Analysts Could Bolster Council

act-new-zealand

Fri Mar 14 2003 13:00:00 GMT+1300 (New Zealand Daylight Time)

Analysts Could Bolster Council

Friday, 14 March 2003, 11:11 am
Press Release: ACT New Zealand

ACT New Zealand Rural Affairs Spokesman Gerry Eckhoff today recommended that Fonterra's shareholders' council consider inviting independent analysts to join the council.

"Fonterra itself is thought to have benefited from the presence of independent directors, as do all boards who value differing perspectives and expertise brought to the boardroom," Mr Eckhoff said.

"In reality, the shareholders' council is no different. It has a wealth of dairy farming knowledge that could well benefit from independent financial or marketing expertise.

"Today's trading world is so complex and competitive. The very best talents must be acquired by the dairy industry, as so much of New Zealand's prosperity relies upon this industry performing at the highest level.

"It is also imperative that the shareholder council is not seen as a stepping stone to full board membership - in the vein of the old electoral college of the meat and wool board

"Two or three highly skilled independent directors would help the shareholders' council to hold the Fonterra board more accountable and demand performance," Mr Eckhoff said.

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