Fonterra consumer business sale price jumps to $4.22b
The sale price of Fonterra’s global consumer and associated businesses to the world’s largest dairy company Lactalis has risen to $4.22 billion.
Chinese media say Fonterra’s two directors on its joint venture, Beingmate have expressed reservations about a new independent director approved by the board recently.
Fonterra Chinese operations head and Beingmate director Christina Zhu is quoted saying the outgoing director Liu Xiaosong had extensive experience in financial accounting and internal control.
He played an important role in corporate governance and internal auditing as the audit committee chairman.
“The company is currently faced with many complex financial, internal control and accounting issues, and has been repeatedly concerned about inquiries by the Chinese Securities Regulatory Authority.
“The company is also in a difficult business environment and faces many challenges. Therefore, it is urgent to have a person with rich financial and accounting experience – an independent director with an internal control background and experience in corporate management and/or financial accounting practices to succeed Mr Liu Xiaosong.”
The reports said that while new director Ma Juan is well educated and has an academic background, she does not have a professional accounting background or knowledge and financial audit experience.
“The Beingmate company is facing a lot of financial and internal control issues, and the independent director will also serve as a member of the audit committee.
“Although Ms Ma Juan has the qualifications for a single director, she is not suitable at this time as a candidate to replace Liu Xiaosong.”
Zhu and Priem recommended another candidate for the board but that person did not succeed.
Thus far in 2025, the Hawke's Bay rescue helicopter crew have completed over 220 missions, resulting in numerous positive patient outcomes.
The New Zealand Food Network's (NZFN) fifth birthday celebrations have been boosted by a whopping five tonne meat donation from meat processor ANZCO.
Pukekohe vegetable growers farewelled 101-year-old Alan Wilcox in late July, celebrating his many achievements and reflecting the widespread respect in which he was held.
A new nationwide survey shows New Zealanders expect farmers and food producers to play a leading role in cutting greenhouse gas emissions, but also gave them higher marks than most industries for their current efforts.
North Otago farmer Jane Smith is standing for the Ravensdown South Island director seat.
The Government and horticulture sector have unveiled a new roadmap with an aim to double horticulture farmgate returns by 2035.
OPINION: Milking It reckons if you're National, looking at recent polls, the dream scenario is that the elusive economic recovery…
OPINION: Sydney has a $12 million milk disposal problem.