Former PriceWaterhouseCoopers chairman John Shewan will lead the establishment board of the new Fonterra Shareholders’ Fund.
Appointments to an establishment board of FSF Fund Management Co were announced by Fonterra today.
The fund forms part of the dairy giant’s Trading Among Farmers sharetrading scheme, voted in by Fonterra's farmer shareholders in June.
Mr Shewan is an independent director and board chairman.
He is joined by four other directors who include:
- Kim Ellis, independent director (former Waste Management NZ chief executive)
- Pip Dunphy, independent director (professional director)
- Sir Ralph Norris, Fonterra-appointed director (former Commonwealth Bank of Australia chief executive)
- Jim van der Poel, Fonterra-appointed director (corporate farmer)
Fonterra chairman Sir Henry van der Heyden says the governance of the fund at the time of its launch is likely to be closely scrutinised by farmer shareholders and potential investors.
“The appointment of these five well-known members of New Zealand’s business and dairy sectors is another important Trading Among Farmers milestone,” he says in a statement to the NZX.
While initial directors of the fund’s establishment board have been appointed by Fonterra, in the future the co-operative will just appoint two directors and three will be elected by unit holders.
A prospectus for the Fonterra Shareholders’ Fund is due to be released later this month.
Fonterra's TAF scheme will allow non-farmers to buy limited non-voting "units" and help fund the co-operative's global expansion.