2010-07-23

Fonterra Shareholders’ Council

Federated Farmers Dairy notes with interest, recent changes made to the Fonterra Shareholders’ Council.

“Federated Farmers Dairy sincerely thanks retiring chairman, Blue Read and deputy chairman, Campbell Shearer, for the sterling work they have done in guiding the Council through the difficult seas of Fonterra’s ongoing capital restructure,” says Lachlan McKenzie, Federated Farmers Dairy chairperson.

“The Federation now welcomes Simon Couper and Ian Brown as Chairman and Deputy Chairman, respectively and wishes to remind them of the Council’s critical role.

“That is to represent the shareholder suppliers of Fonterra – we farmers – while making sure the Directors of Fonterra Cooperative Group reach decisions in the best interests of the Cooperative. Federated Farmers is pleased that Mr Read is to stay on the Council’s Board in the meantime.

“Federated Farmers Dairy, as the independent voice for all dairy farmers, looks forward to working with the Council’s new leadership. The Council is not there to rubberstamp Fonterra Board decisions but to ensure these decisions are in the long term interests of shareholders and the Cooperative.

“Only when the Board has satisfied the questions of farmer shareholder suppliers put to them via the Council, can they be confident that they have the full support of Fonterra’s 10,500 shareholders.

“I look forward to working with the new Shareholders’ Council,” Mr McKenzie concluded.

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