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.
The five directors are:
• John Shewan Independent Director (Chair)
• Pip Dunphy Independent Director
• Kim Ellis Independent Director
• Sir Ralph Norris Fonterra Appointed Director
• Jim van der Poel Fonterra Appointed Director
Fonterra chairman Henry van der Heyden says the governance of the fund at the time of its launch is likely to be closely scrutinised by farmer shareholders and potential investors.
"The appointment of these five well-known members of New Zealand's business and dairy sectors is another important Trading Among Farmers milestone," he said.
The initial directors of the establishment board of the Manager of the Fund have been appointed by Fonterra. However, in the future three directors will be elected by unit holders and two directors will be appointed by Fonterra.
Biographies of the fund manager directors;
John Shewan, independent director and chair
Former PriceWaterhouseCoopers chairman, Shewan, is currently an Adjunct Professor of Accounting at Victoria University. He also Chairs the Wellington Regional Stadium Trust and the Victoria University Business School Advisory Board, and is a director of Munich Holdings of Australasia Pty Ltd.
Pip Dunphy, independent director
Dunphy has worked in New Zealand financial markets for more than 20 years, assisting local and offshore companies in capital raising and risk management. She currently chairs the boards of Mint Asset Management Ltd and New Zealand Clearing and Depository Corporation Ltd and is Deputy Chair of Auckland Transport. Pip was a Monetary Policy Advisor to the Governor of the Reserve Bank of New Zealand 2009 to 2011.
Kim Ellis, independent director
Ellis was the chief executive officer of listed company Waste Management NZ Lrd for 13 years, until its sale in 2006. He currently chairs the boards of Enviro Waste Services Ltd, New Zealand Social Infrastructure Fund Ltd and Macaulay Metals Ltd. Ellis also holds several directorships including Freightways, Ballance Agri-Nutrients, The Tasman Tanning Company, Jucy Group and Moa Group.
Sir Ralph Norris Fonterra appointed director
Norris joined the Fonterra Board in 2012 as an appointed director. He sits on the Appointments, Remuneration and Development Committee. Sir Ralph also serves on the board of Origin Energy and on the Council of The University of Auckland. He was Chief Executive of the Commonwealth Bank of Australia for six years until December as part of a 40-year career in banking.
Jim van der Poel, Fonterra appointed director
Van der Poel was elected to the Fonterra Board in 2002. He serves on the Fair Value Share Review Committee, the External Relations Committee, the Supplier Relations Committee, the Milk Payments Working Group, the Capital Structure Committee and the Trading Among Farmers Due Diligence Committee, and is Chairman of the International Farming Ventures Group. Jim is also Chairman of the Spectrum Group of companies and a Trustee of the Asia New Zealand Foundation.
