$500k for chair

The DRC recommends a $14,000 fee hike for Peter McBride, taking his annual fee to $498,000 - making him one of the highest paid board chairs in the country. Board members are also in line for a $5,500 increase, taking their annual fee to $202,000.

The DRC confirmed that small incremental annual increases in fees continued to be its preferred approach, rather than having periods of no increase followed by large uplifts. Six years ago, the chair was paid $420,000 and board members $175,000.

Fonterra shareholders will vote on the proposal at its annual meeting on November 14 in New Plymouth.