Friday, 18 October 2019 13:03

Watchdog or lapdog?

Written by  Milking It

At last we see Fonterra shareholders asking questions about its supposed watchdog, the shareholders council.

After years of rubber stamping strategy and executive performance now revealed as fairly average, the council has earned a reputation as being more lapdog than watchdog. Concerned shareholders now want answers. 

They have put a resolution for the Fonterra annual meeting demanding an independent review of the council, to be completed mid-2020 with any constitutional changes tabled at the 2020 annual meeting. 

Crucially, they don’t want another internal whitewash review: they rightly say it must be independent. Milking It has long held doubts about the council’s independence, given it is a proven gateway to plum board positions within the Fonterra network.

Off the back of a $605 million loss this review is a no-brainer. The watchdog has been caught napping on the job.

More like this

Two re-elected to co-op

Re-elected Fonterra directors Andy Macfarlane and Donna Smit are looking forward to another three years on the board.

» The RNG Weather Report

Featured

Soil moisture: no more looking over the fence

Farm manager Bryan Mitchell describes as brilliant the SCADAfarm systems that allow him to remotely monitor and manage the irrigation of his 300ha of leased grazing land near Kirwee.

 

Separation gives constant result

Effluent separation offers a number of unique advantages, and opportunities that other systems don’t offer, says farm equipment manufacturer Rakaia Engineering Ltd (REL) Group.

Cultivating the right way

Cultivation of paddocks is common on farms at this time of year. It’s also a time when local storms may occur, adding substantial risk to an important farming practice.

» The RNG Weather Report

» Latest Print Issues Online

Milking It

Angry as usual

The usual culprits are angry at hearing last week that the Government and the agri sector will work together to…

Vladimir the dairy farmer

Russian President Vladimir Putin is a master tactician in taking advantage of international conflicts.

» Connect with Dairy News