Grant Samuel & Associates will remain as Fonterra’s independent share valuer for the next financial year.

The Fonterra Shareholders’ Council has the role of appointing an independent valuer to determine both the restricted market and fair value ranges of the company’s co-operative shares.

The restricted market range reflects the fact that Fonterra shares can only be held by supplying farmers. Constitutional changes in regard to Trading Among Farmers agreed to by shareholders earlier this year also need to be taken into consideration.

In addition, the council is responsible for ensuring the valuer acts within Fonterra’s constitution rules.