Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
The Commerce Commission has released its draft report following a review of Fonterra’s base milk price manual for the 2021-22 season.
It is also inviting public submissions on the draft report.
The Manual describes the methodology used by Fonterra to calculate its base milk price – the amount farmers receive from Fonterra for each kilogram of milk solids in a dairy season.
The Commission says its preliminary conclusion is that the Manual is consistent with both the efficiency and contestability dimensions of the purpose of the base milk price monitoring regime, with the exception of the rule for the asset beta.
The Commission says it considers a number of issues from previous years to be resolved and there is more transparency overall.
Recent amendments to the Dairy Restructuring Act (DIRA), which came into force on 1 June 2021, mean Fonterra’s discretion in estimating the asset beta has been reduced.
The Commission’s view is that the Manual rule for the asset beta is inconsistent with new requirements set out in DIRA because it potentially allows for an approach different from the approach prescribed in the Act.
In previous Manual reviews and the review of the 2020/21 base milk price calculation, the Commission identified a number of potential issues with how the Manual gives effect to the DIRA definition of “commodity”
Based on the information available, the Commission says it does not consider these matters as rendering the 2021/22 season’s Manual as wholly inconsistent with the DIRA purposes, but the Commission says it intends to examine more closely how the Manual gives effect to the DIRA definition of “commodity” in a future Manual review.
Submissions on the draft report are welcomed and need to be submitted by 15 November 2021.
A final report will be published by 15 December 2021.
Federated Farmers president Wayne Langford is claiming “some real success” on the 12 policy priorities it placed before the Coalition Government.
Federated Farmers is throwing its support behind the Fast-track Approvals Bill introduced by the Coalition Government to enable a fast-track decision-making process for infrastructure and development projects.
The latest report from ANZ isn’t good news for sheep farmers: lamb returns are forecast to remain low.
Divine table grapes that herald the start of a brand-new industry in Hawke’s Bay have been coming off vines in Maraekakaho.
In what appears to be a casualty of the downturn in the agricultural sector, a well-known machinery brand is now in the hands of liquidators and owing creditors $6.6 million.
One of New Zealand’s deepest breeder Jersey herds – known for its enduring connection through cattle with the UK’s longest reigning monarch, Queen Elizabeth II – will host its 75th anniversary celebration sale on-farm on April 22.