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New Board Member for Fonterra

Election Result
Media Release

12 May 2004

New Board Member for Fonterra

Former Federated Farmers National President Malcolm Bailey has been elected to the Board of Fonterra following today's close of voting.

Mr Bailey replaces Fonterra founding Director Murray Flett, one of three Directors, along with Chairman Henry van der Heyden and Mark Townshend, who retired in line with Fonterra's rotation policy.

In welcoming Mr Bailey to the Board Mr van der Heyden said he had a reputation as a strong advocate for farmers and his experience as an economics advisor and as a director of several other agri-based companies would bring valuable skills to the Board table.

"I must also note Murray Flett's contribution to the Board and the work he did in successfully seeing through the merger and building the new Fonterra business," he said. "Murray brought a strong commercial perspective to all deliberations, but always with an equally strong commitment to the co-operative principles."

Returning officer Warwick Lampp said voter turnout of 47.08% was just 2% down on last year with Mr van der Heyden going through in the first ballot and Messrs Bailey and Townshend going through in the second.

Internet voting, featured for the first time in a Fonterra board election, was used by 13.59% of voters.

Results in the five ward elections for Shareholder Councillors will not be known until tomorrow.

-END-


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