FCG
28/08/2014 12:19
GENERAL
REL: 1219 HRS Fonterra Co-operative Group Limited
GENERAL: FCG: Fonterra Confirms New Appointment to Milk Price Panel
Fonterra Co-operative Group has today confirmed the appointment of Bill
Donaldson to the Milk Price Panel, as an appointee of the Fonterra
Shareholders' Council.
Mr Donaldson, who has previously served as a Shareholder Councillor, recently
completed Fonterra's Governance Development Programme.
He is currently an executive director of Waibury Farms Limited in North
Canterbury.
He replaces Richard Punter, whose term on the Milk Price Panel ends on 1
November 2014. Mr Donaldson's appointment will take effect from that date.
Under Fonterra's Constitution and the Dairy Industry Restructuring Act 2001,
Fonterra must appoint the members of the Milk Price Panel. The Constitution
provides that the Shareholders' Council is entitled to appoint up to two
members, at least one of whom must be independent.
The Fonterra Board has determined that Mr Donaldson will not 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 Mr Donaldson's appointment taking effect.
End CA:00254527 For:FCG Type:GENERAL Time:2014-08-28 12:19:25
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