Notice of Annual Meeting Fonterra Co-operative Group Ltd

Notice of Hybrid Annual Meeting of
Shareholders and Explanatory Notes
Fonterra Annual Meeting 2026
10.30am on Thursday, 12 November 2026
Mystery Creek Events Centre
Gallagher Building
Gate 2, 125 Mystery Creek Road
Ōhaupō, Hamilton

Contents
FONTERRA CO-OPERATIVE GROUP LIMITED
2026 ANNUAL MEETING 1
Annual Meeting documents 1
How to join online 1
Questions 1
Meeting attendees 1
Voting 1
Voting entitlements 2
Proxies or representatives 2
Votes required and quorum 2
Results of voting 2
CHAIR’S LETTER 3
FONTERRA CO-OPERATIVE GROUP LIMITED
ANNUAL MEETING AGENDA 4
PART ONE
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS OF
FONTERRA CO-OPERATIVE GROUP LIMITED 5
Business 5
Annual Meeting proceedings 5
Remuneration of Directors, Co-operative Councillors and Directors’
Remuneration Committee Members 5
Appointment of auditor 5
Ratification of Appointment of Directors 5
Co-operative Council report 5
Co-operative Council programme and budget 5
PART TWO
EXPLANATORY NOTES TO NOTICE OF ANNUAL MEETING 6
Welcome 6
Annual Meeting proceedings 6
Remuneration of Directors, Co-operative Councillors and Directors’
Remuneration Committee Members 6
Appointment of auditor 7
Ratification of Appointment of Directors 7
Co-operative Council report 8
Co-operative Council programme and budget 8

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes1
Fonterra Co-operative Group Limited
2026 Annual Meeting
Shareholders may attend and participate in the meeting
virtually via the online platform and will be able to vote and ask
questions during the meeting. Shareholders will be required to
enter their name, supply number and email address.
More information regarding virtual attendance at the
meeting (including how to vote and ask questions virtually
during the meeting) is available on the Farm Source website
www.nzfarmsource.co.nz by following the voting links, and is
also available here: https://www.fonterra.com/nz/en/investors/
investor-information.html#notice.
Questions
Shareholders will be able to ask questions in person or, for
those attending online, via the online platform during the
Annual Meeting. We encourage shareholders to submit
questions online as early as possible to ensure that as many
questions as possible are received and addressed at the
appropriate time during the meeting.
Meeting attendees
The Annual Meeting is held for the benefit of shareholders
and their authorised proxies and representatives. Fonterra
management will also be in attendance, as well as the auditors
and invited members of the media.
Voting
Shareholders can vote on the matters to be considered at the
Annual Meeting online or by post. The instructions on how
to vote in this manner can be found on the Annual Meeting
Voting/Proxy Paper.
electionz.com Limited has been authorised by the Board to
receive, at the address specified on the freepost envelope
included in the voting pack or otherwise set out on the Annual
Meeting Voting/Proxy Paper, and count, all online and postal
votes.
Shareholders can also vote by attending the meeting in person
or online, or by appointing a proxy or representative (who can
attend the meeting in person or online to vote on their behalf).
All online and postal votes must be received by the Returning
Officer by 10.30am on Tuesday, 10 November 2026.
Annual Meeting documents
Each shareholder has been sent:
• This Notice of Meeting booklet, which includes:
• a letter from the Chair;
• the Notice of Meeting (including the text of the matters
to be voted on by shareholders) (Part One); and
• explanatory notes regarding each of the matters to be
voted on by shareholders (Part Two).
• A Fonterra Board of Directors Election Voting Paper.
• A Fonterra Board of Directors Candidate Booklet.
• A Fonterra Co-operative Council Voting Paper (for
shareholders in Ward 3 only).
• A Fonterra Co-operative Council Candidate Booklet (for
shareholders in Ward 3 only).
• A combined Annual Meeting Voting/Proxy Paper. Use this
Voting/ Proxy Paper:
• To vote online or by post so that the Returning Officer
receives your vote no later than 10.30am on Tuesday,
10 November 2026.
• If you are attending the Annual Meeting in person, to
vote in person.
• If you are unable to attend the Annual Meeting, and you
do not wish to vote online or by post, you can appoint a
proxy to attend and vote on your behalf by completing
the Voting/Proxy Paper and returning it to the address
specified on the freepost envelope included in the
voting pack or otherwise as set out on the form, so that
the Returning Officer receives it no later than 10.30am
on Tuesday, 10 November 2026.
• If you are a company or other body corporate, you can
appoint a representative to attend and vote on your
behalf by completing the Voting/Proxy Paper.
Further instructions are on the back of the Annual Meeting
Voting/ Proxy Paper and on page 2 of this Notice of Meeting.
Note: Shareholders without voting entitlements have only
been sent this Notice of Meeting booklet.
How to join online
To attend the meeting and participate online, use the following
link to the virtual meeting platform:
https://fonterra.brandlive.com/Fonterra-Co-operative-Group-
Annual-Meeting-2026/en
Fonterra’s Annual Meeting will be held as a hybrid meeting at 10.30am on Thursday, 12 November 2026. Shareholders may either
attend in person at the Mystery Creek Events Centre, Gallagher Building, Gate 2, 125 Mystery Creek Road, Ōhaupō, Hamilton or
join online using the instructions set out below.

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes2
Voting entitlements
A shareholder’s voting entitlement is based on their share
backed milk supply.
‘Supplying Shareholders’ receive one vote for every 1,000
kilograms of milksolids backed by shares that they supplied
to Fonterra during the season ended 31 May 2026. The voting
entitlement of ‘Secondary Shareholders’ is based on share
backed milk supply, up to the ‘agreed percentage’ in relation to
Fonterra’s share standard for the relevant supplying farm. By
way of example:
• if a Supplying Shareholder supplied 100,000 kilograms of
milksolids but held only 75,000 shares, they would have
only 75 votes, whereas if they held 100,000 shares they
would have 100 votes; and
• if the ‘agreed percentage’ for a Secondary Shareholder is
50% and the supplying farm supplied 100,000 kilograms of
milksolids but the Secondary Shareholder held only 45,000
shares, they would have only 45 votes, whereas if they held
50,000 shares they would have 50 votes.
If a Supplying Shareholder did not supply last season but now
owns an existing farm that supplied last season, the voting
entitlement for that Supplying Shareholder and any Secondary
Shareholder will be based on that farm’s supply last season
or on the Board’s estimate of milksolids production for this
season.
In the case of a dry farm conversion and farm amalgamations/
divisions, voting entitlement is based on one vote for every
estimated 1,000 kilograms of milksolids to be supplied during
the season ended 31 May 2027. Milk supplied on Contract
Supply and milk which is not backed by shares is excluded from
milksolids production when calculating voting entitlements.
In accordance with the Companies Act 1993 (the Companies
Act), the Board has fixed Wednesday, 14 October 2026
following the close of trading (the Voting Entitlement Time) as
the date for determining voting entitlements of shareholders
for this meeting.
Accordingly, those persons who are, at the Voting Entitlement
Time, registered as shareholders will be entitled to vote at the
Annual Meeting in respect of their supply, as noted above,
backed by shares registered in their name at the Voting
Entitlement Time.
A shareholder’s voting entitlement is shown on their Annual
Meeting Voting/Proxy Paper, which is enclosed with this
pack (if applicable). If a shareholder appoints a proxy or
representative, the proxy or representative will exercise that
shareholder’s voting entitlement as described above.
Shareholder questions or requests for corrections relating to
voting entitlements should be sent to electionz.com (email:
vote@electionz.com or phone: 0800 666 034).
Proxies or representatives
Proxies
Shareholders may appoint a proxy to attend, and vote at,
the Annual Meeting on their behalf. If a shareholder wishes
to appoint a proxy, the shareholder must ensure that the
Returning Officer receives their completed Voting/Proxy Paper
by no later than 10.30am on Tuesday, 10 November 2026.
Shareholders can submit their completed Voting/Proxy Papers
by posting the completed Voting/Proxy Paper to the address
on the Voting/Proxy Paper (or use the enclosed freepost
envelope).
If a shareholder appoints a proxy, the shareholder can either
direct the proxy how to vote or let them decide on the
shareholder’s behalf by ticking the box marked “discretion”. If
the shareholder does not tick a box for a Resolution, then their
proxy will have discretion on how to vote on the shareholder’s
behalf.
A proxy need not be a shareholder. A shareholder may, if they
wish, appoint the Chair or any other Director as their proxy. The
Chair and all other Directors and their associated persons (as
that term is defined in the NZX Listing Rules) are disqualified
from acting as a discretionary proxy in relation to Resolution 1.
Subject to voting restrictions, the Chair and all other Directors
intend to vote undirected proxies in favour of the Resolutions.
If, in appointing a proxy, the shareholder does not name a
person to be their proxy, or their named proxy does not attend
the Annual Meeting, the Chair will be their proxy and will vote
in accordance with the shareholder’s express direction. If the
shareholder has not included an express direction, the Chair
will exercise that shareholder’s vote in favour of the Resolution
(subject to voting restrictions).
Once appointed, a proxy can be changed or the shareholder’s
voting direction to their proxy can be changed by lodging a
new Voting/Proxy Paper by written notice to Fonterra at its
registered office (addressed to the Returning Officer), provided
this is received before 10.30am on Tuesday, 10 November
2026. A shareholder may revoke the appointment of any proxy
by written notice to Fonterra at its registered office (addressed
to the Returning Officer) by no later than 7.30am on Thursday,
12 November 2026. If you attend the Annual Meeting online
you may, but are not required to, revoke your proxy by voting
on the Resolutions.
Corporate representatives
A corporation which is a shareholder may appoint a corporate
representative to vote on its behalf in the same manner as that
in which it could appoint a proxy.
Votes required and quorum
The ordinary resolutions will be passed if they are approved by
a simple majority of the votes of those shareholders entitled to
vote and voting on the resolutions.
Directors and their associated persons (as that term is defined
in the NZX Listing Rules) are disqualified by Listing Rule 6.3.1
from voting on, or acting as a discretionary proxy in relation
to, Resolution 1. There are no other voting restrictions on the
resolutions to be considered at the meeting.
Results of voting
The results of voting at the Annual Meeting will be posted on
NZX, the Farm Source website and our My Co-op app as soon
as vote counting is complete and the Chair has declared the
results.

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes3
Chair’s Letter
Kia ora tātou
Our 2026 Annual Meeting will be held as a hybrid meeting at 10.30am on Thursday, 12 November 2026. Shareholders may either
attend in person at the Mystery Creek Events Centre, Gallagher Building, Gate 2, 125 Mystery Creek Road, Ōhaupō, Hamilton, or join
the meeting online.
At this year’s meeting, Richard and I will review the Co-operative’s performance in 2026 and discuss the outlook for 2027 and
beyond. We will also spend time discussing the revised strategic direction following the divestment of Mainland, and updates to our
financial settings.
As always, there will be time for you to ask questions about these topics, or any other matter of interest during General Business.
This year, shareholders are being asked to vote on seven ordinary business resolutions:
• Resolution 1: approve changes to the remuneration of Directors;
• Resolution 2: approve changes to the remuneration of Co-operative Councillors;
• Resolution 3: approve changes to the remuneration of the Directors’ Remuneration Committee members;
• Resolution 4: approve the appointment of KPMG as the auditor and authorisation of the Directors to fix the auditor’s
remuneration;
• Resolution 5: ratify the appointment of Ms Holly Kramer as an Appointed Director;
• Resolution 6: ratify the appointment of Mr Jonathan Mason as an Appointed Director;
• Resolution 7: approve the Co-operative Council programme and budget.
Each of these ordinary resolutions requires more than 50% of votes cast in favour of it to be passed.
If you can’t attend the Annual Meeting in person or online and are eligible to vote, you can cast your vote online, by post, or by way
of proxy or representative. Further instructions on how to vote by all of these methods can be found on the voting paper in your
voting pack (if applicable).
I look forward to seeing as many of you as possible in Hamilton and online.
Ngā mihi
Peter McBride
Chairman

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes4
Fonterra Co-operative Group Limited
Annual Meeting Agenda
Below is the proposed programme for the Annual Meeting. Shareholders should note that the order may change at the discretion of
the Chair. Shareholders should allow sufficient time to register their attendance upon arrival, prior to the start of the meeting.
10.00am - Registration
10.30am - Welcome
Welcome - Peter McBride, Chair of the Board
Annual Meeting Proceedings
Chief Executive Officer’s presentation
Chair’s review
Approval of Remuneration of Directors, Co-operative Councillors and Directors’ Remuneration Committee Members
Directors’ Remuneration Committee review – Conall Buchanan, Chair of the Directors’ Remuneration Committee
Resolution 1: Approval of changes to the remuneration of Directors
Resolution 2: Approval of changes to the remuneration of Co-operative Councillors
Resolution 3: Approval of changes to the remuneration of members of the Directors’ Remuneration Committee
Appointment of auditor
Resolution 4: Appointment of KPMG as auditor and authorisation of the Directors to fix the auditor’s remuneration
Ratification of appointment of Directors
Resolution 5: Ratification of appointment of Ms Holly Kramer
Resolution 6: Ratification of appointment of Mr Jonathan Mason
Co-operative Council report
Chair of Council’s review – John Stevenson
Co-operative Council programme and budget
Resolution 7: Approval of the Co-operative Council programme and budget
Voting paper collection
General business
12.30pm - Closing (approximately)

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes5
Notice of Annual Meeting of Shareholders of
Fonterra Co-operative Group Limited
PART ONE
Business
Welcome.
Annual Meeting proceedings
Chief Executive Officer’s presentation.
Chair’s review.
Remuneration of Directors, Co-operative
Councillors and Directors’ Remuneration
Committee Members
Directors’ Remuneration Committee review.
Resolution 1: Approval of changes to the
remuneration of Directors
To consider changes to the remuneration of Directors
recommended by the Directors’ Remuneration Committee
and, if thought fit, to resolve:
“To approve the changes to the remuneration of Directors, as
recommended by the Directors’ Remuneration Committee.”
Resolution 2: Approval of changes to the
remuneration of Co-operative
Councillors
To consider changes to the remuneration of Co-operative
Councillors recommended by the Directors’ Remuneration
Committee and, if thought fit, to resolve:
“To approve the changes to the remuneration of Co-operative
Councillors, as recommended by the Directors’ Remuneration
Committee.”
Resolution 3: Approval of changes to the
remuneration of members of the
Directors’ Remuneration Committee
To consider changes to the remuneration of members of the
Directors’ Remuneration Committee recommended by the
Board and, if thought fit, to resolve:
“To approve the changes to the remuneration of members of
the Directors’ Remuneration Committee, as recommended by
the Board.”
Appointment of auditor
Resolution 4: Appointment of KPMG as auditor and
authorisation of the Directors to fix the
auditor’s remuneration
To consider the appointment of KPMG as auditor of the
Company and authorisation of the Directors to fix the auditor’s
remuneration and, if thought fit, to resolve:
“To appoint KPMG as auditor of the Company until the
conclusion of the Company’s next Annual Meeting and
authorise the Directors to fix the auditor’s remuneration.”
Ratification of Appointment of Directors
Resolution 5: Ratification of appointment of
Ms Holly Kramer
To consider and, if thought fit, to resolve:
“To ratify the appointment by the Board of Ms Holly Kramer
as a Director of the Company, under clause 12.4 of the
Constitution.”
Resolution 6: Ratification of appointment of
Mr Jonathan Mason
To consider and, if thought fit, to resolve:
“To ratify the appointment by the Board of Mr Jonathan
Mason as a Director of the Company, under clause 12.4 of the
Constitution.”
Co-operative Council report
Chair of Council’s review.
Co-operative Council programme and budget
Resolution 7: Approval of the Co-operative Council
programme and budget
To receive and consider the Co-operative Council’s report
on its activities during the financial year ending 31 July 2026
and its view on the alignment of Company strategy and
performance to members’ expectations and aspirations; the
Milk Commissioner’s report for the 2025/26 season (which is
set out in the Co-operative Council’s 2026 Annual Report); and
the Co-operative Council’s programme and budget for the
financial year ending 31 July 2027 and, if thought fit, to resolve:
“To approve the Co-operative Council’s programme and
budget for the financial year ending 31 July 2027.”
Notice is given that the Annual Meeting of the shareholders of Fonterra Co-operative Group Limited (the Company) will
be held as a hybrid meeting at 10.30am on Thursday, 12 November 2026. Shareholders may either attend in person at the
Mystery Creek Events Centre, Gallagher Building, Gate 2, 125 Mystery Creek Road, Ōhaupō, Hamilton or join online using
the instructions set out in this Notice of Meeting.
Peter McBride
Chair, on behalf of the Board
Notice of Meeting dated 19 October 2026

