$20 million LIC bill 'worthwhile'

King told a special general meeting in Hamilton today that the cost was “absolutely worthwhile”.

“It is a big number but it’s not just a fee to consultants: it has to be earned,’ he told the meeting.

The transformation cost is a one-off, he says.

The process looked at the business and recommended changes to make it more efficient.

The process was preceded by the cooperative being split into two parts: herd improvement and agri-tech.

The cooperative also ditched its $1 billion revenue target. “It was a poor choice on reflection,” King says.