July 15, 2022

 

Fonterra director to retire from board

 

 

Long serving Fonterra director Donna Smit has confirmed she will retire from the Fonterra Board when her current three-year term ends at the cooperative's annual meeting on November 10.

 

Smit was first elected to the Fonterra Board in 2016. She is also currently a Fonterra appointed director of FSF Management Company Limited and manager of the Fonterra Shareholders' Fund — a role she will also retire from in November this year.

 

Smit said she has been honoured to serve farmer shareholders for the past six years.

 

"I'm proud of the progress we have made as a board over the past six years and my contribution as part of that team," Smit said. "While there's always more that can be done, I believe the co-op is in a relative position of strength compared to when I joined the board. It's the right time to support another farmer to come through and make a contribution to our great co-op.

 

"We have an incredible pool of diverse leaders within our farmer base, and I'd encourage them to consider putting themselves forward."

 

Fonterra chairman Peter McBride said: "Donna has been a valued member of our board at a critical juncture for the co-op as we have overseen the reset of the co-op's culture, long-term strategy, governance and risk settings and our capital structure.

 

"Donna cares deeply about the outcomes for farming families. She is a passionate and hard-working director, having made a contribution as a member of the Audit and Finance Committee, Safety and Risk Committee, Co-operative Relations Committee and a Fonterra appointed director of the FSF Management Company Limited and Fonterra Farmer Custodian Limited."

 

Smit's retirement creates a vacancy for a farmer elected director at this year's Fonterra director elections. Sitting farmer director Andy Macfarlane's current three-year term also ends in November, and he has confirmed his intention to re-stand for a third term.

 

Nominations for Fonterra's director elections open on August 5.

 

Fonterra's board will announce Smit's replacement as a director of the Fonterra Shareholders' Fund Management Company Limited and Fonterra Farmer Custodian Limited at a later date.

 

- Fonterra

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