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Duncan Coull.
Fonterra Shareholders Council chairman Duncan Coull says farmers are unhappy with the co-op’s current performance.
Commenting on Fonterra’s annual results, he says the underlying result and its impact on earnings, dividend and carrying value is totally unacceptable and one that our farming families will not want to see repeated.
“Moving forward, it is imperative that our business builds confidence through achievable targets and at levels that support a higher carrying value of our farmers’ investment.
“We have been encouraged in the recent short term by the willingness of the board and management to take an honest look at our position and make the necessary changes.
“We are looking forward to a continuation of more open and transparent discussions, and seeing those translate into long term results.”
Coull also noted the co-op’s $20 billion revenue resulting from the very strong milk price.
“The New Zealand public needs to recognise that out of that $20 billion revenue, a good portion remains in the New Zealand economy. That’s a real positive - no other New Zealand business delivers that,” he says.
Despite today’s results announcement, Coull says the council remains firmly resolved that Fonterra as a strong co-op “is the only model that serves to deliver a strong future for our farming families in New Zealand”.
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
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Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
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