Wednesday, October 17, 2018
 GDT Announces Inaugural Oversight Board Chair  

GlobalDairyTrade has announced the appointment of respected commodity market expert and non-executive director, Bill Shields, as the inaugural independent Chairman of the GDT Oversight Board.

A new financial member class has also been added to the GDT Oversight Board with three representative positions to be filled by FC Stone International (US), NZX Limited and OM Financial (NZ). The Board now comprises 11 highly respected members providing a balanced representation of the trading platform’s participants. 


GDT Director Eric Hansen said the formation of the new GDT Oversight Board, inclusion of financial market members and the appointment of inaugural independent Chairman Mr Shields, brings GDT’s governance into line with best practice for providers of benchmark prices.


“Mr Shields has extensive financial markets and governance experience and brings a deep understanding of commodity markets from his involvement in the electricity and gas trading platforms in New Zealand, Singapore and Australia. Mr Shields understands regulation and market development having held senior international economist and director roles,” he said.


Mr Shields is currently a Director on the Capital Markets Board of the Queensland Treasury Corporation and sits on its Funding and Markets Committee. Previously he held senior economist and executive director roles at companies such as Macquarie Bank, Reserve Bank of Australia and the International Monetary Fund and the Treasury in Canberra.


“GDT is focused on the next steps for growth and these changes are part of the substantial consultation process we undertook in June last year. The new GDT Oversight Board is one of those changes and strengthens the business and the platform,” Mr Hansen said.


Bill Shields said he was very pleased to bring his international experience to work with the Oversight Board and GDT in the formation and development of market platforms.


“GDT has been an innovator and leader transforming the way the world trades dairy products from the outset. The formation of the new GDT Oversight Board marks a maturing to the next stage of development to ensure GDT continues to set the benchmark for price transparency, discoverability and ease of commerce in trading dairy products,” he said.

The GDT Oversight Board has been established to ensure that GDT Events is operated and developed in accordance with the guiding principles listed in the GDT Market Rules. The board will also vote on proposed changes to the GDT Market Rules. Each member has one vote and changes to the GDT Market Rules require a 75% majority and at least one vote in favour from each member group (bidder, seller, financial).


The GDT Oversight Board comprises 11 members: Kishore Jhala, Chief Operating Officer, Amul (GCMMF Ltd), India; Thomas Carstensen, Senior Vice-President, Arla Foods amba, Denmark; Hoyt Huffman, Chief Executive Officer, Dairy America Inc, USA; Robert Chesler, Vice President, INTL FCStone Inc, USA; Josh Sigmund, Director Ingredients Sales & Operations Planning, Fonterra Cooperative Group Ltd, New Zealand; Didier Messein, Global Sourcing Manager, Fromageries Bel S.A, France; Roberto Bustamante, Logistics Manager, Gloria S.A, Peru: PT Joseph, Executive Manager, Kuwaiti Danish Dairy Company, Kuwait; Kathryn Jaggard, Head of Derivatives, NZX Ltd, New Zealand; Anthony Pavlovic, Managing Director Dairy Division, Olam International Ltd, Singapore; Nigel Brunel, Director Financial Markets, OM Financial Ltd, New Zealand.

Source: GlobalDairyTrade


Posted on Thursday, April 21, 2016 (Archive on Thursday, April 28, 2016)
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