Winston Peters calls Fonterra vote result 'utter madness'
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
 Fonterra’s chief financial officer Neil Beaumont abruptly departed the co-op last week, leaving shareholders puzzled.
		  	
		  
		  		  
		  Fonterra’s chief financial officer Neil Beaumont abruptly departed the co-op last week, leaving shareholders puzzled.
		  
		  
		  
	  Fonterra's annual general meeting in Canterbury this week would have been Neil Beaumont's first as chief financial officer.
However, the co-op's top number cruncher abruptly departed last week, leaving shareholders puzzled. Fonterra chair Peter McBride will face questions around Beaumont's sudden departure at the AGM in Methven on Thursday (November 9).
Last week, the co-operative issued a statement to the NZ Stock Exchange, stating that Beaumont was leaving the co-operative and that his last day would be November 3.
No reason was given for his departure. Pointedly, Fonterra's statement had neither any appreciation for Beaumont's nine-month stint nor good wishes for the future.
Fonterra Co-operative Council, a watchdog holding the baord to account on behalf of shareholders, is "very surprised" by the announcement.
Council chair John Stevenson says councillors have received "plenty of questions" from farmers looking for more information. Many shareholders are speculating on the reasons for the short tenure within a senior executive position, he says.
"The council has no insight into the reasons for his departure," Stevenson told Rural News.
"The direction of our co-operative is positive. We are coming off the back of some strong financial results. Farmers will be looking for reassurance that this disruption does not affect the direction of travel."
Stevenson says the council will be asking questions of the board on behalf of its members.
Fonterra shareholder and Kaikohe farmer Richard Dampney, who has submitted four remits for the AGM this week on board representation, says he's keen to know why Beaumont lasted only nine months in the job. Dampney intends to question McBride and chief executive Miles Hurrell on Thursday.
"This has come out of the blue and, like me, shareholders are keen to know what happened," he told Rural News. "Did we pick the wrong man and did we force him to go?"
Another Fonterra shareholder Garry Reymer says the CFO's departure isn't a good look for the co-op.
"It's a concern: I note that in the shareholder council report they talk of the need for more transparency from the board," Reymer told Rural News.
"They also note the declining shareholder trust in Fonterra. This sort of thing will only increase the concerns in the shareholder base."
Simon Till, Fonterra's director capital markets, will act as CFO while the recruitment process is underway, the co-op told NZX.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.

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