With nine years under their belts, two directors will not seek re-election come November.

Two Fonterra directors will not seek a return at this year’s elections as the co-operative reduces the size of its board.

Last year 88.49% of voting Fonterra farmers supported a recommendation for Fonterra’s board to reduce from the 11 directors down to nine.

At the annual meeting in November this year shareholders will vote for a board comprising six farmer-elected directors and three appointed independent directors.

This year, sitting directors Leonie Guiney, John Nicholls and Peter McBride – who is also the chair – retire by rotation. Nicholls and McBride have confirmed their intention to re-stand, while Guiney will retire in November after serving the maximum nine years.

Long-serving independent director Clinton Dines has also completed the maximum nine-year term. In a note to the co-operative’s shareholders, McBride thanked the retiring directors for their contributions:

“On behalf of our co-op I’d like to thank Clinton for his contribution over many years. First appointed to our board in 2015, Clinton’s international perspective and strong focus on risk and balance sheet management has been invaluable to our co-op as we reset our risk appetite and overall strategy.

“While stepping down as a director, Leonie will remain a passionate and highly valued member of our co-op. For the better part of a decade, Leonie has made a significant leadership contribution.”

Nominations for Fonterra’s director elections open on August 9.

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