Fonterra appoints fourth 'independent' director to board

Mr France, who also chairs Air New Zealand's audit committee, will be the fourth independent director on the 13-strong board, which is controlled by directors elected by farmer-shareholders.

It started out with three independents and 10 farmer-directors.

The other three independent directors are Dr John Hood, Graeme Hawkins and David Hoare. Mr Hoare, a former Telstra chairman, was appointed in June to fill the vacancy left by independent founding Fonterra director Mike Smith, who suddenly quit in January, only four months after the company was launched.

Mr Smith said at the time he feared the company's performance would be below par and there was no urgency among the other directors to effect change.

The board's composition and the range of directors' skills were widely debated following his resignation.

A month later, then Fonterra chairman John Roadley proposed changes that were endorsed by shareholders in July, when he said a search for a fourth board-appointed director would begi n.

Ironically, Mr France is taking the seat of Mr Roadley, who recently retired.

Fonterra chairman Henry van der Heyden said today Mr Francehad a lot of experience in the corporate sector as a financial advisor and his expertise in audit management would be of particular value. Mr France's recent career has been focused on corporate finance advice in the transport and distribution, rural servicing and electricity sectors.

Mr France joined Air New Zealand's board in October last year, and acted as executive director until February. He has also been chairman of a private investment company, Tappenden Holdings, since 1997, and a member of the University of Auckland Council since last year.

From 1993 to 2000 he was a director of Team New Zealand, and he is still serving a second three-year term as a member of the market surveillance panel of the Stock Exchange.

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