Our Board of Directors has up to 11 members - seven elected from our Shareholder base and four appointed by the Board and approved by our Shareholders at the Annual Meeting.
The Appointed Directors are selected to ensure our Board has the appropriate skills competencies to lead our organisation effectively. The perspectives and experience they bring to Board complement the industry knowledge and other expertise provided by our Elected Directors.
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.