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes6
Explanatory Notes to Notice of Annual Meeting
PART TWO
Welcome
The Chair will welcome shareholders.
Annual Meeting proceedings
Chief Executive Officer’s presentation.
Chair’s review.
Remuneration of Directors, Co-operative
Councillors and Directors’ Remuneration
Committee Members
Resolution 1: Approval of changes to the
remuneration of Directors
The Directors’ Remuneration Committee (DRC) met in July
2026 to consider, and recommend to shareholders, the form
and amount of Directors’ remuneration. The DRC comprises six
elected shareholders and is chaired by Mr Conall Buchanan.
The DRC reviewed remuneration practices in New Zealand and
Australia. The DRC considered whether current remuneration
levels were appropriate to ensure highly skilled Directors were
attracted and retained on the Board, noting the substantial
Director workload. The DRC confirmed that small incremental
annual increases in fees continued to be its preferred
approach, rather than having periods of no increase followed
by large uplifts. The DRC determined that the appropriate level
of an increase to recommend was approximately 3%.
The DRC reviewed the allocations made from the discretionary
pool in the prior year, and was comfortable that the pool was
utilised in a reasonable manner.
Historically, only the remuneration of directors elected by
shareholders (Elected Directors) has been approved by
shareholders. Since Fonterra’s move to the NZX Main Board
in 2025, the remuneration of directors appointed by the
Board (Appointed Directors) also needs to be approved. This
Resolution 1 therefore refers to ‘Directors’ (being both Elected
Directors and Appointed Directors).
The DRC recommended that the following changes to the
remuneration of Directors be approved from the date of this
Annual Meeting:
• Chair: Increase of $15,500 (being ~3.02%) to $528,500 p.a.
• Director: Increase of $6,000 (being ~2.88%) to
$214,000 p.a.
• In addition, at the discretion of the Board:
• The Chair of each permanent Board Committee (unless
that person is the Chair of the Board, the Chair of the
Audit, Finance and Risk Committee or already in receipt
of a Committee Chair allowance): Increase of $1,000
(being ~2.50%) to $41,000 p.a.
• The Chair of the Audit, Finance and Risk Committee:
Increase of $1,500 (being ~2.73%) to $56,500 p.a.
• Discretionary pool: No change from up to $200,000 p.a. in
aggregate. The discretionary pool is provided for Directors
to be remunerated for additional duties, workload and
responsibilities (such fees to be allocated at the discretion
of the People, Culture and Safety Committee of the Board
and the Chair of the Board).
The DRC also approved the expense reimbursement policy for
both Directors and Co-operative Councillors, whereby actual
and reasonable expenses associated with their positions are
reimbursed. It has also approved, and regularly monitors, the
reimbursement of reasonable travel expenses for Directors’
spouses/partners.
Directors and their associated persons (as that term is defined
in the NZX Listing Rules) are disqualified by Listing Rule 6.3.1
from voting on, or acting as a discretionary proxy in relation to,
Resolution 1.
Resolution 2: Approval of changes to the
remuneration of Co-operative
Councillors
In accordance with By-law 3.1 of the Co-operative Council
By-laws, the DRC met in July 2026 to consider, and
recommend to shareholders, the form and amount of the
remuneration to be paid to Co-operative Councillors.
The DRC considered Councillor remuneration, noting that
small incremental annual increases in fees continued to be
its preferred approach, rather than having periods of no
increase followed by large uplifts. The DRC determined
that the appropriate level of an increase to recommend was
approximately 3%.
The DRC reviewed the allocations made from the discretionary
pool in the prior year, and was comfortable that the pool was
utilised in a reasonable manner.
The DRC recommended that the following changes to the
remuneration of Co-operative Councillors be approved from
the date of this Annual Meeting:
• Chair: Increase of $4,000 (being ~3.03%) to $136,000 p.a.
• Councillor: Increase of $1,500 (being ~3.53%) to $44,000 p.a.
• Discretionary pool: No change from up to $125,000 p.a. in
aggregate. The discretionary pool is provided for additional
honoraria of Co-operative Councillors (excluding the
Chair of the Co-operative Council) who have additional
responsibilities including as Council committee chairpersons,
project leaders for Council workstreams, observers on Board
Committees, or representing the Council at its request
on external committees (such provisions to be allocated
in whole or part at the discretion of the Chair of the
Co-operative Council).
Resolution 3: Approval of changes to the
remuneration of members of the
Directors’ Remuneration Committee
In accordance with clause 34.1 of the Company’s Constitution,
the Board met to consider, and recommend to shareholders,
the form and amount of the remuneration to be paid to
members of the DRC. The DRC comprises six elected
shareholders.
The DRC members’ honoraria was last increased in 2025. The
Board considers that a small incremental annual increase to the
DRC members’ honoraria is appropriate.

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes7
The Board recommended that the following changes to the
remuneration of members of the DRC be approved from the
date of this Annual Meeting:
• Chair: increase of $100 to $3,200 p.a.
• Member: increase of $50 to $1,900 p.a.
Members of the DRC are also entitled to be paid for reasonable
expenses incurred in connection with the business of the
DRC, in line with the policy for remuneration of Directors and
Co-operative Councillors.
Appointment of auditor
Resolution 4: Appointment of KPMG as auditor and
authorisation of the Directors to fix the
auditor’s remuneration
The Companies Act requires the Company to appoint an
auditor. Section 207S of the Companies Act provides that
the fees and expenses of an auditor appointed at an Annual
Meeting can be fixed in the manner determined at that
meeting.
KPMG has audited the Company’s financial statements for the
year ended 31 July 2026.
The Directors recommend that KPMG be appointed as
auditor for the coming year. The Directors recommend
that shareholders authorise the Board to fix the auditor’s
remuneration.
Ratification of Appointment of Directors
Resolution 5: Ratification of appointment of
Ms Holly Kramer
Resolution 6: Ratification of appointment of
Mr Jonathan Mason
The Company’s Constitution requires that the shareholders
of the Company ratify the appointment of each Director
appointed by the Board in accordance with clause 12.4 of the
Constitution.
This is to take place at the first Annual Meeting of the
Company following that Director’s appointment and, where
the appointment is for a term exceeding three years, shall be
ratified by shareholders every three years.
Ms Holly Kramer was appointed by the Board in 2020 and re-
appointed in 2023 and 2026. In accordance with clause 12.4 of
the Constitution, her latest re-appointment is required to be
ratified by shareholders at the 2026 Annual Meeting.
As previously announced to NZX, Mr Jonathan Mason was
appointed by the Board with an effective date of 1 October
2026. In accordance with clause 12.4 of the Constitution, his
appointment is required to be ratified by shareholders at the
2026 Annual Meeting.
The Fonterra Board has determined that Ms Kramer and
Mr Mason each qualify as an independent Director.
Details of their qualifications and experience are set out below.
Holly Kramer
Ms Kramer has more than 30 years of extensive governance,
management and product/marketing experience. She was
CEO of major Australian retailer Best & Less and held senior
executive roles at Telstra Corp, Ford Motor Company (in the US
and Australia) and Pacific Brands.
Ms Kramer is currently a Non-Executive Director on the Boards
of Telstra Group Limited and the ANZ Banking Group. She is
President of the Australian Commonwealth Remuneration
Tribunal and Director of McKinnon.
She is also a Senior Advisor to Pollination, a climate advisory
and investment firm.
Ms Kramer’s previous governance roles include Deputy
Chair of Australia Post and the Boards of Woolworths Group,
Endeavour Group, Abacus Property, Nine Entertainment
and AMP Limited. She was previously the Pro-Chancellor of
Western Sydney University.
Jonathan Mason
Mr Mason has more than 30 years of commercial leadership
experience across global, capital intensive and regulated
industries including dairy, chemicals, forest products and
energy infrastructure. He is currently the Chair of the NZUS
Council and the Dilworth School for Boys and an Independent
Director for Zespri International.
Mr Mason was previously the Chair of Vector, served on
the Boards of Air New Zealand and Westpac NZ and was
a member of the University of Auckland Council. He has
significant Audit Chair experience having chaired the Audit
Committees of Zespri International, University of Auckland,
Vector and Westpac NZ.
Prior to commencing his governance career, Mr Mason was the
Chief Financial Officer of Fonterra from 2009 to 2013. He has
also served as the Chief Financial Officer of Cabot Corporation
and the Vice President and Treasurer at International Paper,
based in the United States, and was the Chief Financial Officer
of Carter Holt Harvey in New Zealand.

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes8
Co-operative Council report
Chair of Council’s review.
Co-operative Council programme and budget
Resolution 7: Approval of the Co-operative Council
programme and budget
Under this item of business, the Chair of the Co-operative
Council will, in accordance with the requirements of the
Company’s Constitution:
• report on the activities undertaken by Council during the
financial year ending 31 July 2026;
• report Council’s view on the alignment of the Company’s
strategy and performance to members’ expectations and
aspirations;
• present the Milk Commissioner’s report; and
• present Council’s programme and budget for the current
financial year to shareholders for approval.
The Co-operative Council seeks shareholder approval for
a budget of $2.614 million for operating costs for FY27 and
$849,000 for other costs contributed to or met by the
Co-operative Council, giving a combined total of $3.463
million, as summarised below:
FY26
Budget
$000
FY26
Actual
$000
FY27
Budget
$000
Co-operative Council operating costs:
Councillor honoraria (refer Resolution 2 for amounts), and Council staff salaries
and associated costs
2,1602,1582,228
Co-operative Council meetings – including accommodation and travel for
Council meetings, Board / Board Committee meetings, and meetings with
external stakeholders
220194240
Communications – including Annual Report design and print141516
Councillor Ward meetings – including travel and catering272324
Councillor training and development – including course/facilitator costs, and
the new Councillor introduction programme
15915
Insurance and IT costs – including Councillor liability insurance and staff
information technology costs
404141
External analyst support:
• Financial
• Surveying Co-op members
23522450
Total Co-operative Council operating costs2,7112,6642,614
Other costs contributed to or met by the Co-operative Council:
Connection
Understanding Your Co-operative Programme / Beyond the Farm Gate
Governance Development Programme

135
90

115
85

185
90
Accountability
External analyst – financial markets research and analysis required by the Dairy
Industry Restructuring Act 2001


125


118


125
Guardianship
Fonterra Director election:
• Returning Officer costs
• Director candidate meetings
• Independent Assessment Panel and secretariat, independent agent and
candidate interview expenses
• Printing and mail house costs


133
40

120
25


124
20

119
26


130
25

160
27
Professional Services - Milk Commissioner costs, fees and other costs relating
to the Co-operative Council appointees to the Milk Price Panel, legal costs

120

85

107
Total other costs contributed to or met by the Co-operative Council788692849
Combined Total3,4993,3563,463

Fonterra - 2026 Notice of Annual Meeting and Explanatory Notes9
Budget
In December 2025, Fonterra shareholders approved a budget
of $3.499 million for FY26. Actual costs incurred were $3.356
million (96% of budget).
Material variations between FY26 budgeted and actual costs,
and FY26 actual costs and FY27 budgeted costs, are explained
below:
• Councillor honoraria and staff costs: FY27 budgeted
costs include the Councillor honoraria increases
recommended by the Directors’ Remuneration Committee
(which are subject to shareholder approval, refer to
Resolution 2), and increases in Council staff salaries as
recommended by Fonterra.
• Co-operative Council meetings: FY26 actual costs
were less than budgeted as there were four in-person
Council meetings rather than the five meetings budgeted.
Typically, Council meets in-person each quarter around the
announcement of Fonterra results, and the Fonterra Annual
Meeting. In December 2025 Council met in-person around
the Annual Meeting, and not also around the FY26 First
Quarter results announced the prior week. FY27 budgeted
costs are based on Council meeting in person each quarter
around results announcements and the 2026 Annual
Meeting. They also include an allowance for inflationary
increases in accommodation, travel and catering costs.
• External analyst support: Council’s external financial
analyst (Northington Partners) provides independent
analysis of Fonterra‘s performance each quarter, as well as
the twice-yearly independent financial markets research
and analysis required by the Dairy Industry Restructuring
Act 2001 (DIRA). This DIRA analysis is budgeted under
‘Other costs contributed to or met by the Co-operative
Council - Accountability’. During FY26 Northington Partners
also provided independent analysis of the proposal to
divest Mainland Group to Lactalis. During FY26 Co-op
member focus groups were convened to help inform the
questions in Council’s 2026 survey of Co-op members.
Council does not intend to hold focus groups prior to its
2027 survey. The FY27 budget includes an allowance for
a separate survey of Co-op members to support Council
submissions on the current review of the DIRA.
• Understanding Your Co-operative Programme /
Beyond the Farm Gate: During FY26 Council hosted one
Understanding Your Co-operative Programme event at
the Fonterra Centre in Auckland, attended by 129 Co-op
members. There were also five Beyond the Farm Gate
events in the regions, co-hosted with the Farm Source
team. The FY27 budget allows for two Understanding Your
Co-operative Programme events in Auckland and five
regional Beyond the Farm Gate events.
• Elections: FY26 costs were less than budgeted due to
fewer contested elections and candidates. The FY27
budget is based on a contested 2026 Director election
and increases in Independent Assessment Panel fees
and the costs of the independent firm that supports
the Independent Assessment Panel with its assessment
activities.
• Professional Services: During FY26 no complaints
were considered by the Milk Commissioner and Council
did not seek any legal advice. The FY27 budget includes
allowances for the consideration of complaints by the Milk
Commissioner and legal costs.
Work programme
Council’s work programme for FY27 includes the following key
workstreams:
Connection
• Foster members’ engagement with their Co-op
• Understand members’ interests, needs, views and
expectations through survey and conversations
• Represent members’ interests, needs, views and
expectations to the Board
• When the Board or Management wish to consult with
members on decisions which have the potential to affect
members’ interests in their Co-operative, engage with the
Board and/or Management as part of that consultation
• Deliver the Understanding Your Co-operative Programme
and, jointly with Farm Source, Beyond the Farm Gate
events
Guardianship
• Submit on behalf of members on the review of the Dairy
Industry Restructuring Act 2001
• Promote greater understanding of Fonterra’s Co-operative
Philosophy, including the Co-operative Principles
• Manage the Director and Directors’ Remuneration
Committee elections in consultation with the Board,
appoint the Returning Officer, and jointly with the Board
appoint the Independent Assessment Panel that assesses
Director candidates who choose to stand for election as
Independently Assessed Candidates
• Represent members’ interests in relation to changes to the
terms and conditions of supply and the operation of the
Fonterra Shareholders’ Fund and the Fonterra Shareholders’
Market
• Administer the Governance Development Programme
Accountability
• Meet with the Board each quarter to discuss reports on
consolidated and key business unit operations, including
actual achievements compared to the Board’s key
measures for performance and any identified risks to the
Company’s ongoing performance
• Meet with the auditor to discuss their audit engagement
and reports
• Monitor information provided by the Company to members
and assist members to understand the implications of that
information to them
• Seek Board explanation of and responsibility for the
Company’s strategy and performance
• Report to members Council’s view on the extent to which
members’ expectations are being met
• Represent members’ interests in relation to Milk Price
Manual changes and governance.
Council will report to members at least quarterly, including
through its Quarterly Updates, Annual Report and at the 2027
Annual Meeting.

