High milk prices bite Fonterra's profit
Soaring whole milk powder (WMP) prices are lifting forecast milk price to Fonterra farmer suppliers but it is also affecting the co-op’s profitability.
Nicola Shadbolt and Greg Gent will join two others - Mike Brown of Marlborough Grape Growers Cooperative and Matthew Washington of Mitre 10 on the board.
Shadbolt has extensive governance experience and is an experienced advocate of the co-operative model.
A professor of farm and agri business management at Massey University, she is the current chair of Plant and Food Research Institute and a Climate Change Commissioner.
Gent, a Northland dairy farmer, joins with board with an extensive careeer in governance, spanning several decades across multiple sectors.
He is chairman of Southern Cross Health Society and is a past chair of Farmers' Mutual Group, past director of Fonterra, and works as a dairy farmer in Ruawai.
NZ Co-op Business chief executive Roz Henry says the combined experience of the new directors will be a great help to members.
"Their combined experience, knowledge and skills, covering a range of sectors and specialist knowledge will prove invaluable and greatly assist in pursuing the interest of our members, in particular working alongside our government and educators to support New Zealand member-owned business."
