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.
Fairlie farmer Leonie Guiney and independent director Clinton Dines have served the maximum nine-year term as per Fonterra’s board charter and will depart at the annual meeting in November.
Fonterra chair Peter McBride and another director John Nicholls are also retiring by rotation but are seeking re-election.
Nominations for Fonterra's director elections open on August 9.
Last year 88.49% of voting Fonterra farmers supported a recommendation for Fonterra’s Board size to reduce from the current 11 directors down to 9 – comprising six farmer elected directors and three appointed independent directors. As a result of these changes, at this year’s upcoming director elections, shareholders will be asked to elect two farmer elected directors.
Fonterra chairman Peter McBride thanked the retiring directors for their contributions:
‘’On behalf of our Co-op I’d like to thank Clinton for his contribution over many years. First appointed to our board in 2015, Clinton’s international perspective and strong focus on risk and balance sheet management has been invaluable to our co-op as we reset our risk appetite and overall strategy.‘’
"While stepping down as a director, Leonie will remain a passionate and highly valued member of our co-op. For the better part of a decade, Leonie has made a significant leadership contribution.“
"A hard-working director, over the years she has chaired our safety and risk committee and been a member of the audit, finance and risk; co-operative relations; and people, culture and safety committees. She has also been a member of the milk price panel and served on the capital structure committee and divestment review committee.‘’
"Always generous with her time and energy, Leonie made a personal sacrifice to give back to the co-op that she loves. We cannot thank her enough. I know Kieran and the family will be glad to get that time back, but I’m sure Leonie’s leadership qualities will not be lost to our industry,’’ says McBride.