If undelivered please return to:
The Returning Officer
Fonterra Elections 2026
PO Box 3138
Christchurch 8140
Free phone 0800 666 034fonterra.com

YOU CAN VOTE IN ONE OF THE FOLLOWING WAYS:
HOW TO COMPLETE THE PROXY PAPER AND APPOINT A PROXY
1. Appoint a proxy: Provide the full name and address of your chosen proxy in the space provided for “Primary Proxy” in the box
labelled “Appointment of Proxy” in the Annual Meeting Proxy Paper. A proxy need not be a shareholder.
However, if a person who is disqualified from voting in favour of Resolution 1 (being the Chair, all other Directors and their
associated persons (as that term is defined in the NZX Listing Rules)) is appointed as a proxy, that person will not be permitted
to vote a discretionary proxy in respect of that Resolution 1.
The Chair of the meeting is willing to act as your primary proxy. If you wish to appoint the Chair of the meeting you can simply
write “Chair of the meeting”.
Where a shareholder does not name a person as their proxy but otherwise completes the Annual Meeting Proxy Paper in full,
or where a shareholder’s named proxy (and any alternate, if one has been appointed) does not attend the meeting, the Chair
of the meeting will act as that shareholder’s proxy and will vote in accordance with their express direction. The Chair intends
to vote any discretionary proxies, for which they have authority to vote, in favour of the resolutions (except in the case of
Resolution 1, which the Chair is disqualified from voting on, and shareholder proposals).
Please note: You do NOT need to appoint an alternate proxy if the Chair of the meeting is your primary proxy.
2. Instruct your proxy how to vote: You can instruct your proxy how to vote by placing a tick in either the “For” or “Against”
box in the box labelled “Voting Instructions”. If you wish for your proxy to vote as she/he determines place a tick in the “Proxy
Discretion” box. Your proxy CANNOT change the direction of your vote if you instruct them how to vote in this manner. If you
do not expressly direct your proxy on how to vote by placing a tick in a box, then your proxy cannot vote.
3. Sign the form: Each shareholder who wishes to appoint a proxy must sign the “Annual Meeting Proxy Paper”:
• Individuals/sole proprietors: The shareholder must sign the Annual Meeting Proxy Paper.
• Companies: A duly authorised representative of the company must sign the Annual Meeting Proxy Paper.
• Joint shareholders (including trusts, partnerships and estates): It is your responsibility to ensure that the person(s) signing
the Annual Meeting Proxy Paper is/are authorised to sign on behalf of, and bind, all joint holders.
• Attorneys: If the Annual Meeting Proxy Paper is signed under a power of attorney, it must be accompanied by a signed
certificate of non-revocation of the power of attorney. The power of attorney under which the Annual Meeting Proxy Paper
is signed must be sent with the Annual Meeting Proxy Paper if the power of attorney has not been previously produced to
Fonterra.
4. Return the form: Return the Annual Meeting Proxy Paper as soon as possible. It must be received by the Returning Officer no
later than 10.30am on Tuesday, 10 November 2026.
• Mail by separating, folding and inserting the Annual Meeting Proxy Paper into the freepost envelope provided.
We recommend that you post your Annual Meeting Proxy Paper by no later than Tuesday, 3 November 2026 so that it is received by
the Returning Officer before the close of appointment.
HOW TO APPOINT A CORPORATE REPRESENTATIVE
In the case of a shareholder that is a company or other body corporate, a representative can be appointed to attend the Annual
Meeting by completing the Annual Meeting Proxy Paper. In this form, proxy can mean proxy or representative appointed for a
company or other body corporate.
REVOKING YOUR APPOINTMENT
A shareholder can still attend, even if they have appointed a proxy (although shareholders attending online will not be able to
vote if a proxy has been appointed). If you change your mind on the appointment of a proxy or representative, you can revoke the
appointment by written notice to Fonterra. Such notice must be received at Fonterra’s head office - Fonterra Annual Meeting,
Fonterra Co-operative Group Limited, Private Bag 92032, Victoria Street West, Auckland 1142 no later than 7. 3 0am on Thursday,
12 November 2026.
10.30am on Thursday, 12 November 2026, at Mystery Creek Events Centre, Gallagher Building, Gate 2, 125 Mystery
Creek Road, Ōhaupō, Hamilton. Shareholders can also attend the meeting online using the instructions in the Notice
of Meeting.
Fonterra Annual Meeting 2026
Combined Annual Meeting
Voting/Proxy Paper
Fonterra Annual Meeting 2026
Annual Meeting Proxy Paper Information
OPTION 1: POSTAL VOTING (INCLUDING ELECTRONICALLY) –
Closes at 10.30am on Tuesday, 10 November 2026
Either:
(a) Post the completed “Annual Meeting Voting Paper” to the Returning Officer in the freepost reply envelope provided.
We recommend that you post your Annual Meeting Voting Paper by no later than Tuesday, 3 November 2026 so that it
is received by the Returning Officer before the close of voting.
Or
(b) Electronically via Farm Source website at: www.nzfarmsource.co.nz/dashboard or
by scanning the QR Code.
• Login using your Farm Source login and password.
• Follow the voting links from the dashboard.
• Enter your Personal Identification Number (PIN) and password – see below.
IMPORTANT: By entering the PIN and password you warrant and undertake that you are authorised to
exercise the vote of this shareholder.
After voting online, you do not need to submit this Annual Meeting Voting Paper and it can be destroyed.
PINPassword
OR
OPTION 2: AT THE MEETING – From 10.30am on Thursday, 12 November 2026
If you plan to attend the meeting in person, bring this form with you.
Voting instructions:
• Indicate your vote with a tick
• When advised by the Chair of the meeting, pass the completed Annual Meeting Voting Paper to an official of the
meeting.
If you plan to attend the meeting online, please vote via the virtual meeting platform:
https://fonterra.brandlive.com/Fonterra-Co-operative-Group-Annual-Meeting-2026/en
• Login using name, email address and supply number(s)
• Follow the voting links from the homepage.
• Enter your PIN and password – see above.
OR
OPTION 3: BY PROXY – Received by 10.30am on Tuesday, 10 November 2026
Appoint a person to attend the Annual Meeting and vote on your behalf. A proxy need not be a shareholder.
Please only use one of these voting methods
PROXY APPOINTMENT CLOSES AT:
10.30AM ON TUESDAY, 10 NOVEMBER 2026
POSTAL VOTING (INCLUDING ELECTRONICALLY) CLOSES AT:
10.30AM ON TUESDAY, 10 NOVEMBER 2026
For enquiries phone the ELECTION HELPLINE: 0800 666 034
SCAN TO GO TO
FARM SOURCE
WEBSITE

Indicate your vote with a tick
FORAGAINST
1
Resolution 1: Approval of changes to the remuneration of Directors
2
Resolution 2: Approval of changes to the remuneration of Co-operative
Councillors
3
Resolution 3: Approval of changes to the remuneration of members of the
Directors’ Remuneration Committee
4
Resolution 4: Appointment of KPMG as auditor and authorisation of the
Directors to fix the auditor’s remuneration
5
Resolution 5: Ratification of appointment of Ms Holly Kramer
6
Resolution 6: Ratification of appointment of Mr Jonathan Mason
7
Resolution 7: Approval of the Co-operative Council programme and budget
C: Voting Instructions
Complete this section to instruct your proxy holder how to vote.
FORAGAINST
PROXY
DISCRETION
1
Resolution 1: Approval of changes to the remuneration of Directors
2
Resolution 2: Approval of changes to the remuneration of Co-operative
Councillors
3
Resolution 3: Approval of changes to the remuneration of members of the
Directors’ Remuneration Committee
4
Resolution 4: Appointment of KPMG as auditor and authorisation of the Directors
to fix the auditor’s remuneration
5
Resolution 5: Ratification of appointment of Ms Holly Kramer
6
Resolution 6: Ratification of appointment of Mr Jonathan Mason
7
Resolution 7: Approval of the Co-operative Council programme and budget
Use this paper to vote by post or by attending the Annual Meeting to vote in person. If voting online by way of
electronic postal vote, refer to instructions on reverse.
10.30am on Thursday, 12 November 2026, at Mystery Creek Events Centre, Gallagher Building, Gate 2, 125 Mystery
Creek Road, Ōhaupō, Hamilton. Shareholders can also attend the meeting online using the instructions in the Notice
of Meeting.
Supply No.:
Details of person completing this Annual Meeting
Voting Paper:
First Name:
Surname:
Signature:
Fonterra Annual Meeting 2026
Annual Meeting Voting Paper
Fonterra Annual Meeting 2026
Annual Meeting Proxy Paper
Only use this Annual Meeting Proxy Paper if you do not plan to attend the meeting but wish to be represented by a proxy
holder at the meeting.
This paper can also be used by a shareholder that is a company or other body corporate to appoint a representative.
There are no voting restrictions on the resolutions to be considered at the meeting.
A: Shareholder Details
Name:
Supply Number:
Party Number:
B: Appointment of Proxy
If you wish to appoint someone as your proxy, insert their full name and address below. The Chair of the meeting is willing to
act as a proxy.
Primary Proxy: I/We appoint:
Full name of your proxy:
Full address of your proxy:
as my/our proxy to vote for me/us on my/our behalf at the Annual Meeting of Shareholders to be held at 10.30am on Thursday,
12 November 2026 and at any adjournment of that Annual Meeting.
Alternate Proxy: You do not need to appoint an alternate proxy but it is recommended that you do so, unless you are
appointing the Chair of the meeting as proxy. The Chair of the meeting is willing to act as an alternate proxy. If the person I/we
have appointed is unable to be my/our proxy then I/we appoint:
Full name of your alternate proxy:
Full address of your alternate proxy:
Signature(s) of shareholder(s) named in Section A (Please see signing instructions on reverse.)
By signing this form, I/we warrant and undertake that I/we are authorised to sign on behalf of, and bind, the shareholder(s) named
in Section A.
Name of shareholder:Signature:
Full name and title of signatory:Date:
Name of shareholder:Signature:
Full name and title of signatory:Date:
Name of shareholder:Signature:
Full name and title of signatory:Date:
If you are appointing a proxy, return this paper as soon as possible. It must be received by the Returning Officer no
later than 10.30am on Tuesday, 10 November 2026.
Mail by separating, folding and inserting the Annual Meeting Proxy Paper into the freepost envelope provided.

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01Fonterra Annual Meeting 2026 - Online Meeting Guide
Fonterra Online
Meeting Guide 2026
Before you begin
The online meeting is viewable from any computer, tablet or smart phone with an internet connection. Ensure your browser is
compatible. Supported browsers are:
• Chrome: Version 107 and later
• Edge: Version 107 and later
• Safari: Version 16 and later
• Firefox: Version 104 and later
If you are experiencing any playback issues, please ensure your browser is updated to the latest version.
To access the online meeting click on the link below, or copy and paste the link to your browser:
https://fonterra.brandlive.com/Fonterra-Co-operative-Group-Annual-Meeting-2026/en
To join or register for the online meeting please enter your full name and email address. These fields are mandatory. Shareholders should
also enter their supply number. Please also include the names of any additional viewers from your device.
If you are a Proxy, enter your name. If you are an invitee from another organisation, enter the name of the company.
Once all details are entered, click on “Submit”.
You may pre-register for the Annual Meeting. Once you click “Submit” you will be sent an email to the email address you provided. This
will include a link to access the online meeting.

Fonterra Annual Meeting 2026 - Online Meeting Guide02
Once the Annual Meeting begins the video stream will begin to play automatically. If it does not, refresh your browser and the player will
restart. The volume control is on the bottom left of the player window.
How to vote
If you are eligible to vote, have not already voted and wish to vote during the Annual Meeting, click on the ‘Voting’ tab on the menu bar,
then on ‘Click here to vote’. This will open a new tab in your browser taking you to the electionz.com voting page.
You will need your Personal Identification Number (PIN) and password from your voting pack.
By entering the PIN and password for a shareholder, you warrant and undertake that you are authorised to exercise the vote of that
shareholder. Your PIN and password will not expire, so you can log in as often as you like to complete your voting.
The password is case sensitive and must be entered as it appears on your voting paper.
The Chair will announce when online voting on the resolutions opens and closes during the Annual Meeting. After voting online, you do
not need to submit your voting paper, and it can be destroyed.

03Fonterra Annual Meeting 2026 - Online Meeting Guide
Asking a Question
In the top menu bar, click ‘Q&A’, then on ‘Ask a Question’. Enter your question along with your name and supply number/s at the bottom
of the page. Click on ‘Ask’ to submit your question.
Technical Help
Click on the “Help” button in the top menu bar or phone support will be available on the day of the event and throughout the Annual
Meeting by calling 09 300 3069.
Document Links
The Meeting Guide and Notice of Meeting can be accessed by clicking “Documents” in the top menu bar.

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Candidate Profiles
Fonterra Elections 2026
Board of Directors

KEY INFORMATION – 2026 ELECTION 1
FONTERRA DIRECTOR CANDIDATE MEETINGS 2
ATTRIBUTES AND SKILLS 3
THE INDEPENDENT ASSESSMENT PANEL 6
2026 REPORT OF INDEPENDENT ASSESSMENT PANEL 7
JESSIE CHAN 9
PETER MOYNIHAN 12
CATHY QUINN 15
MARK COX 18
NOTE ON CANDIDATE STATEMENTS
Each Candidate Profile Statement contains a maximum of 1,000 words (excluding
the Candidate Interest Statement) provided by the candidate.
The Returning Officer and Fonterra Co-operative Group Limited note that
‘shareholdings’ in Fonterra or other companies disclosed by candidates may
include shares held by third parties in which candidates have a relevant interest
as defined by the Financial Markets Conduct Act 2013.
Any emphasis (including capitalisation, italics, bolding, underscoring and bullet
points) has been added by the candidate.
The Returning Officer and Fonterra Co-operative Group Limited accept
no responsibility for the content, or accuracy of the content, contained in
Statements supplied by candidates.
Warwick Lampp, Returning Officer – 2026 Fonterra Elections
Freephone 0800 666 034
vote@electionz.com
Contents

Fonterra Elections 2026 - Board of Directors Candidate Profiles1
Key information – 2026 election
There are four candidates:
Independently Assessed Candidates
• Jessie CHAN
• Mark COX
• Peter MOYNIHAN
• Cathy QUINN
Votes may be cast via post or online and must be received by
10.30am on Tuesday, 10 November 2026.
Voting entitlements
A shareholder’s voting entitlement is based on their share
backed milk supply. “Supplying Shareholders” will receive one
vote for every 1,000 kilograms of milksolids backed by shares
that they supplied to Fonterra during the season ended 31 May
2026. A “Secondary Shareholder’s” voting entitlement is based
on share backed milk supply, up to the ‘agreed percentage’ in
relation to Fonterra’s share standard for the supplying farm. By
way of example:
• if a Supplying Shareholder supplied 100,000 kilograms of
milksolids but held only 75,000 shares, they would have
only 75 votes, whereas if they held 100,000 shares they
would have 100 votes.
• if the ‘agreed percentage’ for a Secondary Shareholder is
50% and the supplying farm supplied 100,000 kilograms of
milksolids but the Secondary Shareholder held only 45,000
shares, they would have only 45 votes, whereas if they held
50,000 shares they would have 50 votes.
If a Supplying Shareholder did not supply last season but now
owns an existing farm that supplied last season, the voting
entitlement for that Supplying Shareholder and any Secondary
Shareholder will be based on that farm’s supply last season
or on the Board’s estimate of milksolids production for this
season.
In the case of a dry farm conversion and farm amalgamations/
divisions, voting entitlement is based on one vote for every
estimated 1,000 kilograms of milksolids to be supplied during
the season ended 31 May 2027. Milk supplied on Contract
Supply and milk which is not backed by shares is excluded from
milksolids production when calculating voting entitlements.
First Past the Post Voting
The Fonterra Director Election uses First Past the Post voting.
Each shareholder with a voting entitlement may vote for up
to (but not more than) the number of candidates equal to the
number of vacancies.
Candidate selections indicated on the Voting Paper are
multiplied by the number of votes that the shareholder is
entitled to exercise (see opposite under ‘Voting entitlements’).
As this is a contested election (more candidates than
vacancies) the candidates with the highest number of votes
will be elected to the Board (up to the number of vacancies).
Fonterra’s Board is currently comprised of nine Directors - up
to six Elected Directors and up to three Appointed Directors.
Lost or damaged voting papers
Replacement Voting Papers are available to shareholders who
did not receive their Voting Paper or spoil or damage it. These
are available from the Returning Officer until the close of
voting at 10.30am on Tuesday, 10 November 2026.
Replacement Voting Papers will be posted directly to
shareholders. They cannot be collected by candidates or their
assistants for distribution to shareholders.
Completed Voting Papers must be received by the Returning
Officer by 10.30am on Tuesday, 10 November 2026.
Number of vacancies to be filled
2

