Tuesday, 22 November 2011 08:42

Directors in for a pay rise

Written by 

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.

More like this

Fonterra trims board size

Fonterra’s board has been reduced to nine - comprising six farmer-elected and three appointed directors.

Returns 'not good enough'

Fonterra leaders are making their case for offloading the co-operative's $3 billion consumer business, noting that its return on capital has been nowhere near respectable.

Record milk price!

A record farmgate milk price for Fonterra shareholders is all but confirmed for this season.

Chinese strategy

OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.

Featured

Massey Research Field Day attracts huge interest

More than 200 people turned out on Thursday, November 21 to see what progress has been made on one of NZ's biggest and most comprehensive agriculture research programmes on regenerative agriculture.

Expo set to wow again

Stellar speakers, top-notch trade sites, innovation, technology and connections are all on offer at the 2025 East Coast Farming Expo being once again hosted in Wairoa in February.

A year of global challenges

As a guest of the Italian Trade Association, Rural News Group Machinery Editor Mark Daniel took the opportunity to make an early November dash to Bologna to the 46th EIMA exhibition.

National

OSPRI's costly software upgrade

Animal disease management agency OSPRI has announced sweeping governance changes as it seeks to recover from the expensive failure of…

Machinery & Products

BA Pumps expand

Cambridge based BA Pumps & Sprayers, specialists in New Zealand-made spraying equipment, has acquired Tokoroa Engineering’s product range, including the…

Entries open for innovation award

Fieldays and its renowned Innovation Awards are celebrating their 57th year, marking a longstanding tradition in the agricultural calendar, with…

» Latest Print Issues Online

Milking It

Chinese strategy

OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.

Not fair

OPINION: The Listener's latest piece on winter grazing among Southland dairy farmers leaves much to be desired.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter