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.

A Fonterra shareholders’ council spokesman is downplaying the sudden retirement of its chairman and his deputy today.

Council communications manager Mark Reynolds slipped out of a regular monthly meeting today to prepare a statement that chairman Blue Read and deputy chairman Campbell Shearer had quit their posts.

Mr Read remains a member of the shareholders’ council board, however, Mr Reynolds said he had signalled he would step down prior to the regularly annual rotation elections in November.