Monaghan's Alliance bid ends

Fonterra director John Monaghan has decided to pull out of a process to appoint an independent director to the board of Alliance Group, chairman Murray Taggart says.

Earlier this week, Meat Industry Excellence called on Alliance Group to tell shareholders what was happening with its independent director appointment.

Last month, a non-binding shareholder resolution seeking the appointment of Mr Monaghan to the board as an independent director was passed.

The company's board had previously said Mr Monaghan did not have the skill set and experience being sought.

In October, Mr Monaghan's nomination in its supplier representative director election was rejected.

He failed to meet criteria set out in the company's constitution, as his interest in Ngapara Farms, an Alliance Group shareholder, was too small.

Two Alliance Group shareholders, Mark Patterson, from Lawrence, and Mandy Bell, from Wanaka, then put forward a resolution to the company's annual meeting in December, asking the board to appoint him to replace retired independent director Owen Poole.

Yesterday, Mr Taggart said the company was still going through a process to appoint an independent director.

Following the annual meeting, Mr Monaghan was invited to meet the consultants being used by the company, as part of the appointment process, and join that process.

He recently decided to pull out and he was now ''pretty unlikely to make the short list'', Mr Taggart said.

The 53% of the vote in favour of Mr Monaghan's appointment was not an overwhelming figure - 85% of shareholders either voted against it or did not vote, he said.


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