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John Shewan to lead Fonterra's new share trading board

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.

More by Georgina Bond

Comments and questions
6

Why do these companies insist on appointing so many accountants to their boards. They are risk averse by nature and generally don't know the first thing about running a business or managing commercial risk.

John Shewan grew PWC into the powerhouse it is today through mergers and growth. I think he knows a thing or two about running a business and managing commercial risk.

Couldn't agree more, can't think of a successful company that was set up and grown by accountants. Another step to farmers losing control to Auckland investment bankers.

Given that John was the chairman of PwC who are generally considered to be a pretty good business I think it is fair to conculde that John knows a thing or two about running a business and managhing commercial risk.

These is a big difference between a consulting business and a real business.

That is so true. Consulting is simply taking a slice of the pie; a real business is getting together the ingredients, skill, and equipment to bake it. Telling someone how to do something is a million miles off actually doing it.

Saying that john no doubt has some top experience.