Tuesday, 06 August 2024 11:14

Two long-serving Fonterra directors to retire

Written by  Sudesh Kissun
Leonie Guiney Leonie Guiney

 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.

More like this

Cynical politics

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.

Why is butter so expensive in New Zealand? Fonterra explains

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.

Featured

Editorial: We are Trumped

OPINION: Nothing it seems can be done in the short term to get Donald Trump to change his mind about removing the unfair 15% tariffs that he’s imposed on New Zealand exports to the US.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Wrong focus

OPINION: Your old mate reckons townie Brooke van Velden, the Minister of Workplace (or is it Woke Place) Relations is…

Burn the village

OPINION: There's an infamous term coined by a US general during the Vietnam war, specifically in reference to the battle…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter