LIC shareholders have elected a new North Island representative to the co-operative’s Board and five representatives to its Shareholder Reference Group (SRG) following its Annual Meeting in Invercargill yesterday.
Richard Snell was elected to the LIC Board as the North Island representative, while shareholders also ratified the re-appointment of Sophie Haslem as an Appointed Director for a further three-year term.
Richard is an independent farm consultant based in the Waikato, with dairy farming interests across the Waikato and King Country. He brings extensive dairy sector experience from New Zealand and overseas, with a strong focus on science-led decision-making and the co-operative model.
Additionally, Todd Halliday, Kevin Argyle, Clarence Stolte, Linda Rollinson and Enda Hawe were elected to represent shareholders across the Upper North Island, Lower North Island and Upper South Island territories, as well as Carlos Cuadrado, who has been appointed by the SRG as an Appointed Member.
LIC Board Chair Corrigan Sowman thanked shareholders who took part in this year’s voting and welcomed the new representatives.
“I want to thank everyone who took the time to vote and have their say. Farmer ownership is at the heart of LIC, and our shareholders have a genuine voice in who represents them and the future of their co-operative.
“I’d also like to thank everyone who put their name forward. Standing for election is a significant commitment, and we’re fortunate to have farmers willing to contribute their time and experience to LIC.
“We’re pleased to welcome Richard to the Board and our new members to the SRG. They bring valuable experience and farmer perspectives to LIC, and I look forward to working with them as we continue to deliver for our shareholders and the wider dairy sector.”
Sowman also acknowledged retiring Director Duncan Coull, thanking him for his significant contribution to LIC and its shareholders.
“Duncan has been a strong advocate for our farmer shareholders and has brought considerable farming experience and insight to the Board. We’re incredibly grateful for the commitment, perspective and leadership he has given LIC during his time as a Director, and we wish him all the best for what comes next.”
Sowman also thanked departing LIC’s Shareholder Reference Group members Aleisha Broomfield, Phil Lowe and Dan Joho for the important role they played representing shareholder interests and maintaining a strong connection between the co-operative and its farmers.
The meeting also reflected on LIC’s financial performance and the co-operative’s continued focus on investing for long-term value on farm.
LIC delivered underlying earnings of $21.8 million for the 2025/26 financial year, representing a 7.2% return on capital, while revenue increased 6.7%. LIC maintained a strong balance sheet with no term debt and declared a dividend at 80% of underlying earnings.
Sowman said LIC’s financial strength allowed the co-operative to invest with a longer-term view, with the benefits of those decisions often showing up on farm over many years.
“As a co-operative, we have the ability to invest in things that no individual farmer could or would choose to do alone. That means looking beyond the next few quarters and making decisions that will continue creating value for farmers well into the future.
LIC’s Board comprises six farmer-elected Directors and up to four Appointed Directors. The Shareholder Reference Group (SRG) is an elected and appointed body of shareholders established to promote shareholder interests and assist LIC to deliver on its purpose and vision.
Read the full results: LIC 2026 Annual Meeting Voting Results. You can watch a recording of the meeting here.
2026 election and appointment results
LIC Board
Elected: Richard Snell – North Island Director
Re-appointed and ratified by shareholders: Sophie Haslem – Appointed Director
Retiring: Duncan Coull – North Island Director
Shareholder Reference Group
Upper North Island: Todd Halliday
Lower North Island: Kevin Argyle, Clarence Stolte
Upper South Island: Linda Rollinson, Enda Hawe
Appointed Member: Carlos Cuadrado
Departing members: Aleisha Broomfield (Upper North Island), Phil Lowe (Upper South Island) and Dan Joho (Appointed Member)
