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Fonterra Shareholders' Fund board of directors
7 current directors, 71% independent, average tenure 3.7 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Mary Jane Daly | Chair | No | 2020 | 6.0 yrs | — |
| Michelle Pye | Independent Director | Yes | 2025 | 0.9 yrs | — |
| John Nicholls | Non-Independent Director | No | 2022 | 4.0 yrs | — |
| Jonathan Mason | Independent Director | Yes | 2026 | 0.1 yrs | — |
| Carlie Eve | Independent Director | Yes | 2022 | 4.0 yrs | — |
| Alastair Hercus | Independent Director | Yes | 2022 | 4.0 yrs | — |
| Kim Ellis | Independent Director | Yes | 2019 | 6.9 yrs | — |
FSF governance score breakdown
Fonterra Shareholders' Fund scores 79/100 (Very Good) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 22/25
- Shareholder rights
- 17/20
- Executive remuneration
- 3.5/10
FSF dividends
The most recent Fonterra Shareholders' Fund dividend on record is 40.00 cents per share, for FY2026 (interim).
Fonterra Shareholders' Fund largest shareholders
Top 10 registered holders of FSF as disclosed for FY2026. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | New Zealand Depository Nominee Limited | 10.49% |
| 2 | BNP Paribas Nominees (NZ) Limited - NZCSD <BPSS40> | 4.64% |
| 3 | Accident Compensation Corporation | 4.48% |
| 4 | BNP Paribas Nominees (NZ) Limited - NZCSD | 3.66% |
| 5 | HSBC Nominees (New Zealand) Limited | 3.23% |
| 6 | Custodial Services Limited | 2.62% |
| 7 | Forsyth Barr Custodians Limited | 2.38% |
| 8 | JBWere (NZ) Nominees Limited <NZ Resident A/C> | 1.34% |
| 9 | Apex Custodian Nominees (NZ) Limited | 1.28% |
| 10 | Citibank Nominees (New Zealand) Limited | 1.25% |
Recent FSF NZX announcements
The 10 most recent filings by Fonterra Shareholders' Fund to the NZX.
- Results announced for the 2026 Fonterra ElectionsAGM
- Northington Partners Independent ReportGeneral
- D&O Ongoing Disclosure Notice – Peter McBrideInsider Disclosure
- Monthly Allotment / Redemption NoticeCapital Change
- Global Dairy Update October 2026Operational Update
- Fonterra lifts forecast 2026/27 Farmgate Milk PriceOperational Update
- Notice of Annual Meeting Fonterra Co-operative Group LtdAGM
- Fonterra announces Chief Financial Officer resignationOther
- 2026 Fonterra Shareholders’ Fund Notice of MeetingAGM
- Global Dairy Update September 2026Operational Update
Fonterra Shareholders' Fund (FSF) — frequently asked questions
What does Fonterra Shareholders' Fund do?
Fonterra Shareholders' Fund is a closed-end fund that provides non-farmer investors with economic rights equivalent to holding Fonterra Co-operative Group shares. The fund units trade on the NZX, offering exposure to Fonterra's global dairy operations. Fonterra Shareholders' Fund is listed on the NZX under the ticker FSF, in the Consumer Staples sector.
What is the Fonterra Shareholders' Fund (FSF) share price?
Fonterra Shareholders' Fund (NZX:FSF) shares closed at $9.26 on 11 November 2026, down 0.43% on the previous close. At that price its market capitalisation was about $995 million, based on 107,410,984 shares on issue as at 1 March 2026.
Who are the directors of Fonterra Shareholders' Fund?
Fonterra Shareholders' Fund has 7 current directors: Mary Jane Daly (Chair), Michelle Pye (Independent Director), John Nicholls (Non-Independent Director), Jonathan Mason (Independent Director), Carlie Eve (Independent Director), Alastair Hercus (Independent Director) and Kim Ellis (Independent Director). 5 of the 7 are recorded as independent (71%). Average board tenure is 3.7 years.
Who is the chair of Fonterra Shareholders' Fund?
Mary Jane Daly chairs the Fonterra Shareholders' Fund board, and has been a director since 2020.
What was Fonterra Shareholders' Fund's most recent dividend?
The most recent Fonterra Shareholders' Fund dividend on record is 40.00 cents per share for FY2026 (interim).
Who are the largest shareholders of Fonterra Shareholders' Fund?
The largest registered holder of FSF shares in the FY2026 top-20 register was New Zealand Depository Nominee Limited, with 10.49%, followed by BNP Paribas Nominees (NZ) Limited - NZCSD <BPSS40> (4.64%) and Accident Compensation Corporation (4.48%). Custodians and nominees on the register hold shares on behalf of other investors.
What is Fonterra Shareholders' Fund's governance score?
Fonterra Shareholders' Fund has an NZXplorer Governance Risk Score of 79/100 (Very Good) for FY2026, based on 73% data coverage.
When is the Fonterra Shareholders' Fund annual meeting?
Fonterra Shareholders' Fund's next annual meeting is scheduled for 12 November 2026.
Consumer Staples companies on the NZX
Compare Fonterra Shareholders' Fund with other NZX-listed consumer staples companies.
- Fonterra Co-operative Group Limited (FCG)
- The a2 Milk Company Limited (ATM)
- Sanford Limited (SAN)
- Delegat Group Limited (DGL)
- Synlait Milk Limited (SML)
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