Wednesday, 14 March 2018 11:53

$20 million LIC bill 'worthwhile'

Written by 
LIC chairman Murray King. 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

Featured

Aussie farmers get A$8.60/kgMS as opening milk price

Australian dairy farmers supplying Fonterra are getting an opening weighted average milk price of A$8.60/kgMS for the new season or around NZ$9.26/kgMS -  NZ74c less than New Zealand suppliers, based on the current exchange rate.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Silver Thin Farms

OPINION: The Hound hears that tension was in the air at the recent Silver Fern Farms AGM, with the board…

Bugs for lunch

OPINION: The ongoing saga of the quality of school lunches continues.

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter