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Fonterra’s disastrous financial result is trending on social media today, with former chief executive Theo Spierings' pay a focal point.
Much of the criticism and shock on Twitter have been directed towards the revelation that former chief executive Theo Spierings took home $8 million in salary and bonuses — for the second year in a row.
Dave Macpherson, Hamilton describes the pay as “a rip-off”.
“Dutch Fonterra boss gets $8.1m as he leaves on the back of Fonterra’s $196m annual loss,” he tweeted.
Paul Brislen replied that he could “efficiently lose $200m for the company and I’ll do it for half!”
Sharemilker Melissa Slattery thinks there’s something wrong with the long-term incentive pay at the co-op.
“What is Fonterra doing to stop repeat for management pay?
“Grinds my gears why is CFO at the time of making those decisions still employed by Fonterra.”
Former Agriculture Minister and opposition agriculture spokesman Nathan Guy also had his say on Fonterra’s poor results.
He tweeted that the results are very disappointing.
“The board and management will need to explain the ‘why’ & importantly what’s the go forward plan?.
“Farmers do the hard yards producing the milk & must see big improvements in performance. Regional NZ and the economy relies on a strong Fonterra.”
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.
An A$2 billion bid for Fonterra's Oceania business would be great news, according to Forsyth Barr senior analyst, equities, Matt Montgomerie.
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
Over 85% of Fonterra farmer suppliers will be eligible for customer funding up to $1,500 for solutions designed to drive on-farm efficiency gains and reduce emissions intensity.
August 6 marks Farm Worker Appreciation Day, a moment to recognise the dedication and hard mahi of dairy farm workers across Aotearoa - and DairyNZ is taking the opportunity to celebrate the skilled teams working on its two research farms.
OPINION: The Government has been seeking industry feedback on its proposed amendments to a range of Resource Management Act (RMA) national direction instruments.
A Taupo company says it's the first to bring CO₂-powered water heating technology to New Zealand dairy sheds, helping farmers cut energy costs by up to 85%.
Waikato is home to a diverse range of lakes, and experts say they urgently need better management and restoration.
Federated Farmers is renewing its call for Greenpeace to be stripped of its charitable status immediately, following the activist group's latest publicity stunt.
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.
OPINION: Sydney has a $12 million milk disposal problem.
OPINION: Canterbury milk processor Synlait's recovery seems to have hit another snag.
