Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Council chairman Ian Brown says while farmer effort throughout the TAF process was remarkable, the council has had time to review its own performance.
"Communications stands chief among these and farmers have told us that the council did not get this right," he told the co-op annual meeting in Hamilton today.
"Over the next 12 months improvement in this area will be major focus, and we will endeavour to provide you, as the owners of Fonterra, with timely, accurate and relevant communications," Brown told shareholders.
However, he says at the same there is an obligation for all shareholders to take time to read and understand the relevant financial and other documents available to them and provide feedback to councillors.
"This information becomes vital as we move forward under a new capital structure and the council more closely monitors the business and delivers shareholders the resulting financial information as is our obligation."
Brown assured shareholders it will protect farmers' interests, and work to ensure the board meets its stated goals, and is held accountable for them.
