Shareholders’ Council welcomes report, recommendations
29 October, 2013
Shareholders’ Council welcomes report, inquiry recommendations
The Fonterra Shareholders’ Council, which safeguards the interests of the dairy Co-operative’s 10,500 Shareholders, said it welcomed the completion of the Fonterra Board commissioned independent report of the WPC80 issue.
Council Chairman, Ian Brown: “The Council has received the report and we commend the Oversight Committee and the Independent Inquiry Team on the comprehensive nature of the report.
“We also commend the Board on their openness and support their decision to make the report public.
“In the short term the Council will review the report thoroughly and meet with the Fonterra Board in November to discuss it further. Following this we will share our view of the report with our Farmer Shareholders.”
Mr Brown said that, based on the Council’s initial review, the actions required of Fonterra as recommended in the report seemed prudent.
“That the report is public and the Inquiry Team has recommended that they review Fonterra’s progress on their recommendations in nine and 18 months time gives us confidence that there is real intent on Fonterra’s part to improve.
“It is important to note that the independent review identified that the Co-op is generally very well run with good people and processes in place.”
About The Fonterra
The Fonterra Shareholders’ Council represents the interests of Fonterra Farmers to the Board of the Co-operative and plays an active role in monitoring and assessing the governance and performance of Fonterra. There are 35 Councillors who are all Shareholders elected by their fellow Farmers in wards across New Zealand.