Capital structure review on the cards

He says the board will have a dialogue with farmers on a capital structure that matches its strategy for more value added earnings and a sustainable milk supply.

Goldsack says the co-operative will remain 100% owned by New Zealand farmers.

The Waikato farmer and former financial adviser with PwC is humbled to be re-elected by farmers for another three-year term. Goldsack polled the highest votes among six candidates.

“It’s a privilege and great honour to serve on the Fonterra board,” he told Dairy News.

“This is an industry and a cooperative that I am positive about. I feel a great sense of responsibility.”

Goldsack says as a director he is part of the team of board members and is proud of what the team has achieved in the last three years.

He lists the revised strategy, changing advance rates for payout and the Co-op Difference programme as some of the board’s achievements.

There’s no doubt a lot of work is ongoing, he adds. Goldsack is currently chair of the co-operative relations committee, a member of the milk price panel, the safety and risk committee, the capital structure committee, the divestment review committee, and the disclosure committee. 

In addition, he serves as the Fonterra representative on the ‘Dairy Tomorrow’ Steering Group – which focuses on the strategy for the dairy industry.

He also holds several governance roles, including director of Rabobank and chair of Waitomo Petroleum Group. He was previously on the board of Canterbury Grasslands Limited and the New Zealand National Fieldays Society.

His family owns three dairy farms in the Waikato milking 1,500 cows.