Pāmu Braces for $30m Hit From Rising Farm Costs
State farmer Pāmu is bracing for a $30 million hit from soaring farm input costs this financial year.
Richard Snell was elected to the LIC Board as the North Island representative. Shareholders also ratified the re-appointment of Sophie Haslem as an Appointed Director for a further three-year term.
Snell is an independent farm consultant based in the Waikato, with dairy farming interests spanning the Waikato and King Country. He brings extensive dairy sector experience from both New Zealand and overseas, with a particular focus on science-led decision-making and the co-operative model.
Alongside the Board result, shareholders elected Todd Halliday, Kevin Argyle, Clarence Stolte, Linda Rollinson and Enda Hawe to represent shareholders across the Upper North Island, Lower North Island and Upper South Island territories. Carlos Cuadrado has also joined the SRG, appointed by the group itself as an Appointed Member.
Board Chair Thanks Shareholders and Candidates
LIC Board Chair Corrigan Sowman thanked shareholders who took part in this year's voting and welcomed the incoming representatives.
"I want to thank everyone who took the time to vote and have their say. Farmer ownership is at the heart of LIC, and our shareholders have a genuine voice in who represents them and the future of their co-operative," Sowman said.
"I'd also like to thank everyone who put their name forward. Standing for election is a significant commitment, and we're fortunate to have farmers willing to contribute their time and experience to LIC."
"We're pleased to welcome Richard to the Board and our new members to the SRG. They bring valuable experience and farmer perspectives to LIC, and I look forward to working with them as we continue to deliver for our shareholders and the wider dairy sector."
Farewells to Outgoing Representatives
Sowman also acknowledged retiring Director Duncan Coull, thanking him for his significant contribution to LIC and its shareholders.
"Duncan has been a strong advocate for our farmer shareholders and has brought considerable farming experience and insight to the Board. We're incredibly grateful for the commitment, perspective and leadership he has given LIC during his time as a Director, and we wish him all the best for what comes next," Sowman said.
He also thanked departing SRG members Aleisha Broomfield, Phil Lowe and Dan Joho for the role they played representing shareholder interests and maintaining a strong connection between the co-operative and its farmers.
Financial Performance for 2025/26
The Annual Meeting also reflected on LIC's financial performance and its continued focus on investing for long-term, on-farm value. For the 2025/26 financial year, LIC delivered:
- Underlying earnings of $21.8 million
- A 7.2% return on capital
- Revenue growth of 6.7%
- A dividend declared at 80% of underlying earnings
- A strong balance sheet, with no term debt
Sowman said the co-operative's financial strength allows it to invest with a longer-term view, with the benefits of those decisions often only showing up on farm many years later.
"As a co-operative, we have the ability to invest in things that no individual farmer could or would choose to do alone. That means looking beyond the next few quarters and making decisions that will continue creating value for farmers well into the future," he said.
LIC's Board comprises six farmer-elected Directors and up to four Appointed Directors. The Shareholder Reference Group is an elected and appointed body of shareholders established to promote shareholder interests and help LIC deliver on its purpose and vision.
