Four Candidates Confirmed for Fonterra Board Election
Four candidates have been confirmed for two director positions on Fonterra’s board.
Chan says the election process is essential to ensuring the co-operative has good shareholder engagement.
“As a co-operative, our shareholders own the business, which means it is their business and they need to have a say. This election process determines how all shareholders retain our control of their co-operative,” she says.
“It is important that people engage in the process, both through nominations for directors and through the voting process. We need as many shareholders as possible to vote and exercise their right to have their say,” she says.
Currently, the board is made up of five farmer-elected directors and two independent directors, with the independent directors appointed by the board. All elected directors serve on a three-year rotation.
Chan says she believes there are many talented people within the Ruralco co-operative.
“We have plenty of people who have good governance and business experience, and I am confident we have the talent out there.”
“There is no one single profile which ticks the box, it is about thought diversity – we make better decisions if we think from different angles and that in turn enhances the outcomes for the co-operative,” Chan says.
This year, Chan and Tony Coltman will retire by rotation. Chan has indicated she will not be seeking re-election, while Coltman has indicated he will seek re-election.
Nominations are currently open, and close at 5.30pm Wednesday 12 October 2022. The election will take place at this year’s Annual General Meeting, set to be held on 23 November 2022 in Ashburton.
