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Chinese media say Fonterra’s two directors on its joint venture, Beingmate have expressed reservations about a new independent director approved by the board recently.
Fonterra Chinese operations head and Beingmate director Christina Zhu is quoted saying the outgoing director Liu Xiaosong had extensive experience in financial accounting and internal control.
He played an important role in corporate governance and internal auditing as the audit committee chairman.
“The company is currently faced with many complex financial, internal control and accounting issues, and has been repeatedly concerned about inquiries by the Chinese Securities Regulatory Authority.
“The company is also in a difficult business environment and faces many challenges. Therefore, it is urgent to have a person with rich financial and accounting experience – an independent director with an internal control background and experience in corporate management and/or financial accounting practices to succeed Mr Liu Xiaosong.”
The reports said that while new director Ma Juan is well educated and has an academic background, she does not have a professional accounting background or knowledge and financial audit experience.
“The Beingmate company is facing a lot of financial and internal control issues, and the independent director will also serve as a member of the audit committee.
“Although Ms Ma Juan has the qualifications for a single director, she is not suitable at this time as a candidate to replace Liu Xiaosong.”
Zhu and Priem recommended another candidate for the board but that person did not succeed.
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
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Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
