Medals galore for Fonterra cheeses
Fonterra cheeses are continuing their golden run at the annual New Zealand Cheese Awards.
Fonterra chairman John Monaghan will retire at the co-op’s annual meeting in November.
In a note to farmer shareholders and unitholders, Monaghan explained that his decision was the next step in the Fonterra Board’s development and succession planning.
“After 11 years as a Director, and having seen through the introduction of our new strategy, operating model, and with our debt reduction efforts well progressed, the timing is right for me and for the co-op.
“The board is committed to a planned chair succession that provides Miles (chief executive Miles Hurrell) and his senior management team with the governance stability and confidence they need to maintain the co-op’s momentum”, says Monaghan.
Fonterra said its board’s current plan was to announce a chair-elect by no later than August this year. That timeline would give its farmer-owners transparency of leadership prior to the cooperative’s director elections and allow for a period of handover before Monaghan retires from the board.
Under Fonterra’s constitution, its chairman must be selected from its pool of seven elected farmer directors on the board. Its independent directors are not eligible for consideration as chairman.
The cooperative also provided an update on a replacement for former independent director Simon Israel, who retired from its board in November last year.
Fonterra says it is making good progress on securing a replacement for Israel and will update its farmer-owners and unit holders once a suitable candidate has been confirmed.
Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
The opportunity to spend more time on farm while providing a dedicated service for shareholders attracted new environmental manager Ben Howden to work for Waimakariri Irrigation Limited (WIL).
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
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