Fonterra Board Pay Rise: Chair Fee Up to $528,500
Fonterra board members are in line for a pay rise of around 3%.
The co-operative has also lifted and narrowed the forecast range from $8.50 - $10.50/kgMS to $9 - $10.50/kgMS.
Fonterra chief executive, Richard Allen says the updated forecast is driven largely by improving demand for Whole Milk Powder (WMP) and Skim Milk Powder (SMP).
"Over the last two events, our WMP and SMP pricing on Global Dairy Trade has increased by about 5% and 7% respectively. This is driven by sustained demand from across Southeast Asia, Middle East, Africa and China.
“We have also had a good start to the season which sees our sales book well-contracted for this stage of the year, despite record milk collections, giving us confidence to lift and narrow the forecast range.
“There’s plenty more to do, and we are continuing to monitor factors that could affect global supply and demand for dairy."
The co-op has also increased the organic milk price, with the midpoint lifting from $14.30/kgMS to $15.25/kgMS, and the range moving from $13.30 - $15.30/kgMS to $14.50 - $16/kgMS.
“Our teams will leverage our scale and flexibility to adapt and make sure we’re capturing the most value for our farmers’ milk,” says Allen.
