Thursday, 05 March 2020 10:07

Fonterra chair to step down

Written by  Staff Reporters
Fonterra chairman John Monaghan (right) with chief executive Miles Hurrell. Fonterra chairman John Monaghan (right) with chief executive Miles Hurrell.

Fonterra chairman John Monaghan will retire at the co-op’s annual meeting in November.

In a note to farmer shareholders and unitholders, Monaghan explained that his decision was the next step in the Fonterra Board’s development and succession planning.

“After 11 years as a Director, and having seen through the introduction of our new strategy, operating model, and with our debt reduction efforts well progressed, the timing is right for me and for the co-op.

“The board is committed to a planned chair succession that provides Miles (chief executive Miles Hurrell) and his senior management team with the governance stability and confidence they need to maintain the co-op’s momentum”, says Monaghan.

Fonterra said its board’s current plan was to announce a chair-elect by no later than August this year. That timeline would give its farmer-owners transparency of leadership prior to the cooperative’s director elections and allow for a period of handover before Monaghan retires from the board.

Under Fonterra’s constitution, its chairman must be selected from its pool of seven elected farmer directors on the board. Its independent directors are not eligible for consideration as chairman.

The cooperative also provided an update on a replacement for former independent director Simon Israel, who retired from its board in November last year.

Fonterra says it is making good progress on securing a replacement for Israel and will update its farmer-owners and unit holders once a suitable candidate has been confirmed.

More like this

Chilled milk partnership

Last month marked one year since the launch of an innovative collaboration known as the PAUS Programme (Pay- As-You-Save), which has made it easier for Fonterra farmers to access next generation milk chilling technology.

Featured

Temptation Valley makes a splash

Later this month, Ardgour Valley Orchards apricots will burst onto the world stage and domestic supermarket shelves under the Temptation Valley brand.

PETA wants web cams in shearing sheds

Animal rights protest group PETA is calling for Agriculture Minister Todd McClay to introduce legislation which would make it mandatory to have live-streaming web cameras in all New Zealand shearing shed.

'End red tape'

ACT MP and farmer Mark Cameron is calling on Parliament to thank farmers by reinstating provisions within the Resource Management Act that prevent regional councils from factoring climate change into their planning.

Mixed results on GDT

The first Global Dairy Trade (GDT) auction drew mixed results, with drop in powder prices and lift in butter and cheeses.

'Give hunters a say on conservation' - ACT

ACT Party conservation spokesperson Cameron Luxton is calling for legislation that would ensure hunters and fishers have representation on the Conservation Authority.

National

Farm Source turns 10!

Hundreds of Fonterra farmers visited their local Farm Source store on November 29 to help celebrate the rural service trader's…

Machinery & Products

A JAC for all trades

While the New Zealand ute market is dominated by three main players, “disruptors” are never too far away.

Pushing the boundaries

Can-Am is pushing the boundaries of performance with its Outlander line-up of all-terrain vehicles (ATVs) with the launch of the…

» Latest Print Issues Online

Milking It

Milking fish

OPINION: It could be cod on your cornflakes and sardines in your smoothie if food innovators in Indonesia have their…

Seaweed the hero?

OPINION: A new study, published recently in Proceedings of the National Academy of Sciences, adds to some existing evidence about…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter