Fonterra Enhances Governance with Bruce Hassall's Appointment to Milk Price Panel
Source: The DairyNews
Dairy giant Fonterra has solidified its commitment to governance transparency with the recent appointment of director Bruce Hassall to the Milk Price Panel. This strategic move comes as part of the company's response to amendments made to the Dairy Industry Restructuring Act and is in line with the changes implemented in its constitution following a shareholder vote in November 2023.
The constitutional amendment, effective as of January 14, increased the panel's size to seven members to accommodate nominees from the minister of agriculture and an independent chair, as mandated by the Dairy Industry Restructuring (Fonterra Capital Restructuring) Amendment Act 2022. This adjustment also allowed for two positions each for Fonterra directors and co-operative council nominees.
Bruce Hassall, who previously served on the panel but stepped down in July 2023, has now been reappointed to fill the vacant position. The Fonterra board has designated him as an independent member, aligning with the Fonterra Shareholders' Market Rules, which stipulate a majority of independent members on the panel.
This move is anticipated to strengthen Fonterra's governance framework, ensuring diverse perspectives and expertise on the Milk Price Panel. The company aims to enhance its commitment to fair and transparent milk pricing, ultimately fostering confidence among dairy farmers.
The appointment of Bruce Hassall reflects Fonterra's ongoing dedication to aligning its governance structure with regulatory requirements, reinforcing its position as a leader in the dairy industry.
Bruce Hassall, who previously served on the panel but stepped down in July 2023, has now been reappointed to fill the vacant position. The Fonterra board has designated him as an independent member, aligning with the Fonterra Shareholders' Market Rules, which stipulate a majority of independent members on the panel.
This move is anticipated to strengthen Fonterra's governance framework, ensuring diverse perspectives and expertise on the Milk Price Panel. The company aims to enhance its commitment to fair and transparent milk pricing, ultimately fostering confidence among dairy farmers.
The appointment of Bruce Hassall reflects Fonterra's ongoing dedication to aligning its governance structure with regulatory requirements, reinforcing its position as a leader in the dairy industry.
