Chinese strategy
OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.
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.
A governance group has been formed, following extensive sector consultation, to implement the recommendations from the Industry Working Group's (IWG) final report and is said to be forming a 'road map' for improving New Zealand's animal genetic gain system.
Free workshops focused on managing risk in sharefarming got underway last week.
Annual farmer gathering, the South Island Dairy Event (SIDE), is set to make history as it heads to Timaru for the first time.
Installing 400 solar panels at their Taranaki piggery and cropping operation will have significant environmental, financial and animal welfare benefits for the Stanley family.
WoolWorks, New Zealand’s largest wool-scouring company, has partnered with the Lions Club of Riverton to help raise money for much-needed repairs to the Southland town’s swimming pool.
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OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.
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