Following the decision of Mike Smith to quit his post as a director on the board of Fonterra , at least two more of the dairy giant's directors are believed to be reviewing their positions. Smith, one of the key figures in Fonterra's formation, announced on Friday that he was leaving over concerns about the company's governance. He did not specify the particular causes for concern, but said: "Unless Fonterra addresses the issues it won't become the company that all farmers and indeed all New Zealanders want it to be."