Wednesday, 25 July 2012 09:48

DIRA Bill passes

Written by 

Amendments to the Dairy Industry Restructuring Amendment Bill have passed its third and final reading in Parliament.

Primary Industries Minister David Carter says the Bill is a significant step to continuing a competitive and innovative dairy industry.

"The Bill legislates for greater transparency of the way Fonterra currently sets its farm gate milk price through its milk price manual, though it does not directly intervene in Fonterra's milk price setting processes."

The Bill also includes changes that allow Fonterra to move to its shareholder approved Trading Among Farmers (TAF) system.

"There has been considerable debate amongst Fonterra's shareholder base around the merits of TAF. But after the shareholders voting in favour for TAF and the legislation passing today, it is time for Fonterra to move forward growing the opportunities that exist for the company both in New Zealand and overseas."

Under the legislation, farmers will retain the ability to freely enter into Fonterra or exit to competing dairy processors and be assured of receiving a fair value for their shares, Carter says.

More like this

Dairy shines in Covid world

Consumers are flocking back to dairy products as Covid shines the light on health and wellness, says Tom Bailey, the new senior vice president for Southern Pastures.

Bad Week

OPINION: It's been a bad week for Fonterra. 

National

Job losses worry meat sector

New Zealand's meat processing industry says, while it supports moves away from coal, it has some major concerns about cuts…

Manawatu's economy bouncing back

Although the national economy is still functioning below pre-pandemic levels and the road ahead remains uncertain, the Manawatu region appears…

» The RNG Weather Report

» Latest Print Issues Online

The Hound

Great idea

OPINION: Your old mate has long argued Landcorp’s farming business – Pamu – is a bigger dog than he is.

Unemployable?

OPINION: Your canine crusader shakes his head at the complete lack of practical and real-world knowledge in both government and…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter