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Shareholders' Council Welcomes Ceo Announcement

Shareholders' Council Welcomes Ceo Announcement

Fonterra's Shareholders' Council has welcomed the Board's announcement of the CEO appointment for Fonterra.

"The announcement provides much needed certainty for our co-operative," Council Chair Tony O'Boyle said today. "We have come a long way in a short time, and it is important that we maintain our momentum."

"Fonterra's Shareholders' Council wants world-class leadership for the 13,000 strong co-operative. We are New Zealand's largest company, a global enterprise and we need top class leadership."

The 46 member Shareholders' Council has received regular updates from the Board on progress with the CEO appointment process.

"The Council meets regularly with members of the Board to discuss important governance issues like the appointing of our co-operative's CEO. This is part of our role of monitoring the Board's performance on behalf of Fonterra shareholders."

"Apart from wanting the Board to appoint the best person for the job, the key thing for us in the CEO appointment process is that continuity and stability of our co-operative is maintained," said Mr O'Boyle.

The Council will receive a full briefing from the Board Chairman, Henry van der Heyden, when it meets tomorrow.

"Clarification of the Board's intentions regarding the appointment of a CEO provides our co-operative with certainty, and that can only be good for shareholder returns."

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