Fonterra has announced newly appointed independent director Scott St John will join the Fonterra Board on November 1.

New Zealand's largest business has also confirmed the three members of its newly created Independent Selection Panel which was approved by shareholders at a special meeting earlier this month.

Chairman John Wilson say world-class governance is one of the board's top priorities and strong support recently from shareholders to enhance governance at Fonterra reinforced the intent to attract high quality directors.

'The Board welcomes Scott who is a New Zealander with proven strategic financial skills underpinned by his commitment to the New Zealand financial services industry, the economy and his local communities.”

Scott is currently CEO of First NZ Capital and has nearly 30 years of experience with funds management and securities transactions which have involved him advising the boards and senior managers of prominent companies and organisations in New Zealand and globally.

His experience as a leader of a high-performing organisation has instilled in him a deep appreciation of the importance of engaging with people to drive success, says John.

'Scott was appointed to the Council of the University of Auckland in 2009 and was appointed Pro-Chancellor in 2014. He is a director of Fisher and Paykel Healthcare and will be standing down from his role as CEO of First NZ Capital in early 2017.

'He is a passionate New Zealander who cares for the prosperity of the country, and will bring an added perspective to the Fonterra Board.”

John says with the loss of an outstanding director following the retirement and subsequent passing of John Waller, the strategic financial skills that Scott will brings to Fonterra will be welcomed.

While the three members who've been appointed to Fonterra's Independent Selection Panelare chair Dame Alison Paterson, board appointee John Spencer CNZM, Shareholders' Council appointee Sir John Anderson.

The panel will play a critical role in Fonterra's new Farmer Director election process by providing the co-op's board and Shareholders' Council with independent opinion and assessment of Farmer Director candidates who go through the new confidential selection process.

Fonterra Shareholders' Council chairman Duncan Coull says both the board and council had independently sought individuals with significant governance experience, and who understood New Zealand's agriculture industry, the nature of co-ops and global business.

'Fonterra was privileged to have attracted panel members of such high calibre and breadth of governance experience. The panel members have the capability and experiences to determine which candidates have the attributes and skills that the co-operative's board will require in the future.”

The new selection process also includes the option for eligible Fonterra farmers to choose to stand outside the process and be considered alongside their fellow farmers who have been recommended by the Independent Selection Panel.

Farmers will have a choice of following the guidance of the Independent Selection Panel, or voting for any farmer who decides to stand outside this process.

For more information visit Fonterra's website at: www2.fonterra.com