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May 21, 2002

NEW ZEALAND: Fonterra elections see shareholders opting for “substantial stability”

Of the three candidates elected to become the first farmer directors of New Zealand dairy behemoth Fonterra, two were re-elections, leaving chairman John Roadley to praise shareholders for opting for “substantial stability”. Greg Gent and Earl Rattray were both re-elected as directors at the company’s elections on Friday. Farmers’ representative Jim van der Poel is the newcomer to the board.

Of the three candidates elected to become the first farmer directors of New Zealand dairy behemoth Fonterra, two were re-elections, leaving chairman John Roadley to praise shareholders for opting for “substantial stability”.

Greg Gent and Earl Rattray were both re-elected as directors at the company’s elections on Friday. Farmers’ representative Jim van der Poel is the newcomer to the board.

Roadley gave congratulations to van der Poel in a statement: “We will be offering him all the support he needs so that he can play a full role on the board from day one”.

Gent and Rattray, he added, will continue to offer much to the industry.

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