Why Fonterra accepted defeat in the dairy aisle
OPINION: Fonterra's sale of its consumer dairy business to Lactalis is a clear sign of the co-operative’s failure to compete in the branded consumer market.
FONTERRA CHAIRMAN Henry van der Heyden is to get a 27% pay rise.
The co-op shareholders passed a resolution, at last week's annual meeting, boosting his salary from the current $315,000 to $400,000.
Shareholders also agreed to increase Fonterra director fees by 14% to $160,000. They will also receive allowance for board committee membership.
Fonterra director remuneration committee chairman Rodney Wilson says market expectations and trends for director fees – both here and overseas – were taken into account when setting the new fees.
"The committee believes it is important to set realistic fee levels, having particular regard to the broader market to ensure skilled directors are attracted and retained on the board," he told the meeting.
Wilson says the committee also looked at market trends and believes Fonterra director fees are "modest" in comparison to other New Zealand companies.
The committee also increased the fees of Fonterra Shareholders Council chairman Simon Couper by 12.5% to $90,000. The council's deputy chair will now get $55,000 – an increase of 25%, while councillors' fees remain unchanged at $25,000.
Fonterra shareholders also approved a new budget for the council. Independent director John Waller was re-elected for another term.
NZPork has appointed Auckland-based Paul Bucknell as its new chair.
The Government claims to have delivered on its election promise to protect productive farmland from emissions trading scheme (ETS) but red meat farmers aren’t happy.
Foot and Mouth Disease outbreaks could have a detrimental impact on any country's rural sector, as seen in the United Kingdom's 2000 outbreak that saw the compulsory slaughter of over six million animals.
The Ministry for the Environment is joining as a national award sponsor in the Ballance Farm Environment Awards (BFEA from next year).
Kiwis are wasting less of their food than they were two years ago, and this has been enough to push New Zealand’s total household food waste bill lower, the 2025 Rabobank KiwiHarvest Food Waste survey has found.
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