Prominent Australian businessman David Hoare has been appointed as an independent director of NZ dairy products behemoth Fonterra Cooperative.
John Roadley, chairman of Wellington-based Fonterra, said that Hoare will bring experience in running multinational companies and knowledge of global markets and corporate governance: “With three decades of experience as a leader in large companies Hoare’s background brings a range of additional skills to the board.”
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Hoare will fills a gap left by director Mike Smith when he attends his first Fonterra board meeting in July. Smith resigned in January, over concerns about the company’s governance.
Meanwhile, Fonterra has asked for approval from its 14,000 milk supplier-shareholders to appoint a fourth independent, non-farmer director.
Tony O’Boyle, chairman of the Shareholder Council, Fonterra’s watchdog, said that a vote on the issue would likely be made next week. A vote of 50% support is necessary to make constitutional changes.
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