The Board's role


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:

  • Review of the dividend policy and declaration of the interim and final dividend. 
  • Declaration of the Farmgate Milk Price and Distribution Profit.
  • Declaration of the actual Co-operative share price from the commencement of each season (the Fair Value Share price). 
  • Reviewing and approving the Group strategy and business plans. 
  • Appointing the CEO and reviewing the CEO's performance.
  • Delegating authority to management, and monitoring the exercise of that authority. 
  • Engaging in the development of the strategic plan and setting the strategy for the Group and for the major business units within the Group. 
  • Approving significant acquisitions and disposals outside management's delegated authorities.
  • Overseeing the Board Committees and the areas covered by each of those Committees.

Our Board and management team have developed systems that reflect Fonterra’s unique characteristics and requirements as a New Zealand-based co-operative.

Board of Directors

John Monaghan

Farmer-elected Director, Chairman, Chair of the Appointments and Remuneration Committee and Member of the Governance Development Committee

Elected 2008, last re-elected 2017

John Monaghan was elected to the Fonterra Board in 2008 and became Chairman in 2018. In March 2020, John announced he will retire from the Board following the Annual Meeting in November 2020. Prior to joining the Fonterra Board, John was Chairman of the Fonterra Shareholders’ Council and the Inaugural Chair of the Governance Development Programme. He is also a Director of Centreport Limited and Centreport Properties Limited and is a member of the Executive Board of the New Zealand China Council

John is a Chartered Member of the Institute of Directors. He holds a number of farming directorships and is a trustee of the Wairarapa Irrigation Trust. John has dairy farming interests in the Wairarapa and Otago regions. John has taken a lead role in representing Fonterra’s interests on global trade issues and has strong networks domestically and internationally with key stakeholders.

Board of Directors

Clinton Dines

Appointed Director, Member of the Appointments and Remuneration Committee and the Safety and Risk Committee

Appointed 2015

Clinton was appointed to the Fonterra Board in 2015. Clinton lived and worked in China for 36 years, 21 of which as President of BHP Billiton’s China business. He has extensive experience as an executive in China and Asia businesses and has had an active career as a Non-Executive Director, currently serving on the Boards of the Port of Newcastle, Sky Renewables Pty Limited and Zanaga Iron Ore Company Limited.

He was Executive Chairman of Caledonia Asia from 2010 to 2013, an investment group in Asia, and is a Partner in Moreton Bay Partners, a strategic advisory firm based in Brisbane. He is an Adjunct Professor at Griffith University’s Asia Institute and is a Member of the Griffith University Council. Clinton has extensive experience as a senior executive in China and Asia businesses, including global manufacturing and commodity businesses.

BA (Modern Asian Studies, Griffith), CIM, INSEAD

Board of Directors

Brent Goldsack

Farmer-elected Director, Chair of the Co-operative Relations Committee, Member of the Safety and Risk Committee and the Milk Price Panel

Elected 2017

Brent Goldsack was elected to the Fonterra Board in 2017. Brent had a 25-year career in both New Zealand and abroad in various corporate advisory roles, including being a Partner at PwC for more than 12 years. Brent is a Chartered Accountant. Brent currently Chairs the Board of Waitomo Group Limited and its subsidiaries and is a Director of Rabobank NZ Limited

Brent previously served on the Board of Canterbury Grasslands Limited. Brent is actively involved as a shareholder of three dairy operations in the Waikato. In addition to his strong financial skills and knowledge, Brent has particular expertise in Fonterra’s Farmgate Milk Price and the drivers of the Co-operative’s earnings.

BCA, CA

Board of Directors

Leonie Guiney

Farmer-elected Director, Chair of the Safety and Risk Committee and Member of the Audit and Finance Committee

Elected 2018

Leonie Guiney was elected to the Fonterra Board in 2018. Leonie previously served on the Board from 2014 to 2017. Leonie has worked in the agriculture sector for more than 25 years in a number of positions including lecturer of Dairy Production at Lincoln University, consultant on the BNZ Growth Programme for farmers and has held roles with Golden Vale Dairy Co-operative in Ireland, LIC and FarmRight South Island.

Leonie lives and farms at Fairlie in South Canterbury and is a director and shareholder of seven South Canterbury farms and Bobby Square Limited.

