Solid third quarter result for Fonterra
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
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.
Farmers appear to be backing the Government's recent Resource Management Act (RMA) reforms announcement.
For the first time, all the big names in agricultural drone technology are being brought together under one marquee at the National Fieldays.
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
The Fieldays Innovation Awards competition has attracted a diverse and impressive array of innovations from across the primary industries, highlighting the growing importance of technology shaping the future of farming.
Coming to the fore following the carnage of Cyclone Gabrielle, Starlink became well known for providing internet access even in NZ's most inaccessible places.
From this winter farmers will have a greater choice of feed types and blend options than ever before, thanks to Farmlands' purchase of animal nutrition company SealesWinslow.
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