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Fonterra chair Peter McBride with outgoing director Leonie Guiney at the AGM in New Plymouth.
Fonterra’s board has been reduced to nine - comprising six farmer-elected and three appointed directors.
Last year over 88% of voting farmer shareholders backed a board proposal to reduce the 11-member board to nine.
This year, three farmer-elected directors – chair Peter McBride, John Nicholls and Leonie Guiney retired by rotation. Guiney did not seek re-election after serving nine years on the board. McBride and Nicholls were re-elected unopposed.
Appointed director Clinton Dines has also retired after serving for nine years. He was replaced by Alistair Field, whose appointment was ratified by shareholders at the co-op’s annual meeting in New Plymouth yesterday.
Speaking at the meeting, McBride thanked Guiney and Dines for their time and energy.
“Your contribution to Fonterra has been significant, but in particular your focus on risk and balance sheet management has been invaluable as we have reset the business.
“If the measure of success for a director is leaving the organisation in better shape than you found it, then you have both unquestionably achieved that. Our Co-op is in good health.
“The sentiment we are receiving from farmers right now is overwhelmingly positive.”
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
An A$2 billion bid for Fonterra's Oceania business would be great news, according to Forsyth Barr senior analyst, equities, Matt Montgomerie.
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
Over 85% of Fonterra farmer suppliers will be eligible for customer funding up to $1,500 for solutions designed to drive on-farm efficiency gains and reduce emissions intensity.
Sheep and beef farmers are urging the Government to do more to stop productive farmland overrun by pine trees.
Auckland’s Eventfinda Stadium saw New Zealand’s top butchers recognized at the National Butchery Awards.
According to the latest Beef + Lamb New Zealand (B+LNZ) Stock Number Survey, sheep numbers have fallen by 1% while beef cattle numbers rose by 4.4%.
Beef + Lamb New Zealand says it is seeing strong farmer interest in its newly launched nProve Beef genetics tool, with early feedback and usage insights confirming its value in helping farmers make better breeding decisions and drive genetic improvement in New Zealand's beef herd.
The Innovation Awards at June's National Fieldays showcased several new ideas, alongside previous entries that had reached commercial reality.
To assist the flower industry in reducing waste and drive up demand, Wonky Box has partnered with Burwood to create Wonky Flowers.
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