Fonterra Elections 2026 - Board of Directors Candidate Profiles2
Fonterra shareholders have the opportunity to meet and
ask questions of the Director candidates at seven meetings
throughout the country and two online meetings.
Chaired by the Fonterra Co-operative Council, these meetings
provide a setting in which candidates meet with and answer
questions from Fonterra shareholders with a focus on
explaining how their governance skills and attributes meet the
requirements of the Co-operative.
The format of the meetings will be that of a panel discussion
whereby candidates are first provided an allotted time to
introduce themselves before the Chair takes questions from
the floor and moderates.
The dates for the online meetings are listed below. Fonterra
shareholders can join the online meetings by registering via the
Farm Source website or the My Co-op app.
The dates and locations of the meetings are as follows:
DateTimeLocationVenueAddress
Thursday,
22 October
7:00pmInvercargillAscot Park Hotel41 Racecourse Road, Invercargill
Friday,
23 October
11:00amAshburtonHotel Ashburton11-35 Racecourse Road, Ashburton
LABOUR WEEKEND: SATURDAY 24 OCTOBER - MONDAY 26 OCTOBER
Tuesday,
27 October
12:00pmONLINE MEETING--
Tuesday,
27 October
7:00pmPukekohePIA Events Centre59 Ward Street, Pukekohe
Wednesday,
28 October
11.30amWhangāreiThe BargeMaunu Road, Maunu, Whangārei
Wednesday,
28 October
7:00pmONLINE MEETING--
Thursday,
29 October
11:00amCambridgeSir Don Rowlands Centre
601 Maungatautari Road, Leamington,
Karapiro
Thursday,
29 October
7:00pmStratfordStratford Golf Club100 Pembroke Road East, Stratford
Friday,
30 October
11:00amPalmerston NorthAwapuni Function Centre67 Racecourse Road, Palmerston North
Fonterra Director Candidate Meetings

Fonterra Elections 2026 - Board of Directors Candidate Profiles3
Attributes and Skills
All of our Directors must believe in and value the Co-operative
and be able to demonstrate that they have the attributes and
skills needed to deliver governance at a level expected for a
globally competitive New Zealand dairy co-operative.
Directors on most boards operate within a band of governance
experience, from the most experienced through to those who
are newer to the particular role, organisation or industry. Over
time, newer directors gain more experience and this helps
ensure that there is succession on a board as well as a range of
views and perspectives.
In order to attract the best candidates for our Board, we will
need to access the attributes and skills that we know are in our
farmer shareholder base that will result in the right balance of
experience and ability on the Board over time. It is important
for potential candidates and for all our farmer shareholders
to be clear on what is required of our Board to deliver the
necessary performance and to set up our Co-operative for
success in the future.
We have identified a list of attributes (described above)
that each Director of our Co-operative must be able to
demonstrate. For some of these attributes, a Director will
continue to develop expertise but it is important that they are
able to show that they have the attribute and the ability to
keep developing in their role as Directors of our Co-operative.
In addition to these required attributes, our Board requires
a set of skills to deliver good governance. There is no
expectation that each Director will have all of these skills but
it is important that they are appropriately represented across
the Board. Some Directors will have strengths in some of the
skills while others might be still developing them or will be able
to rely on fellow Directors to provide guidance and expertise in
particular areas.
Targeted skills
Based on the 2026 Skills Matrix (see page 5), the Board’s
current priorities, and the external operating environment, the
Board has provided a list of targeted skills being sought in the
2026 Director election.
These targeted skills, listed in order of priority, are:
(a) Effective Leadership
(b) Financial Acumen
(c) In Depth Dairy Farming
(d) Dairy Industry / Understand Value Drivers of Milk Price /
Profit
(e) Technology
(f) Trading Experience
In determining the targeted skills for 2026 and the
prioritisation within these targeted skills, the Board has given
consideration to the needs of the Board over the coming years,
particularly the importance of the Effective Leadership skill in
relation to Board succession.
Effective Leadership, Financial Acumen, In Depth Dairy
Farming, Dairy Industry / Understand Value Drivers of Milk
Price / Profit, and Trading Experience all continue to be
targeted skills for 2026, and Technology is a new targeted skill.
Prospective candidates should consider these prioritised
targeted skills, but should also consider the broader set of skills
as they may be able to demonstrate strengths and potential in
some or all of these broader skills that would still make them
worthy of consideration.
Required attributes
There are certain attributes that the Board considers that all of our Directors must be able to demonstrate. These are the
core requirements, and you should consider them carefully as you will be asked to show how you are able to deliver on
each attribute.
(a) Understanding of and commitment to the highest standards of governance including an understanding of the
collective group decision making processes adopted by the Fonterra Board
(b) Understanding of and empathy with the Co-operative and its farmer owners
(c) Ability and knowledge to comprehend the wider commercial and economic framework in which Fonterra operates
(d) Broad governance experience
(e) Proven track record of creating shareholder value
(f) Global perspective
(g) Time available to undertake a Director’s responsibilities
(h) Sound judgement
(i) Ability to apply strategic thought to important issues and to actively contribute to, and positively influence, Board
discussions
(j) Ability and willingness to constructively question, challenge and critique in an open-minded way, and offer, and
respect, diverse and alternative viewpoints
(k) Unquestioned honesty and integrity

Fonterra Elections 2026 - Board of Directors Candidate Profiles4
It is also important that the skills required for our Board take
into account the types of opportunities and challenges that
the Co-operative will face in the future, and ensure we are
developing the skills that may not be needed currently but will
be critical going forward.
This means that the search for skills on the Board should
always be looking to extend and build on current expertise.
The Fonterra Board Skills Matrix (described on page 5) shows
the aggregate skills that are shared across the Board, as well
as the skills that will be needed to deliver on the strategy in
coming years, and should never show that all skills are currently
being delivered. The Board Skills List (described below) shows
a balanced mix of skills related to the current requirements of
the Co-operative, which will continue to be enhanced to match
Fonterra’s future requirements.
A Director needs to demonstrate each of the attributes but
does not need to be able to demonstrate each of the skills. The
key requirement for a Director is that they are able to meet
the governance requirements at the level required for our Co-
operative. From time to time, we will identify particular skills
that may be needed on the Board. Prospective candidates
should not see the full list of skills or any particular set of skills
as a pre-requisite or as eligibility requirements but rather as
some of the things to take into account in considering if they
would meet the overall requirements for a Fonterra Director.
Skills list
Our strength as a co-operative relies on us being able to
maximise the opportunity for our farmer shareholders to move
from their farming businesses to the board room.
An appreciation of the experience and skills required to make
that transition and access to adequate training are essential
for any farmer shareholder who wants to become a Fonterra
Director.
We expect our Board to have access to Directors with on
farm dairy knowledge based on having run or owned a dairy
operation as a member of our dairy Co-operative, who are
well versed in what drives Fonterra’s Farmgate Milk Price and
profitability in our global Co-operative, and who demonstrate
strong co-operative values.
For a number of Directors’ Elections, we have used a skills list
made up of the skills the Board requires to govern Fonterra.
This skills list has been updated regularly and is published in
the documents for the Director Election each year. In addition
to keeping the skills list updated, the Board has considered the
relative weighting of how much of each skill is needed on the
Fonterra Board. This weighting can be used to establish how
much of each skill we need on the Board over time (i.e. how
many Directors need to exhibit each skill and to what level).
Skill Category Definition
In Depth Dairy Farming
Deep “on farm” dairy experience, having run or owned dairy operations as a member of our dairy Co-
operative, creating value by making sound, strategic decisions
Dairy Industry / Understand Value
Drivers of Milk Price / Profit
A strong understanding of what drives Fonterra’s milk price and of the profit drivers of the Co-operative
Financial Acumen
Strong financial skills and knowledge gained through business management, or as a highly experienced
auditor, or a functional expert in a senior financial position
Risk Management
Senior level experience in, or governance of, organisations that have significant risk management and
control frameworks including health and safety, cybersecurity and climate related risks
Manufacturing / Operational
Experience
Experience at a senior executive or governance level in a business with manufacturing and supply chain
operations
Trading Experience
Experience at a senior executive or governance level in an organisation, overseeing and/or managing
commodity or other trading functions
Customer Experience
Senior level executive or governance experience in a customer-oriented B2B company with significant
local, regional or global brands
Effective Leadership
Senior executive or governance experience in leadership roles including strategy oversight, stakeholder
management, application of commercial judgement, and people leadership, including experience in
environments that value and demonstrate diversity of thinking and approach
Global Experience
Deep understanding of international issues and the macro-political and economic environment, through
experience working in multiple geographies, and a proven global mindset
Technology
Knowledge and experience in the governance, strategic use and risk management of technology including
information systems, transforming and disruptive technologies and cyber risk
Sustainability
Commitment to and a strong understanding of sustainability including the management of social,
environmental and economic factors and their contribution to long-term value creation
Innovation
Experience in, or a strong understanding of, research and development and applied innovation, including
in relation to nutrition science
2026 Fonterra Board Skills List

Fonterra Elections 2026 - Board of Directors Candidate Profiles5
Skills Matrix
The Fonterra Board has produced a Skills Matrix which shows
for each skill:
• the aggregate skills of the Board; and
• the required and desired levels of that skill across the whole
Board.
The Board has determined these required and desired levels
based on the right mix of skills to govern Fonterra currently,
the present composition of the Board and the future strategic
needs of the business.
The Skills Matrix uses blue horizontal bars to show the current
aggregated skills of the Board. The whole of each blue bar
represents the current Board’s aggregated level for each skill,
and the darker shading within those bars represents the skills
of Directors who are retiring in the current year (including
those who are eligible for re-election).
The lighter shading represents the skills of Directors who are
not retiring in 2026.
The Skills Matrix (below) shows the skills that the Board is
looking for over time, and should be used as guidance. The
Skills Matrix is provided to the Independent Assessment
Panel to assist them as they assess the best candidates for
the Board, and it is included in voting packs as guidance for
shareholders when making their voting decisions.
2026 Fonterra Board Skills Matrix
Desired skill levelRetiring DirectorsRequired skill levelRemaining Board
2026 Targeted skillsAggregated Skills Evaluation
In Depth Dairy FarmingIn Depth Dairy Farming
Global Experience
Manufacturing / Operational Experience
Financial AcumenFinancial Acumen
Sustainability
Innovation
Technology
Customer Experience
Dairy Industry / Understand Value Drivers of
Milk Price / Profit
Dairy Industry / Understand Value
Drivers of Milk Price / Profit
Technology
Trading ExperienceTrading Experience
Risk Management
Effective LeadershipEffective Leadership
0369121518212427
Director Tenure
Years on the Board at the conclusion of the 2026 Annual Meeting
Cathy
Quinn
Peter
McBride
Jonathan
Mason
Michelle
Pye
Alistair
Field
Alison
Watters
Holly
Kramer
John
Nicholls
Brent
Goldsack
0123456789
Remaining BoardRetiring Directors

Fonterra Elections 2026 - Board of Directors Candidate Profiles6
The Independent Assessment Panel
Overview
The role of the Independent Assessment Panel is to rigorously
assess and evaluate potential candidates and then to
shortlist and recommend the best candidates to Fonterra’s
shareholders.
The Independent Assessment Panel process is designed to
provide intending candidates with a confidential, rigorous and
totally independent assessment of their skills and experience
against the attributes and skills required by the Board in any
year, and to provide shareholders with independent and
comprehensive information about recommended candidates.
The Independent Assessment Panel process is open to all
intending Director Candidates who opt to go through the
Independent Assessment Process.
Panel Membership
The Independent Assessment Panel Members are as follows:
• Mark Verbiest, Independent Member and Chair appointed
by the Panel members
• Patrick Strange, Independent Member
• Dame Therese Walsh, Independent Member
Panel Biographies
Chair: Mark Verbiest
Mark is currently Chair of Meridian Energy
and Summerset Group Holdings, and a
director of ASB Bank. He is an experienced
professional company director with more
than 15 years of governance experience. A
lawyer by training, Mark spent many years
in private practice as partner of a large national law firm. He
subsequently joined the senior executive team at Telecom
New Zealand as Group General Counsel, also having executive
responsibility for other corporate groups as well as two
business units.
Mark has previously been Chair of Freightways, Spark,
Transpower New Zealand, Willis Bond Capital and a director of
a number of other companies and entities, including ANZ Bank
(New Zealand), the inaugural board of the Financial Markets
Authority and the advisory board to New Zealand Treasury.
In 2022, Mark was named Chairperson of the Year at the
Deloitte Top 200 Awards, and in 2023 he was awarded the
Beacon Award for Corporate Governance by the New Zealand
Shareholders’ Association.
Patrick Strange
Patrick grew up on a dairy farm in Te Aroha
in the Waikato.
He is currently a director of Transgrid
in Australia and was Chair of Auckland
International Airport Limited until 2024. His
previous governance experience includes directorships at the
NZX, NSW Networks, Essential Energy, Worksafe New Zealand,
Mercury NZ Limited, and Chorus – which he chaired until
retiring in 2022.
Patrick was named Chairperson of the Year for 2021 at the
Deloitte Top 200 Awards.
Prior to focusing on governance, Patrick’s management career
included Chief Executive roles at Transpower, Mercury Energy,
and Vector.
Dame Therese Walsh
Dame Therese is currently the Chair of Air
New Zealand, ASB Bank, and T20 2028
World Cup Limited. She is also Chair of the
nominations committee for the Climate
Change Commission, the New Zealand
Major Events Attraction Fund and a
Director of On Being Bold Limited.
Previously she was the Head of New Zealand for the ICC
Cricket World Cup 2015 and the Chief Operating Officer for
Rugby New Zealand 2011 Limited.
She has also been Chair of TVNZ Limited, Chair of Chapter
Zero New Zealand, Pro Chancellor of Victoria University
Wellington, a Director of NZX Limited, Antarctica New Zealand,
Contact Energy Limited, New Zealand Cricket and Save the
Children NZ, Trustee of the Wellington Regional Stadium, and
CFO at the New Zealand Rugby Union. Prior to this she was an
auditor at KPMG.
Dame Therese is a Fellow of the Institute of Chartered
Accountants, a Chartered Fellow of the New Zealand Institute
of Directors and a commerce graduate from Victoria University.
Independent Secretariat
The Panel appoints an independent secretariat to carry out the
Panel’s administration functions. Wendy Chen of Juno Legal
will fulfil this role in 2026.

