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.
Smit will step down at the co-operative’s annual general meeting on November 10 after six years on the board.
She will also retire as a Fonterra appointed director of FSF Management Company Limited, manager of the Fonterra Shareholders’ Fund.
Smit says she has been honoured to serve her fellow farmer shareholders for the past six years and thanked farmers for their support.
“I’m proud of the progress we have made as a board over the past six years and my contribution as part of that team.
“While there’s always more that can be done, I believe the co-op is in a relative position of strength compared to when I joined the board. It’s the right time to support another farmer to come through and make a contribution to our great co-op.
“We have an incredible pool of diverse leaders within our farmer base, and I’d encourage them to consider putting themselves forward.”
Smit’s retirement creates a vacancy on the board. Another sitting farmer director, Andy Macfarlane’s current three-year term also ends in November: he has confirmed his intention to re-stand for a third term.
Nominations for Fonterra’s director elections open on 5 August.
Fonterra chairman Peter McBride thanked Smit for her contribution through a period of significant change for the co-op.
“Donna has been a valued member of our board at a critical juncture for the co-op as we have overseen the reset of the co-op’s culture, long-term strategy, governance and risk settings, and our capital structure.
Smit lives and farms at Edgecumbe and has built and owns five dairy farms in Eastern Bay of Plenty and Oamaru.
