Prices have stayed flat on Fonterra’s latest globalDairyTrade auction.

The average selling price across all products eased 0.1 per cent to $US3522 per tonne.

Anhydrous milk fat fell the furthest, dropping 1.8 per cent  to $US5341 per tonne.

Whole milk powder dipped as well, while butter milk powder and skim milk powder firmed slightly.

DIRECTORS HOLD SEATS

Fonterra’s latest Board of Directors elections have finished with three incumbents – including chairman Sir Henry van der Heyden – retaining their seats.

Sir Henry, along with Malcolm Bailey and Ian Farrelly, have been returned to the dairy giant’s top table.

The result means challengers Maurice Hardie of Southland and Russ Rimmington of Waikato miss out on a spot.

Russ Rimmington says he’ll be back when three more positions are contested next year.

“I will run again, no question."

"I think my support group, which is obviously in the majority, were outraged when they tried to float the company on the stock exchange.

"It would have been a disaster for New Zealand, a disaster for Fonterra, I mean, they lost the plot."

But Mr Rimmington concedes board turnover is unlikely while the going’s good for the industry.

"[Shareholders] vote with their pocket, they see an all-time record [payout], and we’ve beaten all the competitors of course so they’re happy with status quo.

"The result was fair, but it rides on the world commodity prices at the auction, and of course you can’t guarantee results at an auction.”

Elections were also held for the Fonterra Shareholders’ Council.

Kevin Turnbull, David Werder and Angela Ward were all elected to the board.