Fonterra Elections 2026 - Board of Directors Candidate Profiles7
Introduction
This report sets out the 2026 process undertaken by the
Independent Assessment Panel (Panel) to:
• Rigorously assess and evaluate potential Elected Director
candidates under the Independent Assessment Process
and make recommendations to shareholders of the Elected
Director candidates to stand for election at the upcoming
Fonterra 2026 election of directors; and
• Rigorously assess and evaluate the incumbent director
standing for re-election in the 2026 election of directors
who elected to participate in the Independent Assessment
Process.
The Panel was formed in 2016 by the Fonterra Board of
Directors and the Fonterra Co-operative Council to provide
intending candidates with a confidential, rigorous and totally
independent assessment of their skills and experience against
the attributes and skills required by the Fonterra Board in
any year; and to provide shareholders with independent and
comprehensive information about recommended candidates.
The membership and operations of the Panel are independent
of the Fonterra Board and Fonterra Co-operative Council.
A joint committee of the Fonterra Board and Fonterra Co-
operative Council was established in March 2019 to review
the director election process, following which changes were
made to improve the independence and transparency of the
‘Independent Assessment Process’.
The Panel Members for 2026 are as follows, all of whom are
appointed jointly by the Fonterra Board and the Fonterra Co-
operative Council:
• Mark Verbiest, Independent Member and Chair appointed
by the Panel members
• Patrick Strange, Independent Member
• Dame Therese Walsh, Independent Member
The objectives of the Panel are:
• to have high-quality Elected Director candidates nominated
for election to the Fonterra Board; and
• that shareholders will be better informed in the electoral
process.
2026 Process Undertaken by the Panel
In July, by circular resolution, the Panel agreed to:
• re-elect the Chair of the Panel and note the re-
appointment / new appointment of the representative
Panel members by the Fonterra Board and Fonterra
Co-operative Council;
• appoint an independent secretariat to assist the Panel;
• consider and note the required attributes and skill
requirements for director candidates, as set by the
Fonterra Board;
• agree the 2026 Panel Search Brief;
• agree the timetable to be followed in respect of the 2026
election process; and
• appoint an independent search agent to support the
assessment of intending Independently Assessed
Candidates.
This year there are two Elected Director positions available to
be filled. Following review of the five nominations received,
and an initial interview and reference checking process
conducted by the Panel’s independent search agent, the Panel
interviewed three candidates that applied under the 2026
Independent Assessment Process, together with the one
incumbent director standing for re-election who had elected
to participate in the Independent Assessment Process. One
candidate that applied was not progressed to interview stage,
and feedback was given to that candidate by the Panel Chair
and by the search agent.
Four interviews were carried out in person (with one Panel
member joining online). Time was allowed for deliberation after
each interview and following conclusion of all interviews.
During the short-listing and selection process, the Panel
undertook a rigorous assessment of each candidate’s
attributes, skills and experience relative to those identified in
the 2026 Candidate Handbook published by Fonterra, with
particular regard given to the six targeted skills identified.
The Panel considers that the interview process was conducted
in such a way that each candidate had the same opportunity
to demonstrate why their attributes and skills meant they
should be recommended by the Panel to shareholders for
consideration as a director of Fonterra.
Following the Independent Assessment Process, confidential
feedback was provided to all candidates who participated in
the process and further opportunities for feedback will be
offered prior to the candidate meetings and after the election
results are known.
The incumbent director who is eligible for re-election this year,
Cathy Quinn, confirmed she would stand for re-election in the
2026 election process.
2026 Report of Independent Assessment Panel

Fonterra Elections 2026 - Board of Directors Candidate Profiles8
The Panel unanimously agreed that:
Of the three other intending candidates interviewed, all three
should be put forward to shareholders for election, being
Jessie Chan, Mark Cox, and Peter Moynihan.
To assist shareholders when deciding which candidates to vote
for in the 2026 director elections, the Panel has prepared an
assessment summary of the incumbent director standing for
re-election and the three additional intending candidates put
forward by the Panel, relative to the skills and attributes set
out in the 2026 Candidate Handbook.
Declaration of Association
From time to time, Panel members may interview and assess
intending candidates they have worked with in the past or
have a continuing business relationship with, and it is the
intention of the Panel to make any such associations known to
shareholders to ensure full transparency.
This year the Panel interviewed Cathy Quinn with whom
two Panel members have had business and professional
associations. Dame Therese Walsh is a fellow shareholder
and director of OnBeingBold Limited with Cathy Quinn.
Mark Verbiest served on the Advisory Board to New Zealand
Treasury with Cathy Quinn between 2016 and 2020, and
companies that Mark Verbiest served on boards for obtained
legal advice from time to time from Minter Ellison whilst Cathy
Quinn was at the firm.
Notwithstanding these associations, the Panel is confident that
its assessment of each Independently Assessed Candidate
during the 2026 Independent Assessment Process was based
on merit and was not influenced by any prior or current
business relationship with any Panel members.
Dame Therese WalshPatrick StrangeMark Verbiest (Chair)
Yours sincerely
Independent Assessment Panel

Fonterra Elections 2026 - Board of Directors Candidate Profiles9
INDEPENDENTLY ASSESSED CANDIDATE
Mobile: 021 431 020
Email: jessierchan@hotmail.com
Jessie CHAN
Panel Recommendation Report - Jessie Chan, MNZM
Jessie noted her “passion for rural communities” and the
importance Fonterra plays in supporting farmers. She
has focused her governance roles in the agribusiness and
regulatory sectors with a strong focus on shareholder
engagement and advocacy.
In 2022, Jessie was made a Member of the New Zealand
Order of Merit for services to dairy and agriculture. She
draws from a farming career and various leadership roles
across the primary sector.
Jessie is currently a director of AgriZeroNZ, the public-
private joint venture investment fund focused on
emissions reduction in the primary sector (owned by the
government, major agribusinesses and banks). She is also
a director of Āmua Innovation (a start-up in the nitrogen
fertiliser space, under AgriZeroNZ’s portfolio) and the
Ngāpuhi Investment Fund (‘Tupu Tonu’), a Crown-owned
entity with $166 million in commercial assets.
She is a prior director of Ruralco (a farming retail co-
operative) and the New Zealand Pork Industry Board
(statutory industry body supporting pig farmers). Prior
to her governance career, Jessie held various policy,
research, environmental sustainability and advocacy roles
across the dairy sector.
She is a Chartered Fellow of the New Zealand Institute
of Directors. The Panel noted Jessie’s depth of dairy
industry, stakeholder and customer base knowledge and
her growing depth of governance experience.
Panel’s Assessment of Jessie’s Capabilities Relative
to 2026 Attributes
Jessie has a strong connection to Fonterra. She has
completed a term as an elected Co-operative Council
member, representing and protecting farmers’ interests
and engaging with the Board. Early in her career, she
was also a lab technician at the Fonterra Research and
Development Centre.
She has strengthened her awareness of co-operative
governance through Ruralco and gained aligned
experience delivering for shareholders through various
Crown and sector advocacy leadership roles.
Jessie has a range of governance experience, still
developing at a scale level. She has held roles across
agribusiness, regulatory, financial and iwi investment
sectors:
• Director and Chair of the Remuneration and
Nominations Committee of AgriZeroNZ.
• Director and member of the Audit and Risk
Committee of Tupu Tonu, an entity building a
portfolio of commercial assets to secure future Treaty
negotiations with Ngāpuhi.
• Prior director and Chair of the Audit and Risk
Committee of AgResearch, focused on lifting value
and productivity of New Zealand's pastoral and agri-
food sectors (a previous Crown Research Institute
which has been amalgamated).
• Completed one term as a director of Alpine Energy (a
lines company in South Canterbury) and three years
as a director of Ngāi Tahu Farming Limited (until the
subsidiary’s governance matters were brought back
under the Holdings company).
Jessie has an affiliative engagement style and values-
driven approach. She has experience in a range of
governance environments and demonstrated ability to
engage with broad stakeholder groups across the primary
and Crown sectors.
Panel’s Assessment of Jessie’s Capabilities Relative
to 2026 Targeted Skills
Jessie has held a number of leadership roles in the
primary sector with a focus on shareholder advocacy and
engagement, including:
• National Dairy Section Executive and Mid Canterbury
Dairy Chair of Federated Farmers.
• Associate Director of DairyNZ (industry-good
organisation focused on dairy sector research and
development and advocacy).

Fonterra Elections 2026 - Board of Directors Candidate Profiles10
Across her director and leadership roles within the
primary sector, Jessie has strengthened her experience in:
• Strategy development, financial planning, and risk
management.
• Investment and capital allocation decision-making.
• Engagement with broad agribusiness, Crown and iwi
stakeholder networks.
• Agritech and innovation.
Jessie has experience as the Audit and Risk Committee
Chair through her tenure on the New Zealand Pork
Industry Board, AgResearch and Ruralco.
She also has strong awareness of on-farm P&L, financial
management, and industry value drivers through her
broader primary sector leadership experience.
Jessie has the most extensive ‘dirt under the nails’ farming
experience of all candidates. She is a prior sharemilker
and dairy business owner and is now an equity partner
in a dairy farm. She was previously awarded the
New Zealand Dairy Woman of the Year.
Jessie has also completed the Fonterra Governance
Development Programme and the Kellogg Rural
Leadership Programme.
She has developed broad awareness of digital
developments in the primary sector, including overseeing
the card system change at Ruralco and more recently on
the board of Āmua Innovation as an agritech start-up.
While Jessie does not draw from extensive experience
in the trading sector, she has gained exposure to trading
dynamics at AgriZeroNZ (overseeing an investment
fund of almost $200 million) and large-scale investment
decisions at Tupu Tonu.
I am standing for the Fonterra Board because I am first and
foremost a farmer, and because I understand why our co-
operative exists: to grow the wealth of its shareholders by
adding value to milk and adding value to the company.
My farming career started with sharemilking on a farm near
Rakaia in mid-Canterbury, where we grew our herd from
750 to 1,700 cows. We eventually took over the lease on the
420-hectare farm, and spent thirteen years building the equity
that helped us keep moving forward. Today I am an equity
partner in a dairy farm at Springston. This keeps me genuinely
connected to farm decision making while I carry out my
governance responsibilities. I know first-hand what it costs in
time, risk and financial discipline to build a farming business,
and what farmer shareholders need from their co-operative to
give them confidence to invest.
Alongside farming, I have almost two decades of governance
experience across a range of organisations including the
primary sector, iwi investment funds, start-ups, research
and development, electricity distribution and retail. I am an
Institute of Directors (IoD) Chartered Fellow, I have completed
the IoD's Advanced Directors Course, and I have been a regular
presenter for the IoD, Chartered Governance Institute New
Zealand, and Co-operative Business NZ (including specifically
on co-operative governance). Presenting to a range of
audiences has sharpened my own understanding of what is
required in a co-operative governance role: the duty to act for
the co-operative as a whole, without losing sight of the fact
that our shareholders' individual farming businesses are the
reason Fonterra exists.
If elected, I will bring a director's voice grounded in the reality
of building a farming business with no head start. I will test
every decision against a single question: does this genuinely
strengthen our farmer shareholders' ability to run profitable,
resilient and self-determined businesses for the long term? I
will keep the co-operative's collective interest at the forefront,
ensure the co-operative is a resilient future-focused business
that can withstand the test of time and changing markets, and
bring the financial rigour, on-farm credibility and governance
expertise Fonterra needs for the years ahead.
Experience
My current governance positions are:
• Director, Ngāpuhi Investment Fund (Tupu Tonu), Member of
Audit and Risk Committee
• Director, AgriZeroNZ, Chair of Remuneration and
Nominations Committee
• Director, Amua Innovation, an early-stage agriculture
technology company
• Independent Chair, Cranley Farms Limited, a dairy
operation near Hokitika
My previous governance positions include:
• Director and Chair, Audit and Risk Committee, New Zealand
Pork
• Director and Chair, Audit and Risk Committee, AgResearch
• Director and Chair, Audit and Risk Committee, Ruralco Ltd
• Director, Alpine Energy Limited
• Director, Ngāi Tahu Farming Limited
• Director, Oritain Global Limited
• Board Member, Bioprotection Aotearoa
• Trustee, Meat the Need
• Member, Fonterra Co-operative Council
• Associate Director, DairyNZ
Qualifications
• Chartered Fellow of the Institute of Directors
• Institute of Directors - Advanced Directors Course
• Stanford Graduate School of Business - Te Hono Boot
Camp - partnership between the leaders of New Zealand
food and fibre sector companies, iwi, and government
agencies
Candidate Profile Statement

Fonterra Elections 2026 - Board of Directors Candidate Profiles11
• Fonterra Governance Development Programme
• Lincoln University - Kellogg Rural Leaders Programme
• Lincoln University - AgMardt Food and Agribusiness
Marketing Experience
• Massey University - Sustainable Nutrient Management in
New Zealand Agriculture
• Massey University - First Class Honours in Applied Science
(Animal Science)
Attributes
Around the board table I bring a strategic mind-set, financial
literacy, commercial discipline, sound judgement, and a
commitment to excellence in governance. I am confident in
navigating complex, multi-stakeholder environments and
aligning commercial outcomes with community wellbeing.
In addition to my commercial knowledge, my time on the
Fonterra Co-operative Council, my years chairing Federated
Farmers' Mid Canterbury Dairy Section, and my own path
through sharemilking, leasing and equity partnership give me a
genuine empathy with farmer owners that cannot be learned
from a boardroom seat alone.
Skills
Effective Leadership. I have demonstrated effective
leadership in chairing roles on a range of boards and
committees, and my history with mentoring emerging
directors. Chairing boards through a strategic reset and
organisational restructure has tested my sound judgement and
my ability to apply strategic thought under pressure.
Financial Acumen. My audit and risk chairing experience and
oversight of significant investment funds give me confidence
with complex financial governance, and demonstrates my
understanding of the commercial framework a globally
competitive co-operative must operate within.
In Depth Dairy Farming. My dairy farming knowledge spans
across academic, consultancy and hands-on experience. This
started with my animal science degree at Massey University,
majoring in ruminant nutrition and undertaking postgraduate
research with AgResearch. This was followed by practical
and business experience running a farming business as a
sharemilker and dairy farm lessee. Alongside this, I was also
involved in industry roles with DairyNZ and Federated Farmers.
My most recent experience is as an equity partner, and as an
Independent Chair of a dairy farm on the West Coast.
Dairy Industry/Understanding of Milk Price/Profit. My dairy
industry experience and understanding the value drivers of
milk price and profit began in Fonterra's research laboratory
working on protein development. This continued through
my roles with the Fonterra Co-operative Council, DairyNZ,
and over a decade of dairy policy work in management and
delegate roles with Federated Farmers.
Beyond the targeted list, I bring strength in risk management,
sustainability and innovation. My roles with AgResearch, Amua
Innovation, Bioprotection Aotearoa and AgriZeroNZ show
my understanding of innovation and new technology in the
dairy sector. I know the balance required between on-farm
practicalities, financial resilience and being stewards of our
land for future generations. My work in policy development,
my previous roles in a range of water and greenhouse gas
farmer working groups, alongside roles with DairyNZ and
Environment Canterbury, has strengthened my knowledge and
ability to make sound decisions in this space.
Candidate Interest Statement
Listed below are details of all business, investment and other relationships I have with Fonterra Co-operative Group Limited
and its subsidiaries (the “Fonterra Group”) (including as a supplying shareholder), or with any third party that transacts with
the Fonterra Group or carries on business in competition with the Fonterra Group.
• I am a director and indirect shareholder of Gold Stream Farming Limited (through Jenodam Investments Limited) jointly
with associated persons (as defined in the Financial Markets Conduct Act 2013), which is a supplying shareholder of the
Fonterra Group and holds 1,089 shares.
• I am the Independent Chair of Cranley Farms Limited, which supplies Westland Milk Products in competition with the
Fonterra Group.
• I am a director of AgriZeroNZ, of which Fonterra is a shareholder. If elected to the Fonterra Board, I will stand down from
the AgriZeroNZ board, given the potential conflict of interest.
To the best of my knowledge and belief the disclosures set out above are full and complete.

