Macfarlane’s extensive contributions to Fonterra’s governance are highlighted in an email from Fonterra chairman Peter McBride to shareholders. During his tenure, Macfarlane held numerous influential positions, including chairing the co-operative relations committee and serving as a member of the audit, finance & risk and people, culture and safety committees. He is also the current chair of the disclosure and governance development programme committees, and a member of the sustainability and innovation committee.

In addition to his Fonterra board duties, Macfarlane will also retire from his position as a Fonterra-appointed director of FSF Management Company Limited, which manages the Fonterra Shareholders’ Fund. This dual retirement will create a second vacancy on the board, as his retirement coincides with that of Alison Watters, who is also retiring by rotation but has confirmed her intention to stand for re-election.

The retirement of a seasoned director like Macfarlane triggers a crucial election process for the Fonterra co-op’s shareholders. Nominations for the director elections have already opened, and shareholders will be asked to elect two new directors to the board. An independent assessment panel will play a key role in shortlisting and recommending the best candidates to the farmers, a process designed to ensure the most qualified individuals are put forward.