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.
She was welcomed by chairman John Wilson and shareholders at the co-op’s annual meeting in Canterbury last week.
Smit, who has twice stood unsuccessfully for the board, says she came “pretty close” on both occasions. “They told me to get more experience, so I set about expanding my network.”
Smit became a trustee of Taratahi Agricultural Training Centre and Eastern Bay Energy Trust. She also joined the boards of Ballance Agri-Nutrients, Primary ITO and Dairy Womens Network.
“These got me working with more people and boosted my network,” she told Dairy News.
Smit will now resign some directorships to concentrate on Fonterra; she has already resigned as a trustee of Easter Bay Energy.
She has been a vocal critic of Fonterra and says she will now air her concerns to the board.
“In the past Fonterra has always highlighted the positive aspects of the business; I tried to place focus on the rest of the business. I will continue to do this on the board and hopefully this will make me more effective.”
Smit says the new independent selection process worked well. “The 60 minutes spent with the panel has turned out to be the most defining moment of my life.”
Smit is the third woman on the Fonterra board; she joins Leonie Guiney and Nicola Shadbolt.
Shareholders Council chairman Duncan Coull congratulated Smit and returning director Michael Spaans.
“On behalf of the council I welcome Donna to the role and congratulate Michael on his re-election.
“Most importantly I thank our shareholders for their continued engagement throughout an incredibly demanding year onfarm and within our co-op.
“As farmers, we often speak about our commitment to the principle of 100% shareholder ownership and control, and it is great to see this continuing to be displayed through participation in our co-op’s decisionmaking processes.”
Canterbury farmer and former Fonterra director Stuart Nattrass was unsuccessful in his bid to rejoin the board.
