Fonterra cements position as the big cheese!
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
FONTERRA SHAREHOLDERS Council says it backs the co-op's decision to pay a lower milk price last year than the price calculated in accordance with the milk price manual.
The co-op paid 53c/kgMS less than what was calculated in accordance with the panel.
Despite being short-paid, Fonterra farmers received a record payout of $8.40/kgMS.
Speaking at the co-op's annual meeting in Palmerston North yesterday, council chairman Ian Brown says it was the right decision.
"The council questioned the rationale for and the effect of the board's decision and after discussions with the board and management we are satisfied with the explanation for this," he says.
"The council's view is that borrowing money to distribute revenue that was not earned in order to meet the milk price panel's recommendation would not have been in the best interest of our farmers.
"The milk price is of such importance to our farmers that any movement away from the price outlined by the manual, positive or negative, must be scrutinised and the board must be very clear in their justification for any change."
He noted that the farmgate milk price provides farmers with an accurate signal from which to make decisions around on-farm production and cost.
It also drives the co-op management to work to ensure the maximum sustainable payout to farmers is realised, he adds.
"The council has the utmost confidence in the manual and believe it is robust and transparent," Brown says.
Farmer-led charity, Meat the Need is calling for donations to enable it to supply more meals to families in need.
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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