Fonterra Lifts Farmgate Milk Price
Good news for Fonterra farmers. The co-op has raised this season’s farmgate milk price mid-point by 25c to $9.75/kgMS.
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.
