Fonterra nominates Nicola Shadbolt for shareholders' fund manager
Fonterra Co-operative Group [NZX: FCG], the world's biggest dairy exporter, will appoint Nicola Shadbolt to sit on the board of the Fonterra Shareholders' Fund [NZX: FSF] manager to replace the retiring Jim van der Poel at next month's annual meeting.
Shadbolt, a professor of agribusiness at Massey University who runs two dairy farms, has been on the board of Fonterra since 2009 and will join the board of FSF Management Company, the shareholders' fund manager, from Nov. 14, the company said in a statement. She replaces van der Poel who will retire from the boards of both Fonterra and FSF Management at the annual meeting.
Unit holders in the fund have one resolution to vote on at the meeting in Auckland, which comes two days after Fonterra's own annual meeting, which is to vote on electing independent director Pip Dunphy, who has put herself up for re-election.
The shareholders' fund was launched in November 2012 to help facilitate trading among Fonterra's farmer shareholders, offering outside investors the opportunity to get exposure to the dairy exporter's dividend stream.
The units fell 0.5 percent to $6.19, and have gained 7.2 percent this year.