Fonterra directors re-elected

Incumbent Fonterra directors Jim van der Poel and John Monaghan have been re-elected to the board of the dairy co-operative.

Mr van der Poel, from Ohaupo, and Mr Monaghan, from Eketahuna, will be joined by new director David MacLeod.

Mr MacLeod (43), who lives near Hawera, is a director of PKW Farms Ltd, one of Fonterra's largest shareholders.

He has governance experience with Port Taranaki and Greaves Electrical and is chairman of the Taranaki Regional Council and a national council member of Local Government New Zealand.

He was elected to the Taranaki Regional Council in 2001 and, in 2007, was appointed chairman, making him the youngest council chairman ever elected in New Zealand.

Ten candidates stood for the three positions on the board, including Grant Cochrane from East Taieri.

In the Shareholders' Council elections, the successful shareholders were Greg Mitchell (Rotorua), Noel Caskey (Central Taranaki), Ellen Bartlett (Northern Manawatu), Sandra Cordell (Hawkes Bay) and Charles Whitehead (Mid Canterbury). Nominees were elected unopposed in the other wards.

Fonterra's managing director global ingredients and food service Andrei Mikhalevsky has resigned and will leave the co-operative at the end of the year.

Mr Mikhalevsky, who has accepted a senior role with United States-based California Dairies Inc, joined Fonterra nearly five years ago to manage its premium ingredients business globally.

• Average prices of dairy products had their biggest gain since June 1 in Fonterra's latest auction amid signs investors are becoming more optimistic about the outlook for commodities.

The GDT-TWI Price Index rose 2.6%, according to the latest results posted on the global
DairyTrade auction website. The average winning price rose to US$3,617 a metric tonne.

Six of the seven products on offer rose in the latest sale.

Whole milk powder rose 2.4% to $US3574 ($NZ4667) a tonne, while skim milk powder was up 1.7% at $US3354. Anhydrous milk fat climbed 8% to $US3571 a tonne and milk protein concentrate rose 11.3% to $US6247 a tonne.

Rennet casein fell 9.7% to $US8420 a tonne. Butter milk powder rose 3.6% to $US3039 a tonne and cheddar rose 3.7% to $US3518 a tonne.

 - Additional reporting by BusinessDesk


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