Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Fonterra director Farrelly replaces Norris on Fund board

Fonterra director Ian Farrelly replaces Ralph Norris on shareholders' fund board

By Paul McBeth

Sept. 23 (BusinessDesk) - Fonterra Cooperative Group director Ian Farrelly will replace Ralph Norris as one of the dairy exporter's representatives on the board of the Fonterra Shareholders' Fund manager.

Farrelly will join the board of the fund's manager at the close of its annual meeting on Nov.27 when Norris retires, Fonterra said in a statement. Farrelly has been on the board of Fonterra since 2007, having clocked up a 20-year career in banking including 15 years as head of ASB Bank's rural division. He operates a 400-hectare calf rearing farm in Te Awamutu and has dairy farm interests in Canterbury and Waikato.

Norris, a former Commonwealth Bank of Australia boss, signalled his retirement from the boards of Fonterra and the fund in May, citing other commitments. Fonterra is scheduled to report its annual results tomorrow.

Units in the fund, which give investors exposure to Fonterra's earnings, rose 0.8 percent to $5.24, and have declined 13 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>

ALSO:

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO:

Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>

ALSO: