Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra shareholders have voted to increase the allowance of directors and Co-operative Council members.
Co-op chairman Peter McBride’s allowance jumps $15,000 to $470,000 per annum.
Fonterra director fees lift $6000 to $191,000.
The motion to increase director allowance was approved by 85% of farmers at the co-op’s annual meeting in Rotorua today.
The motion to increase the remuneration of councillors was supported by 82% of shareholders.
The incoming council chair John Stevenson will now be paid $120,000, an increase of $10,000. Councillors get $38,500, an extra $1000.
A motion to retain KPMG as auditor for another year was passed by 97% of shareholders.
Almost 96% of shareholders also voted in favour ratifying the appointment of Scott St John as a director for another three year term.
St John was appointed to the Fonterra board in 2016.
He was the chief executive officer of First NZ Capital (FNZC) for 15 years, stepping down from that role in early 2017.
He is the chair of Fisher and Paykel Healthcare and serves on the board of ANZ Bank New Zealand, Mercury NZ Limited and NEXT Foundation.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
OPINION: Scientists claim to have found a new way to make a substitute for cow's milk that could have a…
OPINION: The Irish have come up with a novel way to measure cow belching, which is said to account for…