Long serving Fonterra Director Donna Smit has confirmed she will retire from the Fonterra Board when her current three-year term ends at the Co-operative’s Annual Meeting on 10 November 2022.
Smit was first elected to the Fonterra Board by her farming peers in 2016. She is also currently a Fonterra appointed Director of FSF Management Company Limited, Manager of the Fonterra Shareholders’ Fund a role she will also retire from in November this year.
Commented Smit: “I’m proud of the progress we have made as a Board over the past six years and my contribution as part of that team. While there’s always more that can be done, I believe the Co-op is in a relative position of strength compared to when I joined the Board. It’s the right time to support another farmer to come through and make a contribution to our great Co-op. We have an incredible pool of diverse leaders within our farmer base, and I’d encourage them to consider putting themselves forward.”
Added Fonterra Chairman Peter McBride: “Donna has been a valued member of our Board at a critical juncture for the Co-op as we have overseen the reset of the Co-op’s culture, long-term strategy, governance and risk settings, and our capital structure.
“Donna cares deeply about the outcomes for farming families. She is a passionate and hard-working Director, having made a contribution as a Member of the Audit and Finance Committee, Safety and Risk Committee, Co-operative Relations Committee and a Fonterra appointed Director of the FSF Management Company Limited and Fonterra Farmer Custodian Limited.”
Her retirement creates a vacancy for a farmer elected Director at this year’s Fonterra director elections. Sitting farmer director, Andy Macfarlane’s current three-year term also ends in November, and he has confirmed his intention to re-stand for a third term. Nominations for Fonterra’s director elections open on 5 August.
Fonterra’s Board will announce Smit’s replacement as a Director of the Fonterra Shareholders’ Fund Management Company Limited and Fonterra Farmer Custodian Limited at a later date.