Solid half-year result for Fonterra
Fonterra has reported a solid half-year result – an 8% lift in profit after tax to $729 million.
Fonterra’s board size reduces from 11 to nine in November, meaning two long-time directors who retire this year won’t be replaced.
Fairlie farmer Leonie Guiney and independent director Clinton Dines have served the maximum nine-year term as per Fonterra’s board charter and will depart at the annual meeting in November.
Fonterra chair Peter McBride and another director John Nicholls are also retiring by rotation but are seeking re-election.
Nominations for Fonterra's director elections open on August 9.
Last year 88.49% of voting Fonterra farmers supported a recommendation for Fonterra’s Board size to reduce from the current 11 directors down to 9 – comprising six farmer elected directors and three appointed independent directors. As a result of these changes, at this year’s upcoming director elections, shareholders will be asked to elect two farmer elected directors.
Fonterra chairman Peter McBride thanked the retiring directors for their contributions:
‘’On behalf of our Co-op I’d like to thank Clinton for his contribution over many years. First appointed to our board in 2015, Clinton’s international perspective and strong focus on risk and balance sheet management has been invaluable to our co-op as we reset our risk appetite and overall strategy.‘’
"While stepping down as a director, Leonie will remain a passionate and highly valued member of our co-op. For the better part of a decade, Leonie has made a significant leadership contribution.“
"A hard-working director, over the years she has chaired our safety and risk committee and been a member of the audit, finance and risk; co-operative relations; and people, culture and safety committees. She has also been a member of the milk price panel and served on the capital structure committee and divestment review committee.‘’
"Always generous with her time and energy, Leonie made a personal sacrifice to give back to the co-op that she loves. We cannot thank her enough. I know Kieran and the family will be glad to get that time back, but I’m sure Leonie’s leadership qualities will not be lost to our industry,’’ says McBride.
Sitting Beef + Lamb NZ farmer director Scott Gower has been voted out by farmers.
The New Zealand Veterinary Association (NZVA) says it will be working alongside the Ministry for Primary Industries (MPI) and Animal and Plant Health New Zealand (APHANZ) as they attempt to improve access to veterinary medicines.
Federated Farmers says it welcomes a recent court decision which granted a stay on rules in the Southland Water and Land Plan until legislative changes can be made by government.
A holistic approach to sustainability sees Pukatea Dairy Farms take out the top award at this year's Canterbury Ballance Farm Environment Awards.
Registrations are now open for the highly anticipated South Island Dairy Event (SIDE) 2025, taking place April 7-9 in Timaru.
Scientists from the Ministry for Primary Industries (MPI) are part of an international team working to develop a low-cost diagnostic tool that could significantly improve food crop production in developing countries.
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