increase font size
John Monaghan.
Fonterra chairman John Monaghan says the co-op is not broken but still needs to change.
He told about 130 shareholders at the co-op’s annual meeting in Invercargill last week that there is a lot of commentary on “the Beingmates and China Farms, so it’s important to bring some balance to those conversations”.
“We have a milk price that is consistently on par with our peers in Europe and the US. We should be incredibly proud of that milk price.
“It doesn’t just fall from the sky. We work to deliver it every day and it benefits every New Zealand farmer, rural community and our national economy.”
But Monaghan says the co-op needs to change: to take the best things from the past and adapt them for the future.
He says the co-op has also learnt to listen more to its farmer shareholders and other stakeholders.
“When we listened to our farmers, unit holders, customers, partners and other stakeholders, they told us they wanted to be part of our co-op, but we needed to show up differently.
“I hope you’ve seen change in the way we communicate with you. Doing more listening than talking, and taking what I call ‘the shine’ off our language has improved the standing of our co-op in many people’s minds.
“Our new purpose is already guiding our decisionmaking, culture and behaviour as an organisation.”
Monaghan urged shareholders to judge the board by its actions more than its words.
“When you look at our key milestones for the year, you see a co-op doing what it said it would.
“Last year I was humbled to stand up at the annual meeting for the first time as your chairman. We signalled that day that there would be fundamental change in the co-op and you wouldn’t die wondering. We have delivered on that commitment.”
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
An A$2 billion bid for Fonterra's Oceania business would be great news, according to Forsyth Barr senior analyst, equities, Matt Montgomerie.
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
Over 85% of Fonterra farmer suppliers will be eligible for customer funding up to $1,500 for solutions designed to drive on-farm efficiency gains and reduce emissions intensity.
Fresh produce grower and exporter T&G Global has overturned last year’s dismal performance by reporting a half year net profit of $1.7 million.
One of New Zealand’s largest fertiliser plants could be forced to shut down for four months as uncertainty looms over gas supply.
Federated Farmers North Canterbury president Bex Green says two public meetings held this week should have made it loud and clear that rural families and businesses are concerned about proposed staffing changes at NZ Police.
The Environmental Protection Authority (EPA) is consulting on a proposal to ban weedkillers containing chlorthal-dimethyl (DCPA).
August 6 marks Farm Worker Appreciation Day, a moment to recognise the dedication and hard mahi of dairy farm workers across Aotearoa - and DairyNZ is taking the opportunity to celebrate the skilled teams working on its two research farms.
OPINION: The Government has been seeking industry feedback on its proposed amendments to a range of Resource Management Act (RMA) national direction instruments.
OPINION: Sydney has a $12 million milk disposal problem.
OPINION: Canterbury milk processor Synlait's recovery seems to have hit another snag.
