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.
Independent director, Simon Israel will leave the board at the annual general meeting in November when his term expires.
Fonterra says Israel’s decision is in support of planned succession and the need to phase the refresh of the cooperative’s Independent directors.
Israel was appointed to the board in 2013 and is currently a member of Fonterra’s Appointments and Remuneration Committee. Based in Singapore, Israel has contributed valuable insights from his 39 years of business experience in Asia, leading businesses and as a chairman and company director. He is currently the chairman of Singapore Telecommunications and chairman of Singapore Post.
In a note to the Fonterra farmer-owners today, Fonterra chairman John Monaghan said that internationally respected directors of Israel’s calibre aren’t easy to come by.
“He has been a real asset on our board over the past six years and I would like to thank Simon for his significant contribution to the board and our cooperative.”
