Keeping cyber attacks at bay
Fonterra says it takes the ongoing threat of 'adverse cyber action' extremely seriously.
Fonterra farmers are looking forward to higher returns as a result of the co-op's capital expenditure.
Shareholders Council chairman Duncan Coull says farmers have contributed their capital to support the strategy.
"It is now very important that these strategic initiatives are backed by tangible returns to our farmers on the investments they have made in the co-op," he told the annual meeting.
He says farmers are backing Fonterra's strategy of shifting more milk into higher returning products. "We can already see this working in the first quarter results announced recently."
He noted the co-op had used its strength to help farmers during a tough year, increasing earnings in the second half and raising advance payments.
"This demonstrated the co-op using its strength to help farmers when they needed it the most," Coull said.
Chief executive Theo Spierings told shareholders the co-op must "stay the course" despite market uncertainty.
He said the recent events in Europe, including the shooting down of a Russian plane by Turkey, are further compounding the markets. So Fonterra needs to stay the course and stay focussed on strategy.
"We look at things we're doing well and do them faster; things we're not doing well we need to improve on," he says. "These are the things we can control; we can't control the other things happening around the world."
Recent rain has offered respite for some from the ongoing drought.
New Zealand's TBfree programme has made great progress in reducing the impact of the disease on livestock herds, but there’s still a long way to go, according to Beef+Lamb NZ.
With much of the North Island experiencing drought this summer and climate change projected to bring drier and hotter conditions, securing New Zealand’s freshwater resilience is vital, according to state-owned GNS Science.
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