June 13, 2014

Fonterra reaches settlement with NZX

Fonterra Co-operative Group Limited has reached a settlement with NZX in relation to the continuous disclosure of information during the precautionary whey protein concentrate (WPC80) recall in August 2013.

Group Director Governance and Legal Mike Cronin said Fonterra had co-operated fully with the NZX and the NZ Markets Disciplinary Tribunal throughout the investigation.

“As part of a full and final settlement, we have acknowledged the Tribunal’s views and agreed to make a payment of $150,000.

“Following the Fonterra Board’s Independent Inquiry into WPC80, and as the Tribunal’s statement sets out, Fonterra has made significant changes to ensure improved identification, management and escalation of emerging risks across the Co-operative, with a particular focus on food safety and quality.

“Fonterra remains committed to fully complying with the rules governing the Fonterra Shareholders’ Market and the NZX listing rules,” Mr Cronin said. 

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