The rules of the co-operative provide for the Board to have a minimum of five persons, comprising the Chief Executive, Farmer Elected Directors and other Executive or co-opted Non-executive Directors, as the Board requires. The Farmer Elected Directors must always be in the majority. Farmer Elected Directors hold office for three years, retiring by rotation to ensure annual elections for one or more Farmer Elected Directors.
The Board of directors currently comprises five Farmer Elected Directors, two Non-executive Directors and two Executive Directors, who are the Chief Executive and the Group Finance Director. The Board elects the Chairman of the Board from amongst its members.
The Farmer Elected Directors’ role in ensuring that policies and strategy remain appropriate in the competitive marketplace contributes to cohesion and commitment of the membership and requires considerable dedication. The Executive Directors, along with senior management (the executive group), are responsible for implementing Board decisions and managing the business on a day-to-day basis.
All of the Farmer Elected Directors are currently consigning milk to Milk Link Limited and hence have a business relationship with the co-operative. However, the business terms on which they deal with Milk Link Limited are no different from any other Member of the co-operative.
The Board meets regularly and has a formal schedule of matters specifically reserved to it for decision. The Board sets out and monitors strategy. In addition to Board Members, senior executives of the co-operative attend but do not vote at Board meetings to ensure transparent accountability of the business to the Board.
The Board has five sub-committees:
• Audit
• Remuneration and Nominations
• Strategic Planning
• Communications
• Corporate Social Responsibility
Each of these sub-committees reports its individual terms of reference (see sub-sections), but essentially whilst they are accountable to the full Board, the committees are empowered to execute Board responsibility within their relevant field.
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