Expert Says Fonterra Backing Current Strategy With New CEO Appointment
The appointment of Richard Allen as Fonterra's new chief executive signals execution, not strategy, according to agribusiness expert Dr Nic Lees.
Wilson says that's the message he got from taking part in farmer meetings around the country during the director election campaign.
He says Fonterra board and Shareholders Council will soon embark on a major consultation process with shareholders
"We will have a discussion on the capability of the board and the mix between elected and appointed directors," says Wilson.
He says a lot of ground work has been done over the past three years.
The review committee will be made up of board and council members; outside consultants may be engaged as part of the review.
A discussion document will be released January; a special shareholders meeting will be called around June next year.
The Colin Armer/Greg Gent proposal to reduce the board to nine members was supported by 53.8% of farmers. However, the proposal needed 75% support to enable changes to the co-op constitution.
About 65% of shareholders, producing 73% of the co-op's total milk solids, turned out to vote
