Fonterra Shareholders’ Council chairman John Monaghan has announced he will not stand again in the company’s March council elections and will retire from his position as chairman at that time.
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Monaghan has been a councillor since Fonterra was formed, and was elected as chairman in 2003.
He said: “Succession planning has been something we have focused strongly on in the past couple of years. As a result, we have developed a strong leadership team in council and whoever is elected chair will have that expertise and support at hand.”
Monaghan added that the Shareholders’ Council provided an important link between the company and its owners.
“A working relationship between board and council based on mutual respect is fundamental. Council’s key responsibility is to monitor the performance and direction of the board and the company. Our relationship with the board means we can discuss any concerns we have frankly and openly, and enables council to function effectively as farmer representatives,” he said.
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