Fonterra investing $70m in new electrode boilers
While opening the first electrode boiler at its Edendale site, Fonterra has announced a $70 million investment in two further new electrode boilers.
This year, three farmer directors retire by rotation. However, only two seats will be contested as Fonterra’s board size reduces from 11 to 9 – to comprise of six farmer-elected and three independent directors.
As a result of these changes, at this year’s director elections, shareholders will be asked to elect two farmer-elected directors.
This year, sitting directors Leonie Guiney, John Nicholls and chair Peter McBride retire by rotation. Both Nicholls and McBride have confirmed their intention to re-stand for consideration as directors.
Guiney is stepping down after serving nine years as per Fonterra’s board charter.
Long serving independent director, Clinton Dines has also completed the maximum nine-year term. Dines leaves the board at the annual general meeting in November, and therefore will not be replaced. McBride thanked Dines for his contributions.
