Solid third quarter result for Fonterra
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
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.
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Guiney happy with co-op's strong balance sheet
“The sentiment we are receiving from farmers right now is overwhelmingly positive.”
