Fonterra trims board size
Fonterra’s board has been reduced to nine - comprising six farmer-elected and three appointed directors.
Fonterra chief executive Theo Spierings says since the co-op's formation in 2001, the board and farmer shareholders had made the tough decisions required to position it for growth.
Establishing a Fair Value Share, achieving a transparent Milk Price, and introducing a dividend policy were the first three hurdles, he told Fonterra's annual meeting in Hamilton today.
"This year, TAF (trading among farmers) has delivered permanent share capital and a stable capital base," he says.
"Looking ahead, our business strategy is to grow volumes, grow value, generate more cash and improve our return on capital."
To deliver on this, Spiering's priorities are to:
• Shift more ingredients sales direct to customers and generate prices higher than Global Dairy Trade;
• Grow consumer and foodservice volumes;
• Align costs and spending so the co-op has money to invest in areas that will generate growth; and
• Maintain a balance between environmental, economic and social sustainability.
•
"We have to start thinking differently about cost – and have already started doing this with our focus on reducing costs by $60 million this financial year."
Building a durable co-operative for the future meant Fonterra had to align spending, to make sure resources were directed to the right priorities, says Spierings.
Prime Minister Christopher Luxon says the relationship between New Zealand and the US will remain strong and enduring irrespective of changing administrations.
More than 200 people turned out on Thursday, November 21 to see what progress has been made on one of NZ's biggest and most comprehensive agriculture research programmes on regenerative agriculture.
The a2 Milk Company (a2MC) says securing more China label registrations and developing its own nutritional manufacturing capability are high on its agenda.
Stellar speakers, top-notch trade sites, innovation, technology and connections are all on offer at the 2025 East Coast Farming Expo being once again hosted in Wairoa in February.
As a guest of the Italian Trade Association, Rural News Group Machinery Editor Mark Daniel took the opportunity to make an early November dash to Bologna to the 46th EIMA exhibition.
Livestock can be bred for lower methane emissions while also improving productivity at a rate greater than what the industry is currently achieving, research has shown.
OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.
OPINION: The Listener's latest piece on winter grazing among Southland dairy farmers leaves much to be desired.