Fonterra won't confirm consulting firm McKinsey & Co is participating in a review of management performance at the world's largest dairy exporter, even though its shareholders' council has praised the appointment.
The review was referred to obliquely in April as part of an announcement that Fonterra management team member Jacqueline Chow was being appointed to a new role - chief operating officer, Velocity, in charge of driving the value add side of the business harder.
Following reports that McKinsey & Co is involved, Chow said "we do not discuss any of our commercial relationships in public."
But when questioned on McKinsey & Co taking part in the review, Fonterra Shareholders' Council chairman Ian Brown said that was already known and that it was a good idea to have an external party review management performance.
"You can get too close to things and need a fresh set of eyes to see what you're not seeing," he said.