Rimmington warns Fonterra board – watch out, I’ll be back
Failed Fonterra board contender Russ Rimmington is disappointed he missed a spot at the top table of New Zealand’s largest company.
“But I’m delighted that Fonterra has its first woman director,” he said.
Mr Rimmington clearly forgot foundation member Marise James who was a director from 2001-2002.
Massey University associate professor Nicola Shadbold ousted Stuart Nattrass to take a place on the board when the election closed on Monday morning.
“For Nicola to unseat an existing director is a remarkable achievement first time around.”
Mr Rimmington has taken a swipe at Fonterra’s election process which he said needs changing to enable significant improvements for shareholders to be able to properly judge new candidates.
Before he announced his contention for a board role, Mr Rimmington was vocal in his opposition to the process which prevented campaigning apart from 1500 words in a sanctioned mailer and participation in an 11 meeting roadshow the length of the country.
Every year three board members stand down by rotation and need to compete with other contenders if they wish to retain their seat.
Mr Rimmington said three more of the present directors are up for re-election next year, including chairman Sir Henry van der Heyden.
“They, and the board, are on notice,” he said.
Shareholders voted to re-elect incumbent directors John Wilson and Colin Armer.