Former PricewaterhouseCoopers chairman John Shewan has been appointed chairman of the new Fonterra Shareholders Fund management company.
The appointment of Mr Shewan and four other prominent members of the business and dairy sectors was described by Fonterra chairman Sir Henry van der Heyden as "another important Trading Among Farmers milestone".
Governance of the fund at the time of its launch was likely to be "closely scrutinised" by farmer shareholders and potential investors, Sir Henry said in a statement yesterdayThe other independent directors are Pip Dunphy, who has worked in New Zealand financial markets for more than 20 years, assisting local and offshore companies and capital raising and risk management, and Kim Ellis, who has previously led companies and organisations in various sectors, including health, manufacturing, distribution, transport, property, agriculture and fashion.
The Fonterra-appointed directors are former Commonwealth Bank of Australia chief executive and former Air New Zealand chief executive and managing director Sir Ralph Norris, and Jim van der Poel, who has farming interests in the Waikato, Canterbury and United States.
The GlobalDairyTrade auction yesterday saw whole milk prices increase 9.2% on the previous auction, while the GDT price index, which covers a variety of products and contract periods, was up 1.8% versus the previous auction.
