Tuesday, 23 November 2021 11:55

Anti co-operative?

Written by Milking It

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OPINION: Agriculture Minister Damien O’Connor has thrown a spanner in the works as far as Fonterra’s proposed capital structure is concerned.

He wants unspecified “alternative measures” otherwise Parliament won’t pass regulatory changes needed for the new structure to become effective.

O’Connor’s stance is going against the wishes of Fonterra’s 10,000 farmer shareholders, who have helped the board draft the capital structure proposal so that it remains 100% farmer owned and controlled.

But O’Connor was singing a different tune when Westland Milk, located on his home patch, was sold to a Chinese buyer two years ago.

He was unhappy with the co-op being offloaded to an overseas buyer and even wished Fonterra had bought the Hokitika-based business.

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