Thursday, February 22, 2024

Fonterra confirms new appointment to Milk Price Panel

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Appointment in terms of amendments to Dairy Industry Restructuring Act.
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Fonterra has appointed director Bruce Hassall to the Milk Price Panel.

In November 2023 Fonterra’s shareholders voted to amend its constitution to increase the size of the panel to seven members to accommodate the two nominees of the minister of agriculture and independent chair required by the Dairy Industry Restructuring (Fonterra Capital Restructuring) Amendment Act 2022, while allowing the number of panel positions held by the Fonterra directors and co-operative council nominees to be two each. 

This amendment took effect on January 14 and accordingly Hassall has been appointed to the vacant position. 

Hassall was previously a member of the panel, having stood down in July 2023.

The Fonterra board has determined that Hassall will be an independent member of the panel, as defined in the Fonterra Shareholders’ Market Rules. 

The panel must comprise a majority of independent members, and will continue to do so following Hassall’s appointment.

In Focus podcast: Full Show | 26 January 

Bryan talks with Anna Nelson, who in May will become the first woman to chair a major NZ meat company when she takes over from Rob Hewett at Silver Fern Farms. 

Then Richard McIntyre from Federated Farmers reveals why he’s taken up the fight for Noland Kinney, a Filipino dairy farmer who is being asked to leave NZ after developing a chronic kidney issue, despite giving 10 years of his life to NZ’s dairy industry. 

And Senior reporter Neal Wallace takes us through some of the top stories of the week.

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