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Indedpendent Nomination Process Candidates Announced

Friday, 4 November 2016

INDEDPENDENT NOMINATION PROCESS CANDIDATES FOR FONTERRA BOARD OF DIRECTORS’ ELECTION ANNOUNCED, SELF-NOMINATION PROCESS NOW OPEN

Michael Spaans and Donna Smit have been announced as the Independent Nomination Process candidates for the 2016 Fonterra Farmer Directors’ Election.

Both candidates were nominated by the Fonterra Board after being recommended by the Independent Selection Panel. The process for their nomination was supported by the Shareholders’ Council in accordance with the Independent Nomination Process.

As a result of the recent changes to Fonterra’s governance and representation, approved by Shareholder vote at the Special Meeting in October, the 2016 Directors’ Election process includes two nomination options; the Independent Nomination Process and the Self-Nomination Process.

The Self-Nomination Process, where farmers can stand as a candidate for the Board with the support of 35 different Shareholders, is now open. Nominations close on Thursday, 10 November 2016.

The full list of candidates for the Fonterra Board of Directors’ Election, including the Independent Nomination Process candidates and any Self-Nomination Process candidates, will be announced by Wednesday, 16 November 2016.

Independent Selection Panel

The three-member Panel is comprised of Dame Alison Paterson (Independent Panel Chair); John Spencer, CNZM (Board Appointee); and Sir John Anderson, KBE (Shareholders’ Council Appointee).

The Panel played a critical role in Fonterra’s new Farmer Directors’ Election process by providing the Co-operative’s Board and Shareholders’ Council with independent opinion and assessment of Farmer Director candidates who go through the Independent Nomination process.

Despite the Independent Nomination Process being undertaken within a shortened timeline this year the Panel notes in its report to the Nominations Committee of the Board that it is satisfied with the process.

Voting Period, Voting Methods and Notification of Election Results

Voting packs, containing candidate profiles, will be mailed to eligible shareholders on Monday, 21 November 2016.

Shareholders can vote by internet, fax or post, using the First Past the Post, Majority system. Voting closes at 10.30am on Tuesday, 6 December 2016 with the results being announced later that day.

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