Fonterra mulls options - sale or IPO
An outright sale of Fonterra’s global consumer business is more likely than a float, says Forsyth Barr senior analyst equities, Matt Montgomerie.
Rowan, who missed out last year, told Dairy News he was “seriously considering” standing again.
“I had a reasonable level of support last year; obviously it wasn’t enough to win a board seat and I’m hoping to do better,” he says. “I never made a secret of the fact that I had interest in standing again.”
The key issue he sees for Fonterra is demonstrating “the compelling long-term benefits that flow from remaining a strong and united cooperative”.
Rowan says Fonterra needs to lift its game – perform better and drive better returns to farmers.
He wants the co-op to reward farmers for their commitment. “Farmers understand the reasons to supply milk to and support the co-op; in turn Fonterra must have farmers’ best interests at heart.”
Rowan also wants Fonterra to improve its relationship with farmers.
If elected Rowan says he’ll bring a “commitment to the success of Fonterra and make it the dairy cooperative, milk processor and marketer of choice for all New Zealand dairy farmers”.
“We need to respond to a changing world where competition is increasingly tough. Fonterra board and management need to be on top of their game to deliver the results shareholders deserve.”
Three Fonterra directors -- chairman John Wilson, Blue Read and Nicola Shadbolt -- retire by rotation this year. All are expected to contest the election.
Nominations open next month; all candidates can take part in a roadshow to meet shareholders and answer questions. An assessment panel will interview candidates and present their report to shareholders before the vote.
Voting will take place until Fonterra’s annual meeting in late November; election results will be announced at the meeting.
