Fonterra Whareroa sets cheese record, wins top award
Fonterra Whareroa wrapped up a successful season with a record-breaking cheese production volume and several gongs at the co-op's annual Best Site Cup awards.
Fonterra is turning to expert advisors in a bid to make sure its controversial TAF (trading among farmers) proposal ensures 100% farmer control and ownership.
Co-op chairman Henry van der Heyden says the advisors are running the ruler over TAF as part of a comprehensive due diligence process.
Van der Heyden says the Fonterra board's due diligence committee is drawing upon a panel of advisors with deep understanding of the co-operative who will provide technical expertise and critical review.
They include:
• Professor Michael Cook, Missouri University USA, who is an expert on co-operatives;
• Alan Galbraith QC, whose areas of practice include constitutional, commercial and securities law;
• Murray Gough, former chief executive of the New Zealand Dairy Board;
• Paul Oldfield, a director at corporate law firm Harmos Horton Lusk;
• Eric Lucas, a partner at PricewaterhouseCoopers;
• Colin Giffney, who is on the board of the Financial Markets Authority and is deputy chair of the Takeovers Panel.
The advisors were picked by Fonterra management and chairman of the board capital structure committee John Wilson. The board's due diligence committee is headed by John Waller and includes Wilson; David Jackson; Jim van der Poel and Nicola Shadbolt.
"The committee will produce a series of reports to the board this year as it reviews progress on TAF, and ensures it stays true to the intent of the co-operative," says van der Heyden.
"A particular focus of the committee will be to ensure that the market is deep, liquid and readily available for farmer shareholders to buy and sell shares when they want.
"Another focus will be changes to DIRA.
"In all their deliberations, front of mind will be the board's commitment to 100 per cent control and ownership."
Fonterra will later this month update shareholders on TAF.
Following heavy rain which caused flooding in parts of Nelson-Tasman and sewerage overflows in Marlborough, the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) is urging homeowners and tenants to be cautious when cleaning up and to take the right steps to support claims.
Newly elected Federated Farmers meat and wool group chair Richard Dawkins says he will continue the great work done his predecessor Toby Williams.
Hosted by ginger dynamo Te Radar, the Fieldays Innovation Award Winners Event put the spotlight on the agricultural industry's most promising ideas.
According to DairyNZ's latest Econ Tracker update, there has been a rise in the forecast breakeven milk price for the 2025/26 season.
Despite the rain and a liberal coating of mud, engines roared, and the 50th Fieldays Tractor Pull Competition drew crowds of spectators across the four days of the annual event.
Nationwide rural wellbeing programme, Farmstrong recently celebrated its tenth birthday at Fieldays with an event attended by ambassador Sam Whitelock, Farmers Mutual Group (FMG), Farmstrong partners, and government Ministers.
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