Fonterra Elections 2026 - Board of Directors Candidate Profiles12
INDEPENDENTLY ASSESSED CANDIDATE
Mobile: 027 432 8599
Email: pete@agristrategy.co.nz
Peter MOYNIHAN
Panel Recommendation Report - Peter Moynihan
Peter holds experience in co-operative and community-
focused governance roles. He notes his “strong belief
in the co-op model” and Fonterra’s leadership role in
delivering value in the dairy sector. Throughout his
career, he has developed broad skillsets across financial
monitoring and risk mitigation, capital allocation,
commercial performance and large scale infrastructure
asset management.
Peter operates a large-scale dairy farming operation
(ownership of two farms and shareholding interest in a
third).
He is the outgoing Chair of The Power Company Limited
Group (‘TPCL’), an electricity network asset management
company in Southland with an asset base of $1.1 billion
which includes the line companies TPCL and OtagoNet,
and the management company PowerNet. As Chair, Peter
led a restructure and simplification of ownership and
reset the company strategy / purpose. He also took a
strong lead on health and safety performance across the
organisation.
Peter was an elected director of Ravensdown for 11 years,
retiring after reaching the maximum tenure / number of
terms. Prior to his governance roles, he had a 30+ year
career as a senior agribusiness banking executive with
extensive experience building stakeholder relationships
across the primary sector and rural communities.
The Panel noted Peter’s depth of financial and commercial
skills, strong understanding of governance duties and
direct style.
Panel’s Assessment of Peter’s Capabilities Relative
to 2026 Attributes
Peter noted his alignment to the co-operative model and
desire to contribute to Fonterra’s strong performance in
recent years. He has demonstrated experience in large-
scale agribusiness and community-focused leadership
roles, specifically as:
• Chair of TPCL. The group is overseen by a
shareholding Trust with a clear focus on delivering
safe, efficient and reliable power to consumers.
• An elected director of Ravensdown, building his
governance skillset in another large-scale agri co-
operative.
Throughout his tenure at TPCL and Ravensdown, Peter
has been directly involved in:
• Setting long-term strategy and partnering with senior
management with a focus on delivering shareholder
value.
• Capital allocation decisions and leading financial
turnarounds to support a lift in company performance.
• Leading CEO succession processes and helping build
alignment between the board and senior executive
teams.
• Building and maintaining broad agribusiness, rural and
regulatory stakeholder relationships.
Peter is also a member of the New Zealand Institute of
Directors.
He is a prior Chair of TPCL’s Health, Safety & Environment
Committee. At Ravensdown, he chaired both the
Appointments & Remuneration Committee and the Share
Registry Committee.
Panel’s Assessment of Peter’s Capabilities Relative
to 2026 Targeted Skills
At TPCL, Peter demonstrated leadership in the highly
regulated, asset intensive infrastructure environment.
Following his appointment as Chair in 2022, he led:
• An organisational refresh to strengthen alignment
between the board, management, and shareholding
Trust.
• A review and reset of long-term strategy and large
project delivery.
• The $100 million acquisition of minority shareholdings
to strengthen TPCL’s network assets and consolidate
market positioning.
• Peter was also a director of Southern Generation LP
prior to TPCL’s sale and exit as a shareholder.

Fonterra Elections 2026 - Board of Directors Candidate Profiles13
Over his tenure at Ravensdown, he supported a strategy
reset on core business (including the exit from Australian
markets) and strengthening financial performance.
Peter held various roles over his 30+ year banking
career, culminating as Regional Manager (South Island)
Agribusiness at Westpac where he oversaw a $5 billion
lending portfolio. He was responsible for large team
management, business growth and maintaining broad
agribusiness networks.
He also has Audit and Risk Committee experience from
both TPCL and Ravensdown.
Peter is a founder and leader of a large-scale dairy
farming operation and has strong operational oversight
of the business. He has also completed the Fonterra
Governance Development Programme and the Kellogg
Rural Leadership Programme.
Peter has gained exposure to technology transformation
programmes at both Ravensdown and more recently
TPCL with a focus on system scope and cost control.
While Peter does not draw from a ‘trading background’,
he has gained exposure to international markets
through Ravensdown, awareness of agricommodity
cycles through his leadership roles and capital allocation
experience through his governance roles.
I am standing for the Fonterra Board because I believe strongly
in the co-operative model and the value created when farmers
combine scale, market power, and long term commitment.
Fonterra is central to the strength of New Zealand’s dairy
sector, and disciplined governance is essential to ensuring
strong returns, resilience, and an enduring Co-op. The Co-op
has made significant progress in recent years, and maintaining
strategic clarity, capital discipline, and strong farmer alignment
will be critical as global volatility increases.
Gaylene and I entered dairy farming in 2001, converting our
first property after years of saving and investing. We expanded
in 2007 through a second conversion with another couple,
and over time purchased their share. Today we own two
farms supplying Fonterra with 821,000 kilograms of milksolids
(kgMS) and hold a 33.26% share in a third farm supplying
248,000 kgMS.
My commercial background includes a senior banking career,
culminating in leading Westpac’s South Island agribusiness
operations. This involved managing a team of 60 and a
lending portfolio exceeding $5 billion across diverse farming
enterprises. I moved out of banking five years ago to focus
on governance and our farming business. Alongside my
executive career, I have built extensive governance experience
across agribusiness and energy networks, including 11 years
on the Ravensdown Board and chairing The Power Company
Limited Group (TPCL). These roles have involved strategy
resets, financial turnaround, capital allocation decisions,
CEO recruitment, and strengthening board–management
effectiveness. I have seen first hand how disciplined
governance can restore performance, rebuild balance sheets,
and refocus organisations on long term value.
At Ravensdown, I joined the Board during a period of
significant challenge. The company faced poor performance
in Australia, weak profitability, and a stressed balance sheet.
Working with management, the Board exited non core
businesses including Australia, palm kernel expeller (PKE)
sales, a helicopter business, animal health, and several lime
works. This restored financial strength, improved profitability,
and enabled Ravensdown to refocus on its core co-operative
purpose. My term finished two years ago, leaving the business
in a significantly stronger position.
At TPCL, a consumer owned lines company with $1.1 billion
in assets, I have served as Chair since 2022. Governance
skills are transferable across industries when grounded
in core principles: clarity of purpose, disciplined strategy,
strong risk oversight, and constructive board–management
relationships. We have reset the company’s strategy, exited
a $53 million generation investment, and purchased minority
interests in PowerNet, Lakeland Network, and OtagoNet joint
venture for $100 million including shareholder loans. We have
recently completed a significant organisational restructure,
not to reduce full time equivalents (FTE), but to unlock
efficiencies, improve capability, and position the company
for the next decade. These experiences have strengthened
my understanding of capital allocation, long term asset
management, regulatory environments, and the importance of
strategic discipline.
What I Bring to the Board
I bring a commercially focused, disciplined governance
approach centred on strategy, performance, risk, and long
term value. I work constructively within a board team to set
clear expectations for management, ensure alignment to
strategy, and hold management accountable for delivery. I am
comfortable engaging deeply on capital allocation, project risk,
and performance metrics, and I aim to create an environment
where directors and management are aligned, challenged, and
focused on delivering superior results for farmer shareholders.
Fonterra’s balance sheet has been strengthened through
disciplined financial management and asset sales. Maintaining
this discipline is essential. I bring experience in assessing major
capital projects, understanding hurdle rates, and applying
risk overlays that consider balance sheet strength, capital
constraints, and strategic fit. I will add value to discussions
on capital management, project evaluation, and long term
investment decisions.
I also bring strong experience in board culture, CEO
performance management, and ensuring management is
supported while being held to account. My approach is
constructive, commercially grounded, and focused on long
term co-operative value.
Candidate Profile Statement

Fonterra Elections 2026 - Board of Directors Candidate Profiles14
Targeted Skills
Effective Leadership As Chair of TPCL, I have led the
Board through a strategy reset, strengthened shareholder
relationships, overseen CEO recruitment, and supported a
major organisational restructure focused on efficiency and
long term capability. I have also led large commercial teams,
including 60 agribusiness bankers managing a significant
lending portfolio. I bring experience in setting direction,
building alignment, and ensuring disciplined execution.
Financial Acumen I have extensive experience analysing
balance sheets, trading accounts, and capital structures. At
Ravensdown, I contributed to restructuring the business back
to its core, improving financial performance and balance sheet
strength. At TPCL, I have overseen major investment decisions,
exited non core assets, secured US Private Placement funding
($150 million), and supported establishment of an offshore
insurance captive to self insure lines and poles. I also have
experience with interest rate derivatives and cross currency
hedging. I am comfortable engaging deeply on financial
performance, capital allocation, and risk.
In Depth Dairy Farming We produce 1,069,000 kgMS across
three farms. I have hands on experience in conversions, farm
development, governance, and performance management.
My banking and advisory background further strengthens my
understanding of business structures, financial performance,
and industry dynamics. I understand the pressures farmers
face and the importance of a stable, high performing
co-operative.
Understanding Value Drivers of the Milk Price/Profit I
have a good understanding of the Milk Price framework and
am deepening this through review of the Milk Price Manual,
Commerce Commission analysis, and Fonterra’s submissions.
I understand the commercial and regulatory context that
underpins Fonterra’s performance and the importance of
transparency, consistency, and long term value.
Technology I have governance experience overseeing
enterprise resource planning (ERP) upgrades, customer
relationship management (CRM) implementation, and a multi
year advanced distribution management system (ADMS)
project at TPCL. I understand the risk profile of technology
transformation, cyber-security, and the importance
of disciplined project governance. I also have a strong
understanding of decarbonisation pathways through my
energy sector experience.
Trading Experience My trading experience is limited in the
context of Fonterra’s global scale. At Ravensdown, I gained
exposure to international procurement, supply chain risk, and
the importance of long term relationships, reputation, quality,
and value.
Governance Experience
Director & Chair – The Power Company Limited, Otago
Net Limited and PowerNet Limited (TPCL Group) (2017–
September 2026)
• Chair – Health & Safety Committee
• Audit & Risk Committee
• Chair – Appointments & Remuneration Committee
Director – Southern Generation Limited Partnership
(2022–2024)
Director – Ravensdown (2013–2024)
• Chair – Share Surrenders Committee
• Chair – Appointments & Remuneration Committee
• Audit & Risk Committee
Candidate Interest Statement
Listed below are details of all business, investment and other relationships I have with Fonterra Co-operative Group Limited
and its subsidiaries (the “Fonterra Group”) (including as a supplying shareholder), or with any third party that transacts with
the Fonterra Group or carries on business in competition with the Fonterra Group.
• I am a director and shareholder of Rathmore Farm Limited jointly with associated persons (as defined in the Financial
Markets Conduct Act 2013), which is a supplying shareholder of the Fonterra Group and holds 223,499 shares.
• I am a director and shareholder of Aerodrome Farm Limited jointly with associated persons (as defined in the Financial
Markets Conduct Act 2013), which is a supplying shareholder of the Fonterra Group and holds 410,000 shares.
• I am a director and indirect shareholder of Shamrock Dairy Farms Limited jointly with associated persons (as defined in
the Financial Markets Conduct Act 2013), which is a supplying shareholder of the Fonterra Group and holds 80,245 shares.
• I am a director and shareholder of Agristrategy Limited, a small consultancy company.
To the best of my knowledge and belief the disclosures set out above are full and complete.

Fonterra Elections 2026 - Board of Directors Candidate Profiles15
INDEPENDENTLY ASSESSED CANDIDATE
Mobile: 021 610 771
Email: cathy@cquinn.co.nz
Cathy QUINN
Panel Recommendation Report - Cathy Quinn, ONZM
Cathy is an incumbent elected director at Fonterra and
has completed two terms on the Board. She noted her
“continued passion for the role and Co-operative”. Over
her tenure, she has demonstrated a strong connection
to Fonterra’s purpose, market operations and company
strategy.
Cathy has contributed to governance leadership over
her time on the Board. She is currently Chair of both
the Disclosure Committee and the Strategic Review
Committee which oversaw the sale of Fonterra’s Global
Consumer business (including tenure as Chair of the
Due Diligence Committee for the potential Initial Public
Offering). She was previously Chair of the Long Term
Aspirations Review Committee and Divestment Review
Committee.
The Panel noted the value Cathy brings as an incumbent
director, especially her:
• Depth of organisational history and knowledge
applied through a period of significant change and
now with a new CEO transitioning into the role.
• Role in longer-term Board stability.
• Broad commercial, governance and leadership
experience that is of value to the Board.
Along with her Fonterra directorship, Cathy’s dairy and
broader primary sector experience includes as trustee of
a trust owning dairy farms of which she is also a director.
Cathy draws from governance experience across a
diverse range of large-scale listed (NZX and dual listed),
regulatory and commercially-intensive companies. She
is currently the Chair of Tourism Holdings (a commercial
recreational vehicle (RV) company operating in New
Zealand, Australian and North American markets) and
director of Fletcher Building (building products and
infrastructure entity). She is also a director of Rangatira
Limited (a long-term investing company) and member of
the Auckland University Council (the governing body of
New Zealand's largest university).
Prior to her governance career, Cathy was a
senior commercial and corporate lawyer at
MinterEllisonRuddWatts for over three decades (including
eight years as Chair of the Board).
In 2016, Cathy was made an Officer of the New Zealand
Order of Merit for services to the law and women. She
is a Chartered Member of the New Zealand Institute of
Directors.
Panel’s Assessment of Cathy’s Capabilities Relative
to 2026 Attributes
Cathy has demonstrated strong commitment to Fonterra
over her six-year tenure on the Board. She noted her
passion for the Co-operative and alignment to its values
when deciding to stand for a third term as an elected
director. Since joining the Board in 2020, Cathy has:
• Been closely involved in setting the co-operative's
long-term strategy.
• Supported senior management in building long-term
shareholder value.
• Built relationships with shareholders and broader
financial, regulatory and industry stakeholders.
Cathy has significant governance leadership experience
across a range of environments:
• Director of Fonterra, where she has been involved in
multiple committee leadership roles.
• Chair of Tourism Holdings and director of Fletcher
Building, gaining experience in Australian markets and
governing through challenging times.
• Council member and time as the Pro-Chancellor of
Auckland University, strengthening her education
sector and property development skillsets.
• Director of Rangatira Limited (a long-term investment
business focused on medium-sized New Zealand
companies) and prior member of the New Zealand
Treasury and New Zealand Securities Commission,
broadening her regulatory and financial acumen.
Cathy has broad experience as a Chair, director and
committee leader so understands how to engage
effectively around the board table. She is able to drive
discussion by offering constructive challenge and
respects diverse views. Through her 30+ year legal career,
she demonstrated integrity and professionalism when
advising on corporate and commercial issues.

Fonterra Elections 2026 - Board of Directors Candidate Profiles16
Panel’s Assessment of Cathy’s Capabilities Relative
to 2026 Targeted Skills
As Chair of Fonterra’s Strategic Review Committee, she
has been responsible for leading the Board’s engagement
and oversight on the circa $4.2 billion sale of the co-
operative’s global consumer business.
• She also led the Board process on the circa $1 billion
sale of Fonterra’s Chilean business, Soprole in 2022.
• Cathy has held various other committee roles (chairing
the Disclosure Committee and as a member of the
Audit, Finance and Risk Committee and People, Safety
and Culture Committee) gaining direct exposure to
financial risk and organisational culture considerations
across the co-operative.
Cathy became Chair of Tourism Holdings in the same year
as the company successfully merged with a significant
competitor. As Chair of Fletcher Building’s Due Diligence
Committee, she also oversaw the $700 million capital
raise in 2024.
As a prior member of the New Zealand Securities
Commission and New Zealand Treasury, Cathy has
demonstrated regulatory and financial governance
experience. She has also held Audit Committee Chair
roles in a number of entities.
Cathy is a director of a dairy farming operation,
overseeing five dairy farms. While she does not
have extensive on-farm operations or management
experience, she has developed a strong awareness of the
dairy industry profit drivers and shareholder concerns
over her tenure as an elected director.
Through her tenure at Fletcher Building especially,
Cathy has gained exposure to large-scale technology
transformation programmes and is focused on applying
lessons learned at Fonterra.
While Cathy does not draw from ‘hands-on experience’
in the trading sector, she has significant board-level
exposure in listed environments and navigating capital
raises / asset sales. In her legal career, Cathy regularly
advised on large-scale mergers and acquisitions,
private equity, capital market networks and corporate
transactions.
Why I want to stand for the Fonterra Board?
Fonterra’s success matters: to all supplying farmers and our
families, all shareholders, all dairy farmers in New Zealand, all
Fonterra staff, the many people that contract with us, the local
communities we operate in and our nation.
It has been my privilege to serve on the Fonterra Board for
six years. My diverse skills and experience have added value
including in chairing the Board subcommittee overseeing the
sale of Mainland and the associated capital return. I believe my
skills will continue to add value as we look for growth and fight
for milk.
In a period of significant Board and management change, I
offer stability. I know where we have come from and what
has made the Board successful including the importance of
having a diversity of skills and experience around the table. I
have been part of developing a strategy that if well executed
will strengthen the Co-operative and deliver value to supplying
farmers and shareholders.
WHAT’S AHEAD?
The world has become more volatile. We need to control the
things we can control in that context.
That includes continuing to take cost out of the business so
that we are as efficient as possible. Management are acting to
do this under the Board’s oversight.
We need to fight harder for milk and be attractive to the next
generation of farmers. Again, management and the Board
see this as a top priority. Ongoing financial performance is
part of this as well as further building connection and pride in
the Co-operative. We need to compete within the regulatory
construct we have.
We have announced a review of Co-operative Difference. Any
programme needs to operate as a strength, not a weapon
for competitors. We must continue to drive simplification of
compliance. Compliance must add value.
We must maximise milk price and deliver strong earnings
whilst investing in a sustainable co-operative. Our strategy is
designed to do exactly that.
TARGETED SKILLS
Effective Leadership:
I have a track record of this. Chairing my old law firm involved
strategic leadership and oversight, people leadership,
stakeholder management, application of commercial
judgement including in an environment that valued and
demonstrated diversity of thinking and approach.
I believe I am seen by Board colleagues across a range of
companies as bringing these skills and approach. I believe
that the best decisions are made when there is a diversity of
thought and a willingness to listen to others before reaching a
decision.
An example of applying these skills to maximize value to
shareholders was in my role chairing the subcommittee
overseeing the Mainland sales process. The oversight and
commercial judgment applied by the Strategic Review
Committee contributed materially to a successful outcome for
farmers.
Financial Acumen:
I have developed my financial skills over my legal career
and as a director of significant entities. I have served on the
Audit Committee overseeing finance at Fonterra, Fletcher
Candidate Profile Statement

