Duncan Coull to head Fonterra Shareholders' Council as Ian Brown stands down
Duncan Coull has been on the council since 2010.
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Hawke’s Bay
Duncan Coull has been elected unopposed to chair the Fonterra Shareholders' Council [NZX: FSF], replacing Ian Brown who didn't stand after deciding it was time to let someone else have a go.
Coull has been on the council since 2010, representing Fonterra farmers in Otorohanga, in the central Waikato, and has served as the deputy chair for the past year.
He said in a statement he was committed to ensuring farmers' views are represented and their interests protected through effective monitoring and strong representation.
"With the volatility we face in our industry it's important that farmers understand they have a representative body within Fonterra which, backed by the constitution, works to ensure their views are heard and their interests as owners of the co-op are protected."
The council reports each year to Fonterra's 10,500 suppliers and management on its view on the company's direction, performance and operations. Dairy News reported this week that one of the country's largest family corporate dairy farmers, Trevor Hamilton, questioned the council's relevance and suggested it would be better replaced by a small group of commercially-minded people who could seriously challenge the board.
Fonterra's suppliers have put management on notice they're expecting better performance from the cooperative, given the disastrous drop in world dairy price and subsequent low dairy payout.
Coull said Brown had put a "tremendous amount of time, energy and unwavering commitment" into the chairman's role and guided it through what was a pivotal time for the cooperative.
Brown has served on the council since 2006, and was elected chair in July 2012 after serving as deputy for two years. He'll continue on the council representing farmers in the south Waikato for the rest of his three-year term which ends next year.
The chairman and deputy chair are elected each year from the 35-member council.
(BusinessDesk)
Fiona Rotherham
Thu, 16 Jul 2015
Thu, 16 Jul 2015
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Duncan Coull to head Fonterra Shareholders' Council as Ian Brown stands down
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