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2008 Fonterra Elections Process Begins

Media Release
25 August 2008

2008 Fonterra Elections Process Begins

The Fonterra Elections process for 2008 is about to begin. This year elections are being held for three shareholder-elected Directors for Fonterra’s Board of Directors, two members of the Directors’ Remuneration Committee, and 12 members of the Shareholders’ Council according to the schedules for retirement.

Current Fonterra Directors Greg Gent, Earl Rattray and Jim van der Poel retire by rotation in accordance with the Constitution.

For the Directors’ Remuneration Committee, Murray Holdaway is scheduled to retire by rotation and is eligible for re-election. Tom Lees, who was also scheduled to retire by rotation, resigned from the Committee during the year and is not eligible for re-election.

As well as elections in the 12 wards where Councillors are retiring by rotation in accordance with the By-laws of the Shareholders’ Council, there will be elections in at least two other wards. These will be Ward 6, as the current Councillor, Peter West, was appointed by Council to fill a casual vacancy, and Ward 27, where the current Councillor is retiring.

Existing Councillors need to advise the Returning Officer of their intention to retire or stand again two weeks before the opening date for nominations, i.e. before Monday 25 August 2008.

Like last year, the incumbent Directors do not need to advise the Returning Officer of their intention to retire or stand again before the opening date for nominations for candidates. This means that the incumbent Directors are not disadvantaged by being required to confirm their candidacy before they have the opportunity to go through the Candidate Assessment Panel process. However, the incumbents still must be nominated during the nominations period like any other candidate.

This year the Candidate Assessment Panel (CAP) interviews have been scheduled for after the close of nominations. Nominations will therefore not be announced until Friday 10 October, after Director candidates have received their CAP assessment results and confirmed their candidacy with the Returning Officer.

The Candidate Assessment Panel is available to assess the capabilities, experience and qualifications of Director candidates and provide shareholders with more information to assist in making an informed vote.

While the CAP Panel process is open to all Director candidates, it is not compulsory. Candidates can also choose whether they want to make the fact they are undergoing the process publicly known or kept confidential until their candidacy is confirmed. If candidates choose to proceed with their candidacy, their assessment results are provided to shareholders in the voter packs.

The Panel, consisting of independent Chairman, John Palmer, two members appointed by the Fonterra Board, Henry van der Heyden and Greg Gent or Roger France, and two appointed by the Shareholders’ Council, Blue Read and independent John Loughlin, will be interviewing intending candidates on 2 and 3 October 2008.

Warwick Lampp of electionz.com has been reappointed as the Returning Officer for the 2008 Fonterra Elections. Warwick has been the Fonterra Returning Officer for the last four years.

Nominations for all elections will open on Monday 8 September 2008 and must be received by the Returning Officer by 12 noon on Friday 26 September 2008. Fonterra shareholders are eligible to stand for each of the elections. Candidates for the Directors’ Remuneration Committee and the Shareholders’ Council will be announced by the Returning Officer on Friday 26 September.

Nomination forms and Candidate Handbooks will be available from the Returning Officer from 8 September by phoning the Election Hotline on free phone 0508 666 446 or contacting the Returning Officer on elections@electionz.com.

ENDS

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