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.
Chairman John Wilson says world-class governance is one of the board's top priorities, and the co-op needs directors with a broad range of talent and depth of business experience.
"The board welcomes Mr Dines, an Australian, who has outstanding business and governance credentials."
Dine has experience in China, having lived and worked there for 36 years. He took up a role as a senior executive for BHP Billiton in 1988, his tenure lasted 21 years and saw him become president of the company.
"His expertise in managing the complexities of a large global commodity business, and leading organisations through change and growth make him ideally qualified to join Fonterra's Board," says Wilson.
"Mr Dines is well versed in managing the impacts of global commodity price fluctuations. Fourteen years of his time at BHP in China were in a buyers' market where the prices were low, while the last seven years were in a boom market."
Dines currently serves on the boards of KAZ Minerals and Zanaga Iron Ore. These are significant businesses listed on the London Stock Exchange and AIM. In addition, he is a non-executive director of Aurecon, a professional services engineering group, North Queensland Airports, and Griffith University.
The independent directors of the manager of the Fonterra Shareholders' Fund support Dines' appointment.
