As the Elected Directors must have a shareholding interest, they will have a supplier relationship with Fonterra and generally will not be classified as independent under best practice definitions.
The Appointed Directors generally meet the NZX criteria for independence and are expected by Fonterra to maintain independence for the length of their term. All Directors comply with the legislative requirements for disclosing interests and with Fonterra's in-house Securities Code of Conduct which regulates both Directors and management in their personal dealings with Fonterra securities and those related companies. Fonterra does not have executive Directors.
Our Board is responsible for leadership, direction and oversight of Fonterra. It is accountable to our Shareholders for the overall performance of the Co-operative. Specific functions of the Board include:
Our Board and management team have developed systems that reflect Fonterra’s unique characteristics and requirements as a New Zealand-based co-operative.