Wednesday, 14 March 2018 11:53

$20 million LIC bill 'worthwhile'

Written by Rural News Group

font size decrease font size increase font size
Print
Email

LIC chairman Murray King.

LIC chairman Murray King has defended the $20 million bill for its transformation process.

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.

More like this

Boost for NZ, Nordic Jerseys genetic link

A new collaboration is underway to improve the genetic links between the New Zealand and Nordic Jersey cattle populations.

LIC ready for challenges ahead

Herd improvement company LIC says it's well-positioned for the challenges ahead and remains focused on its core purpose - delivering value for farmer shareholders.

Low methane genetics by 2026?

New Zealand farmers could have access to low methane elite genetics by 2026.

Breeding heat-tolerant cows for Africa

LIC is embarking on a ground-breaking project aimed at breeding heat tolerant and disease resistant dairy cows for Sub-Saharan Africa, in collaboration with the global leader in precision breeding, Acceligen, and the Bill & Melinda Gates Foundation.

Scheme to pick high potential 'underdog' bulls

Holstein Friesian NZ, and herd improvement co-operative LIC have launched a joint sire proving scheme that aims to select and prove Holstein Friesian bulls for New Zealand dairy farmers.

Featured

Fonterra trims board size

Fonterra’s board has been reduced to nine - comprising six farmer-elected and three appointed directors.

Deerstalkers urge a review of firearm safety training

Five hunting-related shootings this year is prompting a call to review firearm safety training for licencing.

Boost for hort exports

The horticulture sector is a big winner from recent free trade deals sealed with the Gulf states, says Associate Agriculture Minister Nicola Grigg.

Eroding share of milk worries Fonterra shareholders

Fonterra shareholders are concerned with a further decline in the co-op’s share of milk collected in New Zealand.

Better animal genetic gain system

A governance group has been formed, following extensive sector consultation, to implement the recommendations from the Industry Working Group's (IWG) final report and is said to be forming a 'road map' for improving New Zealand's animal genetic gain system.