Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Bay of Plenty farmer Donna Smit says she is “thrilled to bits” at her election to the Fonterra board.
She was welcomed by chairman John Wilson and shareholders at the co-op’s annual meeting in Canterbury last week.
Smit, who has twice stood unsuccessfully for the board, says she came “pretty close” on both occasions. “They told me to get more experience, so I set about expanding my network.”
Smit became a trustee of Taratahi Agricultural Training Centre and Eastern Bay Energy Trust. She also joined the boards of Ballance Agri-Nutrients, Primary ITO and Dairy Womens Network.
“These got me working with more people and boosted my network,” she told Dairy News.
Smit will now resign some directorships to concentrate on Fonterra; she has already resigned as a trustee of Easter Bay Energy.
She has been a vocal critic of Fonterra and says she will now air her concerns to the board.
“In the past Fonterra has always highlighted the positive aspects of the business; I tried to place focus on the rest of the business. I will continue to do this on the board and hopefully this will make me more effective.”
Smit says the new independent selection process worked well. “The 60 minutes spent with the panel has turned out to be the most defining moment of my life.”
Smit is the third woman on the Fonterra board; she joins Leonie Guiney and Nicola Shadbolt.
Shareholders Council chairman Duncan Coull congratulated Smit and returning director Michael Spaans.
“On behalf of the council I welcome Donna to the role and congratulate Michael on his re-election.
“Most importantly I thank our shareholders for their continued engagement throughout an incredibly demanding year onfarm and within our co-op.
“As farmers, we often speak about our commitment to the principle of 100% shareholder ownership and control, and it is great to see this continuing to be displayed through participation in our co-op’s decisionmaking processes.”
Canterbury farmer and former Fonterra director Stuart Nattrass was unsuccessful in his bid to rejoin the board.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
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