Fonterra board changes

Two of Fonterra’s longest-serving farmer directors, Malcolm Bailey and Ian Farrelly, will retire at the co-operative’s annual meeting on December 8.

Chairman John Wilson said Bailey and Farrelly were dedicated and experienced directors who shared a strong commitment to cooperative principles and the business’ strategy of converting more milk into higher-value products.

‘‘On behalf of the board and our farmers, I want to thank Malcolm and Ian for their service to our cooperative over more than two decades combined.

‘‘They brought to our board strong agri-business acumen and governance experience, along with a passion for dairy farming – both are successful commercial farmers with farming interests in Waikato, the lower North Island and Canterbury.

Bailey, a former Federated Farmers national president, was elected to the board in 2004. He led the initial work of the governance and representation review. Farrelly was elected to the board in 2007. He also serves on the board of the Manager of the Fonterra Shareholders’ Fund, a position from which he will also retire in December.