Fonterra to reveal board choices today

Chairman John Wilson is expected to retain his seat. Picture / Jason Oxenham

Investors will find out today whether Fonterra chairman John Wilson will remain at the head of New Zealand's biggest exporter when the results of board elections are made known.

Wilson and two other directors, Blue Read and Nicola Shadbolt, are retiring by rotation but are up for re-election. Despite talk of a campaign against him, Wilson is expected to retain his seat by a comfortable margin.

The new candidates are Murray Beach, from Marlborough, Greg Maughan (Marton), and Ashley Waugh (Te Awamutu). Beach last year put forward an unsuccessful motion at the annual meeting in Palmerston North which called for Fonterra to halt its expansion strategy until the farmer payout recovered.

Fonterra and Wilson came under fire from farmer shareholders early this year after a disappointing first half result and a very low milk price.

The milk price has remained low but the company's earnings - which have been knocked around by extreme volatility in commodities markets - have bounced back since early in the year.

Wilson said last week the company was on track to achieve record earnings before interest and tax in the current year.

The cut-off point for the election is 10.30 am this morning. Successful candidates will take up their positions at the end of Wednesday's annual meeting at Waitoa.
A series of remits, including one proposing to reduce the board by four members to nine, will go before the annual meeting.