18 Sep 2018

Fonterra names board candidates up for election

8:16 am on 18 September 2018

Fonterra has announced three candidates for election to the company board after winning approval from an Independent Selection Panel.

Te Runanga o Ngāti Maru Trust chair, Jamie Tuuta.

Jamie Tuuta. Photo: RNZ / Robin Martin

One of the three is Jamie Tuuta, who is chairman of Māori Television, and has had governance roles in other organisations including Aotearoa Fisheries and Wools of New Zealand.

Another candidate is Peter McBride, who is currently chairman of Zespri.

The third candidate is Ashley Waugh, who was formerly on the Fonterra board, but left under a policy of board member rotation.

He is chairman of Moa Brewing Company Limited and serves on the Board of Seeka and the Colonial Motor Company.

Fonterra board candidate Ashley Waugh.

Photo: Fonterra

The three have been approved for their skills, but still need to be voted in by the company's about 10,000 farmer shareholders.

Any of those can also stand for the board, as long as they win support from 35 other shareholders.

This process closes on 20 September, and the results will be known in November.

Zespri Chairman Peter McBride.

Photo: Zespri

It will fill seven of the 11 positions on the Fonterrra Board.

The other four positions are reserved for independent directors.

Whoever takes over in the end is expected to have a lot of work to do.

There will be a deep financial hole to be climbed out of, following serious losses from a Chinese partial subsidiary.

There is also a review of long-standing restrictions imposed on the company when it was set up.

This process - the so-called Dira review - should become clearer later this year.

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