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Shareholders Welcome Candidate Assessments

Media Statement
12 October 2006


Shareholders Welcome Candidate Assessments

Fonterra shareholders have elected Bay of Plenty based farmer Colin Armer to the Board of Directors. Incumbent Directors Stuart Nattrass and John Wilson were re-elected for a further three year term.

Fonterra Shareholders’ Council Chairman John Monaghan said, “The election of Fonterra governors is an important means for farmers to exercise control in our co-operative. Shareholders require objective and relevant information to assist in their decision making.”

The introduction of the Candidate Assessment Panel (CAP) this season has provided farmers with an objective appraisal of Director Election candidates.

“The response to the CAP matrix, which assesses election candidates’ competency in governance and communication, strategic thinking, international business and finance as well as industry knowledge, has been very positive.”

The Council will now formally seek shareholder feedback on the CAP to identify possible areas of improvement.

Speaking at the Annual Meeting, Mr Monaghan acknowledged the contribution of Blue Read and his role in the formation of the CAP. Mr Read has announced his intention to retire from his position as Council Deputy Chair.

First time Councillors Dirk Sieling, (Ward 3 Southern Northland) and Stuart Muir (Ward 4 South Auckland) were elected unopposed in this season’s Fonterra Shareholders’ Council Elections. Tom Mason and Desiree Reid were the successful candidates in Ward 23 Canterbury South.

In other business considered at yesterday’s Annual Meeting of the co-operative in Invercargill, Fonterra shareholders voted for a streamlined structure for the Shareholders’Council with one Councillor in each of 35 wards.

“There have been changes in regional production and the shareholder base since 2001. The Council is well positioned to adapt to those changes and will begin implementing the new structure immediately,”Mr Monaghan said.

Elections for the new Council wards will take place in March 2007.

Shareholders also voted to approve Council’s budget for 2006/07 of $2.59 million. This compares with last season’s budget of $2.63 million.

ENDS

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