Fonterra Shareholders' Fund Annual Shareholders Meeting Transcript
Well, good morning. My name is John Shewan, Chair of the FSF Management Company, the company which manages the Fonterra Shareholders Fund. A very warm welcome to the 2021 Annual Meeting of unitholders of the fund. We do appreciate your attendance online.
The COVID-related restrictions on both travel and gatherings meant that it's best for us to proceed with a virtual-only event this year. I thank you for your understanding of that and your continued participation. The Board regrets not being able to engage with you in person, but we'd like you to take advantage of the other channels that are available, which I'll outline shortly, to ask questions and provide your feedback.
2021 has been a very eventful year for the Fonterra Shareholders Fund. Fonterra has progressed well in executing on its strategy. But running parallel with that, it's undertaken a far-reaching review of its capital structure. This has resulted in a significant drop in the value of the units in the fund.
I'm well aware that unitholders are not happy with the financial performance of the fund over the
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