Fonterra Shareholders' Fund

The Fonterra Shareholders’ Fund provides investors an opportunity to invest in the performance of Fonterra Co-operative Group, a New Zealand based Co-operative.

The Fonterra Shareholders’ Fund (Fund) is a registered managed investment scheme under the Financial Markets Conduct Act 2013.

Units are listed on the NZX Main Board and on the ASX, and are able to be freely bought and sold in the same way as any other listed security.

Outside investors who are not allowed to hold shares in Fonterra are able to invest in units in the Fund which gives them access to economic rights (such as distributions and capital movements), similar to those of a share.

2019 Fonterra Shareholders' Fund Annual Report.

Review the 2019 Fonterra Shareholders' Fund Annual Report.

Download

Shares and Units.

Board of the Manager of the Fund

John Shewan

CHAIRMAN

John Shewan was appointed chairman of the FSF board in November 2012.

He is an independent director, and in addition to FSF currently serves on the boards of Munich Reinsurance Australasia, China Construction Bank and the Wellington Regional Stadium Trust, which he chairs.

He is also an Adjunct Professor in the Business School at Victoria University.

Pip Dunphy

DIRECTOR

Pip Dunphy has worked as a non-executive director for the last 10 years in a variety of different industries and companies.

Pip currently chairs the Boards of First Gas Limited and associated companies and is deputy chair of Abano Healthcare Group Limited and Transpower New Zealand Limited. She was previously a member of the Boards of Chubb Insurance NZ Limited and NZ Superannuation Fund.

Kim Ellis

DIRECTOR

Kim Ellis was the Chief Executive Officer of listed company Waste Management NZ for 13 years, until its sale in 2006.

Kim currently chairs the Boards of New Zealand Social Infrastructure Fund, Turner Family’s Sleepyhead Group Limited and Metlife Care Limited.

Kim also holds directorships in Freightways, Ballance Agri-Nutrients and the Port of Tauranga.

Andy Macfarlane

DIRECTOR

Board Responsibilities Farmer-elected Director, Member of the Co-operative Relations Committee and the People and Culture Committee.

Term of Office Elected 2017.

Andy Macfarlane was elected to the Fonterra Board in 2017. Andy was a farm management consultant for 38 years. He is a Councillor of Lincoln University and a Director of Ngai Tahu Farming and ANZCO.

Andy is an active member of the International Farm Management Association (IFMA), Global Dairy Farmers and New Zealand Institute of Primary Industry Management (NZIPIM). He is the Past President of the NZIPIM and chaired Deer Industry New Zealand for seven years. Andy began farming in 1989 and lives near Ashburton.

Andy has shareholding interests in the South Island. Andy has a strong understanding of the governance of research and development and innovation, and has a particular interest in the strategic use of technology in the dairy industry. B.Agr.Sc

Donna Smit

DIRECTOR

Donna was appointed to the Fonterra Board in 2016 and serves on the Board of the Manager of the Fonterra Shareholders’ Fund.

Farmer-elected Director, Member of the Audit and Finance Committee and the Co-operative Relations Committee.

Donna Smit lives and farms at Edgecumbe, and has built and owns seven dairy farms in Eastern Bay of Plenty and Oamaru. Donna is a Director of Kiwifruit Equities Limited and a Trustee of the Dairy Women’s Network.

Donna is a Chartered Accountant and was a company administrator at kiwifruit Co-operative EastPack for 24 years. Donna’s strong focus on financial and risk management has been built through her extensive business experience and financial background, and complements her deep dairy farming experience. CA

Unitholders.

Start of Key entitlements for unitholders Accordion Item

Key entitlements for unitholders

Unitholders are entitled to attend and vote at unitholder meetings, and to elect three directors of the Manager of the Fund.

Unitholders do not have any right to attend or vote or request the Fonterra Farmer Custodian to attend or vote, at any meeting of farmer shareholders. The Fonterra Farmer Custodian also does not have any voting rights at meetings of farmer shareholders, except on certain interest group resolutions. Situations, where interest group resolutions are required, are expected to be rare.

End of Key entitlements for unitholders Accordion Item

Start of Fund Size Risk Management Policy Accordion Item

Fund Size Risk Management Policy

The Fund Size Risk Management Policy is designed to address the following requirements:

the key goals of the Fund are to supplement liquidity in the Fonterra Shareholders’ Market, thereby promoting price convergence,
and to provide flexibility for Farmer Shareholders;
the size of the Fund should remain within specified limits; and
the Fund size should be managed based on graduated responses.

It is important to note that a change in the number of units on issue does not, of itself, result in a dilution in per unit measures of financial performance (such as distributions per unit or earnings per unit). That is because changes in the number of units on issue need not (and typically will not) reflect any change in the number of shares on issue.

The Fund Size Risk Management Policy.

The Fund Size Risk Management Policy can be found in the Fund Prospectus on pages 122 – 123.

TBC

End of Fund Size Risk Management Policy Accordion Item

Start of Fund Size Risk Management Policy Accordion Item

Fund Size Risk Management Policy

The Fund Size Risk Management Policy is designed to address the following requirements:

the key goals of the Fund are to supplement liquidity in the Fonterra Shareholders’ Market, thereby promoting price convergence,
and to provide flexibility for Farmer Shareholders;
the size of the Fund should remain within specified limits; and
the Fund size should be managed based on graduated responses.

The Fund Size Risk Management Policy.

The Fund Size Risk Management Policy can be found in the Fund Prospectus on pages 122 – 123.

TBC

End of Fund Size Risk Management Policy Accordion Item

Start of Charters and policies Accordion Item

Charters and policies

FSF Management Co. Ltd. Board Charter

- PDF, 290.1 kB

Download

FSF Management Co. Ltd. Code of Conduct

- PDF, 10.7 kB

Download

FSF Management Co. Ltd. Audit Charter

- PDF, 184.6 kB

Download

End of Charters and policies Accordion Item

Start of Exchange waivers Accordion Item

Exchange waivers

Below are details of NZX exchange waivers that have been granted in respect of the Fund.

View Waiver summary

- PDF,

Download

End of Exchange waivers Accordion Item

Start of Related documents Accordion Item

Farmgate Milk Prices

Fonterra calculates a Farmgate Milk Price using independently approved methodology.

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Fonterra Shareholders' Fund

The Fonterra Shareholders’ Fund provides investors an opportunity to invest in the performance of Fonterra Co-operative Group, a New Zealand based Co-operative.

2019 Fonterra Shareholders' Fund Annual Report.

Shares and Units.

In this section

Board of the Manager of the Fund

John Shewan

Pip Dunphy

Kim Ellis

Andy Macfarlane

Donna Smit

Unitholders.

The Fund Size Risk Management Policy.

The Fund Size Risk Management Policy.

Farmgate Milk Prices