LIC ends year with $30.6m profit
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
Farmer co-op LIC is to appoint Abigail (Abby) Foote as a new director.
The appointment, to be ratified at LIC's annual meeting on October 22, has been recommended by the board.
Foote, a professional director, will replace Jason Dale who retires from the board after a six-year stint.
Foote is currently a director and chair of the audit and risk committees of Z Energy Limited, BNZ Life Insurance Limited and the New Zealand Local Government Funding Agency and is a director of Transpower New Zealand.
Recommending Foote to shareholders, LIC's board says she has "a strong analytical and strategic focus, coupled with a critical awareness of corporate governance and risk management".
"With qualifications in both law and accounting, Abby's career has straddled both disciplines, focusing on corporate finance and commercial transactions.
"She has a breadth of experience in a number of diverse areas including mergers and acquisitions, treasury and structured finance transactions, telecommunications, management of large projects and strategic development and implementation."
If elected, Foote will chair LIC's audit, finance and risk committee.
The LIC board can invite up to three people to serve on the board.
LIC's annual meeting will be held in Hamilton.
Federated Farmers says the final report into banking competition is a significant step forward for rural New Zealand - and a vindication of the farming sector's concern.
Fonterra chair Peter McBride expects a strong mandate from farmers shareholders for the proposed sale of its consumer and related businesses to Lactalis for $3.8 billion.
Fonterra chief executive Miles Hurrell says the sale of the co-op’s consumer and associated businesses to Lactalis represents a great outcome for the co-op.
The world’s largest milk company Lactalis has won the bid for Fonterra’s global consumer and associated businesses.
Fonterra has increased its 2024/25 forecast Farmgate Milk Price from $10/kgMS to $10.15/kgMS.
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