Fonterra Elections 2026 - Board of Directors Candidate Profiles17
Building and Tourism Holdings. I have served on the Finance
Committee at the University of Auckland and now chair its
Audit Committee.
In Depth Dairy Farming:
While not a hands on farmer, I have been a director of our
dairy farming business for 15 years navigating the same
opportunities and risks as all shareholders. We have grown
our business from 350,000 kilograms of milksolids (kgMS)
to 900,000 kgMS. We own five dairy farms in the Waikato
operating with a mix of sharemilkers and contract milkers
offering pathways for the next generation of farmers which is
important for the industry and our co-operative. Our financial
performance has improved through our investment in people
and systems.
Dairy Industry/Understanding Value Drivers of Milk
Price/ Profit:
After six years on the Board including a period as an observer
on the Milk Price Panel, I have a good understanding of what
drives milk price and profit for Fonterra.
Technology:
The Board’s of all the companies I am involved with oversee
our use of technology including artificial intelligence (AI) along
with managing associated risks such as cyber disruption but
also looking how to use technology as an opportunity. By
way of example, as a member of the Audit, Finance and Risk
Committee at Fonterra we have overseen our significant
investment in upgrading Fonterra’s back office systems.
Trading Experience:
The Fonterra Board and the Audit, Finance and Risk
Committee which I serve on oversees Fonterra’s commodity
and other trading functions. Similarly, the Fletchers and
Tourism Holdings Board and Audit Committee oversees these
activities for those businesses.
OTHER SKILLS
Risk Management:
I have significant risk management experience from my
background as a corporate lawyer and having served on Audit,
Finance, Risk, Health & Safety and Sustainability Committees
on a number of Boards.
Manufacturing /Operational Experience:
As well as serving on Fonterra’s Board, Tourism Holdings and
Fletchers have Trans Tasman manufacturing businesses.
Customer Experience:
In addition to Fonterra, Fletcher Building manufactures
and sells products to business to business (B2B) customers
with brands across New Zealand and Australia. Action
Manufacturing owned by Tourism Holdings manufactures
and sells bespoke RV and light vehicle products to specialised
businesses in New Zealand and Australia.
Global Experience:
All the businesses I am involved with are impacted by
international issues including geopolitics and the global
economy. I seek to keep abreast of global issues and their
impact.
Sustainability:
I have a strong understanding of the importance of
sustainability in its broadest sense to long term value creation.
I undertook a course on sustainability. I chair Fletcher’s relevant
committee and previously did so at Tourism Holdings.
Fonterra Board Committees
• Chair, Disclosure Committee
• Chair, Strategic Review Committee
• Member, Audit, Finance and Risk Committee
• Member, People, Culture and Safety Committee
INTENTIONS IF RE-ELECTED
If re-elected, I will strive to:
• use my skills and experience for your benefit,
• deliver what matters most to you: the highest possible milk
price and dividends;
• contribute to building a sustainable co-operative that you
and future generations can be proud of.
It has been a privilege to serve as your director, and I humbly
ask for your support to continue to do so.
Candidate Interest Statement
Listed below are details of all business, investment and other relationships I have with Fonterra Co-operative Group Limited
and its subsidiaries (the “Fonterra Group”) (including as a supplying shareholder), or with any third party that transacts with
the Fonterra Group or carries on business in competition with the Fonterra Group.
• I am a director of, and have an indirect legal interest (as trustee) in, Thistlehurst Dairy Limited, jointly with associated
persons (as defined in the Financial Markets Conduct Act 2013), which is a supplying shareholder of the Fonterra Group
and holds 819,280 shares.
• I am currently a consultant to MinterEllisonRuddWatts. MinterEllisonRuddWatts has provided legal services from time to
time to the Fonterra Group and competitors of the Fonterra Group.
To the best of my knowledge and belief the disclosures set out above are full and complete.

Fonterra Elections 2026 - Board of Directors Candidate Profiles18
INDEPENDENTLY ASSESSED CANDIDATE
Mobile: 027 444 9288
Email: mark@ngatapa.com
Mark COX
Panel Recommendation Report - Mark Cox
Mark brings diverse career experiences across the
agricultural sector including dairy, horticulture, farm
systems, export, food processing, funds management
and institutional investment. He holds belief in the co-
operative model and has desire to “give back” to Fonterra.
Mark is a successful founder; notably Coxco Group, a
vertically integrated agri-business with a core focus
on the growth of squash for the Japanese and Korean
markets and Craigmore Sustainables, an international
investment group which builds and manages New
Zealand based food and fibre businesses.
Over his 14-year tenure at Craigmore Sustainables as an
executive and then from 2019 to 2023 in a governance
role, Mark:
• Led significant growth and scaling of the businesses,
which now have over $1.4 billion assets under
management and a farming / forestry portfolio over
39,000 ha.
• Held various leadership roles including Head of
Farming and memberships on the General Partner
board, Investment Committee and Farming Advisory
Committee.
• Supported the meeting of strict governance criteria
required by investors.
• Learned to balance the many hats of governor,
executive and shareholder.
• Helped set a strong focus on sustainability
programmes and sector innovation.
Mark has stepped back from company operations in
recent years to focus more on developing his own
farming business which currently holds two properties in
Canterbury.
The Panel noted his demonstrated awareness of global
markets, understanding of offshore investments and
pragmatic engagement style.
Panel’s Assessment of Mark’s Capabilities Relative
to 2026 Attributes
Mark has demonstrated leadership and governance
capability in the primary sector, including commercial
value creation. His international perspective is broad with
a strong awareness of global milk pricing and commodity
trends.
Mark has held governance roles over his career, including
as:
• An advisor to Ngāi Tahu Farming Limited since 2025.
• A director of Rakaia Irrigation Limited from 2023.
• Prior Chair of the St Margaret’s College Foundation
and prior member of the Christ's College Board of
Governors.
• Prior Chair and board member of the New Zealand
Buttercup Squash Council (the industry body
overseeing partnerships and exports of New Zealand
buttercup squash).
• Prior member of the Blackcurrant Co-operative Board.
The Panel noted the step up to the size and scale of
Fonterra governance, however they were confident
Mark would build this skillset quickly, given his depth
of commercial acumen, broad investment experience,
knowledge of global markets, and demonstrated strategic
thinking on Fonterra’s future opportunities.
Throughout his career, Mark has been responsible for
developing and maintaining constructive relationships
with shareholders, primary sector partners and
institutional investors.
Panel’s Assessment of Mark’s Capabilities Relative
to 2026 Targeted Skills
Mark is an experienced agricultural leader. At Craigmore
Sustainables, he had a hands-on role growing the
company and managing a large workforce. In his
varied leadership roles, he was responsible for team
management, engagement and development. At Coxco
Group, he developed a broad leadership skillset across
food processing, logistics, manufacturing and retail in
Asian markets.

Fonterra Elections 2026 - Board of Directors Candidate Profiles19
Standing for Farmers, Shaping Fonterra’s Future
I was raised on a farm in South Canterbury, went to Massey
University before spending 20 years based in Gisborne.
My wife and I have pursued a long held goal of owning and
running an owner-operator farm business, culminating in
the conversion of our farm - a 353 ha irrigated Canterbury
property - into a 1,150-cow dairy operation supplying Fonterra.
I am a highly experienced and strategic agribusiness leader
with 30+ years of experience spanning agriculture, food and
fibre investment, and innovation. My experience includes
farming operations, food processing, local and export
marketing, funds management, financial governance, and
people development. I have a proven track record as a board
director, executive and founder. I successfully led high growth
ventures from inception to institutional scale, including co-
founding Craigmore Sustainables ($1.4 billion assets under
management) and long term ownership of a Gisborne based
vertically integrated agricultural business Coxco Group.
I am respected for pragmatic leadership, integrity, and
the ability to deliver sustainable growth through strong
governance, clear vision, and a collaborative culture. I like clear
lines of accountability.
Why I’m Standing
I’m standing for election to the Fonterra Board because I
believe in the ability of our co-operative to deliver long-
term value for farmers. We’re at a crucial moment with the
completed sale of our value-add business which has created
both opportunity and uncertainty. My goal is to help ensure
that Fonterra doesn’t lose momentum but instead builds on
this change to strengthen its foundations for the future.
I’ve found myself with the time and energy to take on
an industry role, and I want to give something back. I’ve
spent years working on my own farms alongside farmers,
processors, and science groups, and I’ve seen first-hand how
much potential we have when we’re aligned. I’m committed
to helping Fonterra stay close to its shareholders, advocate
for their interests, and support the kind of innovation and
efficiency that drives real value. We need to be thinking about
what Fonterra looks like in 2050, not just the next few seasons.
That means investing in the right science, building resilient
supply chains, and making sure our co-op remains competitive
in a fast-changing global market.
Efficiency is the difference between profit and pressure in
our farms, factories and distribution network. We need to
keep finding ways to streamline operations and cut costs. I’ll
advocate for continuous improvement across every part of the
supply chain, with a focus on practical, farmer-led solutions.
Our customers expect quality, consistency, and traceability.
That means our supply must align with market needs - not just
in terms of volume, but in terms of compliance, sustainability,
and product specifications.
I’ll work hard to ensure that Fonterra continues to support
farmers with clear expectations, practical tools, and science-
backed advice that helps us meet market demands without
adding unnecessary complexity and compliance.
Compliance is becoming increasingly complex and expensive
- especially for individual farmers. Fonterra has the scale and
influence to lead here. I’ll push for the co-op to take a stronger
role in simplifying compliance, reducing duplication, and
advocating for smarter, more farmer-friendly systems. That
includes working with regulators, science groups, and industry
bodies to streamline processes and cut costs.
Science and innovation are critical to our future - but they
must be better aligned. Too often I’ve seen projects that don’t
connect with market needs or on-farm realities.
The technology wave is here - but it’s fragmented. Fonterra
needs to have a clear strategy to be able to manage that
change, control the risks and maximise the benefits to the
co-op. I’ll push for Fonterra to lead a more unified approach to
on-farm technology.
Candidate Profile Statement
Mark has hands-on financial experience leading capital
raising and investment strategies. He has been closely
engaged in P&L and financial risk management. These
skills translate well to financial governance and strategic
oversight.
Mark’s career has been centred in the primary sector and
agribusiness investment. Over time, his farming interests
have shifted towards ownership and operations rather
than investment. He has built extensive agricultural and
horticultural sector networks.
Mark has developed a broad awareness of digital
developments and technology programmes at the
leadership level, including building a dairy index.
Of all candidates, the Panel noted Mark’s significant
depth of trading and offshore experience, with particular
focus on his:
• Craigmore tenure and leadership roles in securing
global capital and investment partners.
• Capital allocation experience growing businesses
‘from startup to scale’.
• Retail trading experience and knowledge of
commodity market trends.

Fonterra Elections 2026 - Board of Directors Candidate Profiles20
Candidate Interest Statement
Listed below are details of all business, investment and other relationships I have with Fonterra Co-operative Group Limited
and its subsidiaries (the “Fonterra Group”) (including as a supplying shareholder), or with any third party that transacts with
the Fonterra Group or carries on business in competition with the Fonterra Group.
• I am a director and shareholder of The Crossing Dairy Limited jointly with associated persons (as defined in the Financial
Markets Conduct Act 2013), which is a supplying shareholder of the Fonterra Group and holds 1,000 shares.
• I am a member of the Craigmore Sustainables Farming Advisory Committee and was previously a shareholder of
Craigmore Sustainables, which is a supplying shareholder of the Fonterra Group.
• I am an advisor to Ngāi Tahu Farming Limited, which is a supplying shareholder of the Fonterra Group.
To the best of my knowledge and belief the disclosures set out above are full and complete.
Skills
Effective leadership – Have built high trust, high performance
cultures; developed talent through empowerment and clear
accountability. Lead by understanding every role in the value
chain, placing the right people in the right positions, and giving
them autonomy to excel. Proven record of building cohesive,
high performing teams with clear goals and trust based
culture.
Financial acumen – Strong capital raising and deployment,
investment strategy, and financial oversight skills. Founder,
owner, and operator of multiple businesses with full P&L
responsibility.
In-depth dairy farming – 30 years of involvement in dairy in
New Zealand including 14 years of direct farm ownership.
Dairy Industry / Understand Value Drivers of Milk Price
/ Profit – Strong working knowledge of global milk pricing
drivers, including commodity market trends, currency impacts,
and product mix optimisation.
Technology – Have been involved in developing new systems
and data to help us better support both our processing/
export company and the funds management company. I am a
shareholder of Agri data company Map of Agriculture Group
Limited.
Trading experience – Built a successful growing, packing and
export business from 1996, supplying fresh and frozen produce
to Asia, Europe, and the United States. I have 30 years of
hands-on experience in international trade.
In Summary
I’m standing because I believe in Fonterra’s potential - and I
believe in the power of farmers to shape its future. I want to
help embed the changes we’ve made, drive efficiency, simplify
compliance, and support the next generation of suppliers. I
want to make sure our science, technology, and strategy are
aligned with market needs and on-farm realities.
Most of all, I want to make sure Fonterra remains a strong,
resilient, and farmer-led co-operative - one that delivers real
value for its shareholders and stands the test of time.

