increase font size
Fonterra chief executive Theo Spierings.
Fonterra chief executive Theo Spierings says the co-op must "stay the course" despite market uncertainty.
Speaking at the co-op's annual meeting in Waitoa today, Spierings says the recent political developments in Europe, including the shooting down of a Russian plane overnight by Turkey, is further compounding the markets.
But he says Fonterra needs to stay the course and stay focussed on strategy.
"We look at things we are doing well and do them faster; things we are not doing well, we need to improve on," he says.
"Because these are the things we can control; we can't control the other things happening around the world."
Spierings also wants Fonterra to focus on opportunities to grow the business.
He alluded to a Chinese saying that when winds of change are blowing, some build walls while others build windows.
"I am in the camp that builds windows."
Spierings says Fonterra cannot control what's happening around the world.
"We can complain and moan but we will be wasting our energy," he says.
"We have to look at things which we can control; stay on course, stay on the strategy and keep costs under control."
He says Fonterra must continue to invest for the future.
"In the last few difficult years we have invested strongly." he says.
In a follow-up to this old mutt’s piece two issues ago about Fonterra directors getting to grips with the co-op’s financial state and loudly sharing their dismay in the Koru club, another of the Hound’s spies has passed on more news in the ‘Fonterra director watch’ category.
Fonterra says there’s an urgent need to improve return on capital invested in the co-op by farmers and unit holders.
Fonterra has taken a $126 million hit over the sale of its stake in Venezuelan consumer joint venture, Corporacion Inlaca.
Fonterra is pulling out of a European joint venture as part of its portfolio review following last year’s disastrous financial results.
Fonterra says it has returned to profitability with a net profit of $80m for the first half of the 2019 financial year.
Chinese dairy giant Yili will pay $588 million for dairy co-op Westland Milk, it was announced overnight.
A significant number of lifestyle block owners may have to pay a capital gains tax on their family home, warns…
The proposed sale of Westland Milk to Chinese company Yili is causing alarm among social media users.
Traditionally, bovine viral diarrhoea (BVD) has been considered a disease of cattle. But lately it has been found to cause infections…
Landcorp is paying members of its contentious environmental reference group (ERG) $1500 a day each – far more than other…
In a follow-up to this old mutt’s piece two issues ago about Fonterra directors getting to grips with the co-op’s…
There are many stories from ‘the impossible to believe, but believable’ files that your old mate is often told about.
