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Dairy NZ’s Spaans joins Fonterra board, Bailey, Farrelly re-elected

Michael Spaans, a Waikato dairy farmer and director of Dairy NZ, has been elected to the board of Fonterra, while long-serving director Malcolm Bailey retained his spot, as did former banker Ian Farrelly.

Spaans has formerly served on the Shareholders' Council and farms in Te Aroha. He is currently chairman of Waikato Innovation Park and several dairy sector companies. Spaans will begin his three-year term on the board at the close of the annual meeting on Wednesday.

"I'm very optimistic about the dairy industry for New Zealand and the opportunities that Fonterra has," Spaans said. While he would remain a director of DairyNZ, he was reviewing other commitments.

"There will be quite a few other positions that I hold that I will be stepping down from during the next period," Spaans said, although he would not be drawn on which companies they are until succession plans have been put in place.

Bailey, who lives on a dairy support block near Feilding, first joined the board in 2004 and Farrelly has been a director since 2007.

Among other results, Ross Wallis was elected to the Shareholders' Council for Ward 8 (Hamilton) and Vaughn Brophy was elected for Ward 21 (Coastal Taranaki). In the 11 other wards were elections were due, councillors were elected unopposed, according to the returning officer.

Shareholders Scott Montgomery and Gerard Wolvers were elected as members of the Directors' Remuneration Committee.

(BusinessDesk)

Comments and questions
1

Elected on sharebacked milksolids, not actual shareholder votes, backed up by rubber stamp from lame duck CAP panel. Fonterra has long shed any cooperative principles in favour of corporate crony behaviour. Bit embarrassing really.