Andy Macfarlane to retire from Fonterra Board

29 August 2025

Andy Macfarlane to retire from Fonterra Board

At the upcoming Fonterra Director Elections, shareholders will be asked to elect two farmer-
elected directors.

This year, farmer-elected directors Alison Watters and Andy Macfarlane retire by rotation. Alison
Watters has confirmed her intention to stand for re-election as a director.

Andy Macfarlane, who joined the Fonterra Board in 2017, has confirmed he will retire from the
Board following the 2025 Annual Meeting, when his current three-year term ends.

Mr Macfarlane is also currently a Fonterra appointed Director of FSF Management Company
Limited, Manager of the Fonterra Shareholders’ Fund, a role he will also retire from in December
this year.

During his eight years on the Board Andy has made a significant contribution to the Co-operative’s
governance and strategic direction.

In an email to the Co-operative’s shareholders, Fonterra Chairman Peter McBride thanked Andy
for his leadership:

“Over the past eight years, Andy has made a significant contribution to our Co-op’s governance
and direction. While stepping down as a director, Andy will continue in his ambassador role as the
Fonterra farmer representative on the Global Dairy Platform.

“An exceptionally hard-working director, over the years Andy has chaired our Co-operative
Relations Committee and been a member of the Audit, Finance & Risk and People, Culture and
Safety Committees. He is the current Chair of the Disclosure Committee and Governance
Development Programme Committee, and a member of the Sustainability and Innovation
Committee.

“Andy is retiring at a time when the Co-op is well-positioned for the future, and we are very grateful
for his legacy,” says Mr McBride.

Fonterra’s Board will announce Macfarlane’s replacement as a Director of FSF Management
Company Limited, Manager of the Fonterra Shareholders’ Fund, at a later date.

Nominations for Fonterra's Director Elections open on Friday 29 August 2025.

Fonterra’s Annual Meeting will be held on Thursday 11 December 2025

ENDS

Fonterra Co-operative Group
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For further information contact:
Fonterra Communications
Phone: +64 21 507 072