the smallest investment level in AgriZeroNZ, with the aim of securing access to future technologies. What actual rights or benefits does this investment give Farmlands?
- What due diligence was undertaken before committing shareholder funds, and who was involved in approving the investment?
- What are the financial risks to Farmlands if the methane-reduction technologies being developed do not prove commercially viable, or farmers choose not to adopt them?
- Given the strength of feeling among shareholders, will the Board commit to respecting the outcome of the shareholder resolutions and taking action accordingly?
Your co-op belongs to you
Don't assume someone else will vote for you. If shareholders want Farmlands to listen to their concerns, they need to make those concerns count at the AGM.
There are thousands of Farmlands shareholders who have expressed concern about this investment. But expressing concern is not the same as casting a vote.
Whether you attend, vote online, or appoint an independent proxy, please make sure your voice is heard.
Share this page with other Farmlands shareholders. The more informed shareholders who participate, the better.
This is your co-operative. Shareholders deserve a meaningful say in its future.
