increase font size
Jamie Tuuta.
Māori agribusiness leader Jamie Tuuta says Fonterra farmer shareholders would be disappointed with the performance of the co-op.
He says the lower share price has impacted farmer balance sheets.
“Given the level of farmer debt the board must focus on milk price, share value and dividend. Farmers have a lot of capital tied up in our cooperative and we must perform better,” he told Rural News.
Tuuta is one of five candidates vying for three Fonterra board seats; voting started last week and ends on November 6.
Other contenders are sitting director Ashley Waugh, former director Leonie Guiney, Zespri chairman Peter McBride and Canterbury large-scale farmer John Nicholls.
Tuuta, McBride and Waugh have been endorsed by Fonterra’s board and shareholders council.
Fonterra lost $196 million in 2017-18 in a $405m write down of its investment in the Chinese baby food company Beingmate.
The co-op is reviewing its strategy and investments, something Tuuta supports.
“It is important in light of the recent result that the board reviews its current portfolio and assesses the merits and demerits of each investment given the scarce capital and disappointing performance,” he says.
Tuuta is a shareholder and former chair of Parininihi ki Waitotara, a large Māori-owned farming venture in Taranaki.
“In that regard Fonterra and the dairy industry are a major part of the Taranaki economy but also the success of PKW to advance our aspirations,” he says.
“We want Fonterra to be successful; if Fonterra is successful and performs we also benefit.”
Tuuta completed the Fonterra Governance Development Programme in 2010.
He is also the Māori trustee, managing 100,000ha of Māori freehold land operating as dairy farms and leased out as dairy and dairy grazing land.
“I have a solid understanding of dairy farming and the value drivers of milk price,” he says.
Tuuta says he was encouraged by many shareholders to consider standing.
“I’m standing because I believe I have the skills and qualities to complement the existing capabilities of the board to add value. Like all other shareholders I want Fonterra to be successful and believe strong leadership and governance capability is required.”
Tuuta’s governance career includes former directorships of Tuiora Ltd, Taranaki Investment Management Ltd, Wools of New Zealand and the lobster export business Port Nicholson Fisheries Ltd.
He was a member of the Government-appointed investment advisory panel for the Primary Growth Partnership. And has been part of the Te Hono Steering Group since its inception, giving primary sector leaders exposure to emerging trends and Stanford University higher education.
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
An A$2 billion bid for Fonterra's Oceania business would be great news, according to Forsyth Barr senior analyst, equities, Matt Montgomerie.
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
Over 85% of Fonterra farmer suppliers will be eligible for customer funding up to $1,500 for solutions designed to drive on-farm efficiency gains and reduce emissions intensity.
August 6 marks Farm Worker Appreciation Day, a moment to recognise the dedication and hard mahi of dairy farm workers across Aotearoa - and DairyNZ is taking the opportunity to celebrate the skilled teams working on its two research farms.
OPINION: The Government has been seeking industry feedback on its proposed amendments to a range of Resource Management Act (RMA) national direction instruments.
A Taupo company says it's the first to bring CO₂-powered water heating technology to New Zealand dairy sheds, helping farmers cut energy costs by up to 85%.
Waikato is home to a diverse range of lakes, and experts say they urgently need better management and restoration.
Federated Farmers is renewing its call for Greenpeace to be stripped of its charitable status immediately, following the activist group's latest publicity stunt.
Irish meat processor Dawn Meats is set to acquire a 70% stake in Alliance Group, according to a report in The Irish Times.
OPINION: Your old mate's ear has been chewed off recently by farmers voicing their displeasure with the National Party, particularly…
OPINION: Your old mate hears that at a recent China Business Summit, PM Christopher Luxon delivered a none-too-subtle "could try…
