Fonterra Shareholders' Fund

Mary-Jane Daly was appointed to the FSF Board in November 2020.  She was appointed as Chair in November 2022.

Mary-Jane is a professional director with a wide range of experience across a number of industries. Her executive background is in banking and finance in a variety of roles both in New Zealand and the UK.

Mary-Jane is the Chair of AIG Insurance New Zealand Limited and Partners Life Limited and an Independent Director of Kiwibank Limited. Previous governance roles have included Cigna Life Insurance New Zealand, the Natural Hazards Commission Toka Tu Ake, OnePath Life, Airways Corporation, Auckland Transport, the NZ Green Building Council and Kiwi Property Group Limited. Her last corporate executive role was leading State Insurance.

BCom, MBA

Independent Director appointed by unit holders

Carlie Eve was appointed to the FSF Board in November 2022.

Carlie has over 25 years’ experience in financial markets and the corporate sector. She has held executive roles across equity research, investment banking, investor relations, corporate strategy and funds management.

Carlie is currently a director of Kiwi Property Group Limited, Chair of the Diocesan School Heritage Foundation and was previously a Director of Hobsonville Land Company Limited. 

BSc, BCom

Independent Director appointed by unit holders

Alastair Hercus was appointed to the FSF Board in November 2022. 

After 29 years Alastair retired as a Partner at Buddle Findlay, a leading corporate law firm and is now a Consultant to the firm. This followed an earlier career as a diplomat in the Ministry of Foreign Affairs and Trade.

He has significant professional experience working with co‑operatives and primary sector businesses, and in corporate governance and economic regulation. He is an experienced director, particularly in the co-operative and mutual sector. He is a former Deputy Chair of the Medical Assurance Society and is currently Chair of Co‑operative Life Limited.

In the public sector he is a Commissioner at the Natural Hazards Commission Toka Tū Ake, a Director of Invercargill Airport Limited and Chair of the Risk & Advisory Committee at the Ministry of Business, Innovation and Employment.

BA (Hons), LLB

Appointed to the Board of the Manager by Fonterra

John Nicholls was elected to the Fonterra Board in 2018, and joined the FSF Board in November 2022. 

John is an experienced company director, and was the previous chair of MHV Water, New Zealand’s largest intergenerational irrigation co-operative.

As the owner of several mid-Canterbury dairy farms forming part of the Rylib Group, John is highly focused on investing in and mentoring the next generation of farmers in New Zealand and on safeguarding the sustainability of farming for the long term. He brings professionalism, cost consciousness and a strategic mindset to governance, ensuring that business operations align with core strategy and are consistently adding value.

John served on the Fonterra Co-operative Council from 2009 to 2011.

B.Agr, PG AgrSci

Elected Director

Michelle Pye was elected to the Fonterra Board and joined the FSF Board in December 2025.

She is a seasoned agribusiness leader and governance professional, co-owning and operating Pye Group in Canterbury for over 23 years.

Michelle has extensive governance experience, serving as a Timaru District Councillor, Chair of the Potato Seed Co-operative Ltd, Director of Potatoes NZ, and previously as a member of the Fonterra Co-operative Council and an inaugural member of Fonterra’s Sustainability Advisory Panel.

With an accounting background and experience as CFO of Pye Group, Michelle brings strong financial acumen, risk management expertise, and a deep understanding of co-operative governance.