Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Spaans who is also chairman of DairyNZ, leaves the board tomorrow.
Fonterra said that it has agreed with Spaans that, when he is given a clean bill of health, he should consider standing again for the Fonterra Board.
Co-op chairman John Wilson said that Michael Spaans’ tireless contribution to the New Zealand dairy industry has been significant both inside and outside the Fonterra boardroom.
“Michael, a dairy farmer, came up through the ranks, spending time on the New Zealand Dairy Group Shareholder Council and then the Fonterra Shareholders’ Council before building his governance experience outside the industry,” Wilson says.
“As a result, his insights and experience are invaluable, particularly on Fonterra’s Milk Price Panel, Audit and Finance Committee and the Co-operative Relations Committee.”
Former director Ian Farrelly, who retired last December after serving nine years on the board, will fill the casual vacancy created by Spaan’s departure.
Wilson said that the Fonterra Constitution allowed for an appointment to fill a casual vacancy and that Farrelly’s appointment to fill the casual vacancy would continue until the 2017 Annual Meeting.
“Ian is a highly qualified director with very recent and valued experience on the Board,” said Wilson. “We are very grateful that he has agreed to continue his contribution to Fonterra”.
