Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Sitting directors Donna Smit and Andy Macfarlane retire by rotation: both are seeking re-election.
The Independent Assessment Process will be run first with a nomination period of 2-16 August 2019. The Independently Assessed Candidates will be rigorously assessed by an independent Selection Panel of three highly respected governance experts.
This year, the Panel comprises Tony Carter (chairman of Air New Zealand and Fisher & Paykel Healthcare), Joan Withers (chair of Mercury NZ and The Warehouse Group) and Rob Campbell (chair of Skycity Entertainment Group, Summerset, Tourism Holdings and WEL Networks). Their role is to shortlist and recommend the best candidates to Fonterra’s Shareholders.
The Returning Officer will announce the Independent Nomination Process candidates on 17 September 2019.
The Non-Assessment Process, where farmers can put themselves forward as a candidate for the Board outside the Independent Assessment Process, will follow with the nomination period running from 17- 27 September 2019.
The Returning Officer will confirm all candidates on 30 September.
The Directors’ Election will be held using the ‘first past the post’ system via postal and online voting by Fonterra shareholders.
