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Fonterra director fees lift $6000 to $191,000.
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.
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.
Fresh produce grower and exporter T&G Global has overturned last year’s dismal performance by reporting a half year net profit of $1.7 million.
One of New Zealand’s largest fertiliser plants could be forced to shut down for four months as uncertainty looms over gas supply.
Federated Farmers North Canterbury president Bex Green says two public meetings held this week should have made it loud and clear that rural families and businesses are concerned about proposed staffing changes at NZ Police.
The Environmental Protection Authority (EPA) is consulting on a proposal to ban weedkillers containing chlorthal-dimethyl (DCPA).
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.