BAgrSci

Board of Directors

Bruce Hassall

Appointed Director, Chair of the Audit and Finance Committee, Member of the Milk Price Panel and is an observer on the Appointments and Remuneration Committee

Appointed 2017

Bruce Hassall was appointed to the Fonterra Board in 2017. Bruce is a Chartered Accountant and has had a 35-year career at PwC, including holding the position of Chief Executive Officer of the New Zealand practice from 2009 to 2016. Bruce is Chairman of The Farmers Trading Company Limited, Prolife Foods Limited and Fletcher Building Limited and serves as a director on the Board of Bank of New Zealand

He was previously a member of the University of Auckland Business School Advisory Board and was a founding Board Member of the New Zealand China Council. Bruce has extensive experience in financial reporting, information system processes, risk management, business acquisitions, capital raising and IPOs across both listed and private companies.

BCom, FCA (CAANZ)

Board of Directors

Holly Kramer

Appointed Director, Member of the Appointments and Remuneration Committee

Appointed 2020

Holly Kramer was appointed to the Fonterra Board in 2020. Holly has more than 25 years of extensive governance, management and product/marketing experience. She was Chief Executive Officer of major Australian retailer Best & Less. She has also held senior executive roles at Telstra Corporation, Ford Motor Company (in the US and Australia) and Pacific Brands.

Holly is currently a Director on the Boards of Woolworths, Abacus Property Group and the GO (Goodes-O’Loughlin) Foundation. She is Chair of the unlisted mortgage broking fintech, Lendi. She is also the Pro-Chancellor of Western Sydney University. Holly’s previous governance roles include the Boards of Australia Post, Nine Entertainment Corporation, AMP Limited, and Telstra Clear (NZ).

BA, MBA

Board of Directors

Andy Macfarlane

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

Elected 2017, last re-elected 2019

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 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). Andy was previously a Director of Ngai Tahu Farming Limited. 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. He 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

Board of Directors

Peter McBride

Farmer-elected Director, Chairman-elect, Member of the Appointments and Remuneration Committee, the Audit and Finance Committee, the Co-operative Relations Committee and the Governance Development Committee

Elected 2018

Peter McBride was elected to the Fonterra Board in 2018 and was announced as Chairman-elect in June 2020. He is a member of the Zespri China Advisory Board. Peter was previously the Chairman and a Director of Zespri Group Limited and other related companies.

Peter is a Chief Executive Officer of Trinity Lands Limited and Managing Director of South-East Hort Limited and subsidiaries and Ellett Beach Farms Joint Venture. He was previously a Director of the New Zealand International Business Forum and a member of the Executive Board of the New Zealand China Council. Peter has shareholding interests in the Waikato

B. Horticulture, PG Dip Com Agribusiness

Board of Directors

John Nicholls

Farmer-elected Director, Member of the Co-operative Relations Committee and the Safety and Risk Committee

Elected 2018

John Nicholls was elected to the Fonterra Board in 2018. John previously served on the Fonterra Shareholders’ Council from 2009 to 2011 and is an experienced company Director. John is Chairman of MHV Water (formally Mayfield Hinds Irrigation Limited), New Zealand’s largest intergenerational irrigation co-operative and he also serves on other local Boards.

John has a Degree in Agriculture and a Post Graduate Diploma in Agricultural Science. He has shareholding interests in the South Island, owning dairy farms in mid Canterbury. 

B.Agr, PG AgrSci

Board of Directors

Donna Smit

Farmer-elected Director, Member of the Co-operative Relations Committee

Elected 2016, last re-elected 2019

Donna Smit was elected to the Fonterra Board in December 2016. Donna serves on the Board of the Manager of the Fonterra Shareholders’ Fund. Donna lives and farms at Edgecumbe, and has built and owns five dairy farms in Eastern Bay of Plenty and Oamaru. Donna is a Director of EastPack Limited and Kiwifruit Equities Limited and a Trustee of the Dairy Women’s Network.

Donna is a Fellow 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 and manufacturing experience and financial background, and complements her deep dairy farming experience.

FCA

Board of Directors

Scott St John

Appointed Director, Chair of the Milk Price Panel and Member of the Audit and Finance Committee and the Safety and Risk Committee

Appointed 2016

Scott St John was appointed to the Fonterra Board in 2016. He was the CEO of First NZ Capital (FNZC) for 15 years, stepping down from that role in early 2017. Scott has served on the Council of the University of Auckland since 2009 and was appointed Chancellor in 2017. He is the Chair of Fisher and Paykel Healthcare.

Scott also serves on the Board of Mercury NZ Limited and NEXT Foundation. Previous roles have included Chairman of the Securities Industries Association, and membership of both the Capital Markets Development Taskforce and the Financial Markets Authority Establishment Board. 

B.Com, Diploma of Business