Fonterra Elections 2026 - Board of Directors Candidate Profiles21

If undelivered please return to:
The Returning Officer
Fonterra Elections 2026
PO Box 3138
Christchurch 8140
Free phone 0800 666 034
fonterra.com

YOU CAN VOTE IN ONE OF THE FOLLOWING WAYS:
Voting Paper
VOTING CLOSES AT: 10.30AM ON TUESDAY, 10 NOVEMBER 2026
OPTION 1: ONLINE VOTING
Electronically via Farm Source website at:
www.nzfarmsource.co.nz/dashboard or
by scanning the QR code.
• Login using your Farm Source login and
password.
• Follow the voting links from the dashboard.
• Enter your Personal Identification Number (PIN)
and password – see below.
IMPORTANT: By entering the PIN and password you warrant and
undertake that you are authorised to exercise the vote of this
shareholder.
After voting online, you do not need to submit this Voting Paper
and it can be destroyed.
PINPassword
OR
OPTION 2: POSTAL VOTING
Post the completed “Voting Paper” to the Returning Officer in the
freepost reply envelope provided.
It is recommended that you post your Voting Paper no later than
Tuesday, 3 November 2026 so that it reaches the Returning Officer
before the close of voting.
Please only use one of these voting methods
For enquiries phone the ELECTION HELPLINE: 0800 666 034
Election of TWO (2) Directors
Fonterra Elections 2026
Board of Directors
First Past the Post Voting
This is a First Past the Post vote to elect two (2)
Directors.
The two candidates with the highest number of
votes will be elected.
Postal Voting Instructions
• You may select a maximum of TWO (2)
candidates. If you select more than two
candidates, all your votes will be invalid.
• You can select fewer than two candidates.
• Vote by placing a tick “” in the circle next to
the name of each candidate you wish to vote in
favour of.
VOTE HERE
Jessie CHAN
Independently Assessed Candidate
Peter MOYNIHAN
Independently Assessed Candidate
Cathy QUINN
Independently Assessed Candidate
Mark COX
Independently Assessed Candidate
SCAN TO GO TO
FARM SOURCE
WEBSITE

---

WARD 3 - SOUTHERN NORTHLAND
Candidate Profiles
Fonterra Elections 2026
Co-operative Council

Contents
KEY INFORMATION – 2026 ELECTION 1
KEY QUALITIES AND CAPABILITIES OF A COUNCILLOR 1
THE ROLE OF COUNCIL 2
ADAM CULLEN 3
KIRSTEN WATSON 4
NOTE ON CANDIDATE STATEMENTS
Each Candidate Profile Statement contains a maximum of 400 words (excluding
the Candidate Interest Statement) provided by the candidate.
The Returning Officer and Fonterra Co-operative Group Limited note that
‘shareholdings’ in Fonterra or other companies disclosed by candidates may
include shares held by third parties in which candidates have a relevant interest
as defined by the Financial Markets Conduct Act 2013.
Any emphasis (including capitalisation, italics, bolding, underscoring and bullet
points) has been added by the candidate.
The Returning Officer and Fonterra Co-operative Group Limited accept
no responsibility for the content, or accuracy of the content, contained in
Statements supplied by candidates.
Warwick Lampp, Returning Officer – 2026 Fonterra Elections
Freephone 0800 666 034
vote@electionz.com

Fonterra Elections 2026 - Co-operative Council Candidate Profiles - Ward 3 - Southern Northland1
Ward 3 - Southern Northland
There are two candidates – Adam Cullen and Kirsten Watson.
Votes may be cast via post or online and must be received by
10.30am on Tuesday, 10 November 2026.
Voting entitlement
Voting for Co-operative Councillors is on the basis of two
votes per shareholder who is entitled to vote in a Ward
election. Both votes may be used by the shareholder, or one
may be given to a sharemilker. Votes are not weighted by
milksolids production.
Voting system
The Co-operative Council elections are held on a Ward basis
using Single Transferable Voting.
The key capabilities required to successfully fulfil a Councillor’s representation role are:
• Honesty and integrity.
• Courage to question/challenge the status quo.
• In-depth farming knowledge.
• An understanding of Fonterra’s business.
• Awareness of the regulatory frameworks in which the Co-operative operates.
• An understanding of and empathy with the Co-operative.
• An understanding of the key drivers of wealth - milk price and profit.
• Business acumen - financial literacy and ability to think strategically.
• Communication skills (including presentation/public speaking capability).
• Interpersonal skills (approachable nature, empathy with fellow farmers).
• Time available to undertake a Councillor’s responsibilities.
• A commitment to on-going training including building broad-based Co-operative and governance knowledge to enhance their
effectiveness in the role.
A Co-operative Councillor is also expected to be willing to continually develop their capabilities around business understanding,
communication and interpersonal skills, and teamwork.
Councillors are expected to commit an average of one day per week to their role.
Lost or damaged Voting Papers
Replacement Voting Papers are available to shareholders who
did not receive their Voting Paper or spoil or damage it. These
are available from the Returning Officer until the close of
voting at 10.30am on Tuesday, 10 November 2026.
Replacement Voting Papers will be posted directly to
shareholders. They cannot be collected by candidates or their
assistants for distribution to shareholders.
Completed Voting Papers must be received by the Returning
Officer by 10.30am on Tuesday, 10 November 2026.
Key information – 2026 election
Key qualities and capabilities of a Councillor

Fonterra Elections 2026 - Co-operative Council Candidate Profiles - Ward 3 - Southern Northland2
Council’s role, functions and powers are set out in Fonterra’s
Constitution.
Council’s role is to support shareholders’ democratic control
of their Co-operative and to actively represent and seek to
protect members’ interests as owners, investors, suppliers and
members of the Fonterra Co-operative community.
Council’s functions, and the activities undertaken to perform
them, can be summarised under three main themes:
Connection, Accountability and Guardianship.
Connection
• Council seeks to foster Co-operative members’
engagement with Fonterra
• Engagement activities within each Ward aim to build a
comprehensive understanding of members’ interests,
needs, views and expectations and to provide members
with regular feedback on Council’s representation of these
to the Board
• Councillors receive calls and emails from members and
hold Ward meetings, and may be asked to represent
Council at field days and other events
• Councillors are expected to report in a timely manner on
the feedback and themes they hear
• Council arranges educational programmes for members,
such as the Understanding Your Co-operative Programme
and Beyond the Farm Gate events (which Councillors host)
and the Governance Development Programme.
Accountability
• Council seeks to ensure Co-operative members are fully
informed about their Co-operative’s performance
• Councillors meet with the Board at least four times each
financial year to seek explanation on how well recent
performance is meeting members’ expectations, whether
Fonterra is ‘on-track’ for meeting its strategic objectives,
and what new and/or emerging challenges Fonterra is
facing and addressing
• Council seeks to hold the Board to account by seeking
from the Board explanation of and responsibility for
Fonterra’s strategy and performance
• Councillors refer to publicly available information and
Council commissions external advisors to provide
independent analysis
• Council regularly submits questions to the Board
• Council regularly and transparently reports back to
members on its engagements with the Board.
Guardianship
• Along with the Board, Council acts as the guardian of the
Co-operative Philosophy, as expressed in the Co-operative
Principles, Purpose Statement and Values
• Council is also the primary channel for consultation when
Fonterra is considering policy or operational changes that
may affect members
• Council advocates publicly on members’ collective behalf
on matters relating directly to members’ interests in the
Co-operative
• Council also:
• manages the Director election process in consultation
with the Board
• appoints the Milk Commissioner
• consults with the Board in relation to the operation of
the Fonterra Shareholders’ Market and the Fonterra
Shareholders’ Fund
• consults with the Board in relation to any changes to
the Milk Price Manual and Principles
• has four Councillor observers attend meetings of the
Board’s Co-operative Relations Committee.
• Council has the power to:
• consider and, in consultation with the Board, propose
to shareholders changes to the Constitution
• recommend the commissioning of a special report on
specific projects or activities
• call a special meeting of shareholders, in certain
circumstances.
In carrying out its representation role Council represents
the interests of all members of the Co-operative, being
shareholders supplying milk to the Co-operative, their
sharemilkers and contract milkers, and other persons
supplying milk to the Co-operative in New Zealand under
standard terms and conditions of supply.
Each Councillor is assigned to one of three committees -
Connection, Accountability or Guardianship. However all
Councillors are expected to participate fully in all Council
activities.
The Role of Council

Fonterra Elections 2026 - Co-operative Council Candidate Profiles - Ward 3 - Southern Northland3
I would like to introduce myself as a candidate for the Fonterra Co-operative Council – Ward 3, and ask for your support.
My name is Adam Cullen and, together with my wife Laura, we are raising our two boys on our split calving dairy farm in Ararua.
Having grown up in the Kaipara, I returned to the family dairy farm after completing a Bachelor of Science at university and several
years working professionally in both New Zealand and overseas.
Dairy farming since 2008, my career has successfully navigated a family farm succession and now raising a young family, I am
excited to be at a stage where I can give back to our community and industry. I would like the opportunity to share the experience
and values I have developed throughout my career and contribute to the future of our Co-operative.
I intend to continue the fantastic job previous councillors have achieved by maintaining strong farmer-shareholder connections
and ensuring accountability in governance are preserved for the future of Fonterra. I would make it a priority to understand the
business, listen to shareholders and communicate openly with farmers. Highlighting our wards unique successes and challenges for
a broader perspective within the Co-operative.
Ward 3 deserves a strong and well-represented voice. I would advocate for our farmers by listening, communicating clearly and
approaching discussions with an open and curious mind.
I am a practical, common-sense person who is approachable and engaged. I value working as part of a team and believe that
accountability, constructive communication and creating solutions lead to productive outcomes.
My current and previous leadership and community roles include:
• Ruawai Primary School Board of Trustees – Presiding Member
• Dairy Farm Environmental Leaders – Chairperson.
• Ruawai Primary School Fundraising Committee – Committee Member, involved in establishing the newly formed committee.
• Ballance Farm Environment Awards – Committee Member.
I am a supplying shareholder of Fonterra through Cullands Limited and would appreciate the opportunity to represent the farmers
of Ward 3 on the Fonterra Co-operative Council and contribute positively to the future of our Co-operative.
Thank you for considering my candidacy and for your support.
Candidate Interest Statement
Listed below are details of all business, investment and other relationships I have with Fonterra Co-operative Group Limited
and its subsidiaries (the “Fonterra Group”) (including as a supplying shareholder), or with any third party that transacts with
the Fonterra Group or carries on business in competition with the Fonterra Group:
• I am a director and shareholder of Cullands Limited jointly with associated persons (as defined in the Financial Markets
Conduct Act 2013), which is a supplying shareholder of the Fonterra Group and holds 176,662 shares.
To the best of my knowledge and belief the disclosures set out above are full and complete.
MATAKOHE
Mobile: 021 244 7707
Email: adamhcullen@gmail.com
Adam CULLEN

Fonterra Elections 2026 - Co-operative Council Candidate Profiles - Ward 3 - Southern Northland4
Kirsten Watson, along with her husband Don and three teenage sons, own a 112ha effective dairy farm in South Head milking 300
cows, split calving with adjoining leased 220ha run-off in a fully integrated dairy support, beef and cropping operation with a
strong focus on sustainability and efficiency.
Kirsten has a Bachelor of Science working as a veterinarian for 10 years before large herd sharemilking in Central Plateau and
progressing to dairy farm ownership in 2017. Kirsten has been actively involved in numerous dairy industry related projects
including Tillar Talk, E350 and the Fonterra Nestle GHG on-farm emissions reduction pilot project. She is a past national
New Zealand Dairy Industry Awards executive member, treasurer of Helensville Rugby Club and school Board of Trustees
representative. Currently she is member of the Northland Dairy Environment Leaders and the Livestock Improvement Corporation
(LIC) Shareholder Reference Group and most recently along with her husband Don was a winner of the 2026 Auckland Ballance
Farm Environment Awards.
With practical dairy farming experience and a clear understanding of today’s challenges and opportunities, Kirsten is committed to
representing shareholder views, encouraging open dialogue, and keeping farmers’ voices central to Fonterra’s future.
She brings a grounded, considered approach and a genuine commitment to helping build a strong, profitable, and sustainable
Co-operative. As a candidate for Ward 3 Southern Northland, Kirsten will represent shareholders with integrity, advocate for their
interests, and help strengthen engagement and understanding between shareholders and the Co-operative.
I am standing for the Co-operative Council because I believe in the co-operative principles that underpin Fonterra and in a strong
shareholder voice and representation. With collective action we can ensure a successful Co-operative into the future.
Candidate Interest Statement
Listed below are details of all business, investment and other relationships I have with Fonterra Co-operative Group Limited
and its subsidiaries (the “Fonterra Group”) (including as a supplying shareholder), or with any third party that transacts with
the Fonterra Group or carries on business in competition with the Fonterra Group:
• I am a director and shareholder of Morelands Pastoral Limited jointly with associated persons (as defined in the Financial
Markets Conduct Act 2013), which is a supplying shareholder of the Fonterra Group and holds 89,539 shares.
• I am a director and shareholder of Morelands Pastoral Limited jointly with associated persons (as defined in the Financial
Markets Conduct Act 2013), which holds shares in Sylait Milk Limited.
• I am an elected member of the Livestock Improvement Corporation Shareholder Reference Group for the Upper North
Island.
To the best of my knowledge and belief the disclosures set out above are full and complete.
HELENSVILLE
Mobile: 021 194 9303
Email: kirsten.morelands@gmail.com
Kirsten WATSON

Fonterra Elections 2026 - Co-operative Council Candidate Profiles - Ward 3 - Southern Northland5

If undelivered please return to:
The Returning Officer
Fonterra Elections 2026
PO Box 3138
Christchurch 8140
Free phone 0800 666 034
fonterra.com

You are automatically entitled to two votes. You may use your two votes in the following ways:
1. If you want BOTH YOUR votes to be the same just complete and return VOTING PAPER 1.
2. If you want your two votes to be different, or give the second vote to your sharemilker, tick the green circle below.
I want my two votes to be different and have completed both Voting Papers / I have given Voting Paper 2
to my sharemilker to complete.
Postal Voting Instructions
(Please read carefully)
• Please rank the candidates you wish to vote for
in your order of preference by clearly writing a
“1” beside the name of the candidate you most
prefer and a “2” beside the name of your second
most preferred candidate.
• You can rank as many or as few candidates as you
wish, though your vote is most effective if you
rank both candidates.
• You can only write one number “1” and one
number “2”. You must not give the same ranking
to more than one candidate.
• Do not vote with a cross “” or a tick “”.
• If you make a mistake, cross it out and write the
correct number next to it.
NUMBER
HERE
Ensure each number is written neatly
inside the voting box next to each
candidate.
Adam CULLEN
Kirsten WATSON
Postal Voting Instructions
(Please read carefully)
• Please rank the candidates you wish to vote for
in your order of preference by clearly writing a
“1” beside the name of the candidate you most
prefer and a “2” beside the name of your second
most preferred candidate.
• You can rank as many or as few candidates as you
wish, though your vote is most effective if you
rank both candidates.
• You can only write one number “1” and one
number “2”. You must not give the same ranking
to more than one candidate.
• Do not vote with a cross “” or a tick “”.
• If you make a mistake, cross it out and write the
correct number next to it.
NUMBER
HERE
Ensure each number is written neatly
inside the voting box next to each
candidate.
Adam CULLEN
Kirsten WATSON
For the Co-operative Council Election you have received two Voting Papers for each farm that you own in Ward 3.
Votes for the Co-operative Council Elections are on a per farm basis, not on milksolids production.
WARD 3 - SOUTHERN NORTHLAND
Election of ONE (1) Councillor
WARD 3 - SOUTHERN NORTHLAND
Election of ONE (1) Councillor
Voting Paper 1Voting Paper 2
Fonterra Elections 2026
Co-operative Council Election
Fonterra Elections 2026
Co-operative Council Election
YOU CAN VOTE IN ONE OF THE FOLLOWING WAYS:YOU CAN VOTE IN ONE OF THE FOLLOWING WAYS:
OPTION 1: ONLINE VOTING
Electronically via Farm Source website at:
www.nzfarmsource.co.nz/dashboard or
by scanning the QR code.
• Login using your Farm Source login and
password.
• Follow the voting links from the dashboard.
• Enter your Personal Identification Number (PIN) and password –
see below.
IMPORTANT: By entering the PIN and password you warrant and
undertake that you are authorised to exercise the vote of this
shareholder.
After voting online, you do not need to submit this Voting Paper
and it can be destroyed.
PINPassword
OR
OPTION 2: POSTAL VOTING
Post the completed “Voting Paper” to the Returning Officer in the
freepost reply envelope provided.
It is recommended that you post your Voting Paper no later than
Tuesday, 3 November 2026 so that it reaches the Returning Officer
before the close of voting.
Please only use one of these voting methods
OPTION 1: ONLINE VOTING
Electronically via Farm Source website at:
www.nzfarmsource.co.nz/dashboard or
by scanning the QR code.
• Login using your Farm Source login and
password.
• Follow the voting links from the dashboard.
• Enter your Personal Identification Number (PIN) and password –
see below.
IMPORTANT: By entering the PIN and password you warrant and
undertake that you are authorised to exercise the vote of this
shareholder.
After voting online, you do not need to submit this Voting Paper
and it can be destroyed.
PINPassword
OR
OPTION 2: POSTAL VOTING
Post the completed “Voting Paper” to the Returning Officer in the
freepost reply envelope provided.
It is recommended that you post your Voting Paper no later than
Tuesday, 3 November 2026 so that it reaches the Returning Officer
before the close of voting.
Please only use one of these voting methods
VOTING CLOSES AT: 10.30AM ON TUESDAY, 10 NOVEMBER 2026VOTING CLOSES AT: 10.30AM ON TUESDAY, 10 NOVEMBER 2026
For enquiries phone the ELECTION HELPLINE:
0800 666 034
For enquiries phone the ELECTION HELPLINE:
0800 666 034
SCAN TO GO TO
FARM SOURCE
WEBSITE
SCAN TO GO TO
FARM SOURCE
WEBSITE