Fonterra seeks strong farmer mandate for sale
Fonterra chair Peter McBride expects a strong mandate from farmers shareholders for the proposed sale of its consumer and related businesses to Lactalis for $3.8 billion.
Read: Call to scrap Fonterra shareholders body.
He says the Fonterra farmer base will have a wide range of views on the future shape of the council.
“I would encourage all shareholders to take part in the review process governed by the steering group.”
The nine-member steering group is made up of two shareholders councillors, two Fonterra directors and four farmer shareholders chosen by Barron.
“I was very aware of the importance of having the right people leading this review,” he says.
“I reviewed all the applicants against a comprehensive set of skills and attributes including their understanding of governance and representation, experience of consultation processes, integrity, honesty, leadership, sound judgement, communication and listening skills, and ability to challenge and critique constructively.
“Together, the group combines a strong level of knowledge and understanding of how governance, representation and management work in our co-op, balanced with an appropriate level of objectivity.”
The Steering Group has appointed James Buwalda as its independent chair.
Buwalda is chair of the Ospri Stakeholders Council and has a lot of experience consulting for industry sector groups, government agencies and research and academic institutions.
The group says it chose Buwalda “after considering a wide range of candidates, because of his independence, chair experience, reputation, experience in collaborating with stakeholder groups and his sound grasp of the methodology which should underpin a review such as this.”
The steering group is meeting regularly via conference call, developing the process for consultation with Fonterra shareholders and sharemilkers.
