Divestment means Fonterra can focus on its strengths
OPINION: Fonterra's board has certainly presented us, as shareholders, with a major issue to consider.
Fonterra chairman Peter McBride says the co-operative ended the 2021 financial year in a strong position on several fronts – financial results, strategy implementation and relationship with farmer owners.
Speaking at the co-op’s annual general meeting in Invercargill today, McBride noted that despite all of the disruption at home and in global markets, Fonterra performed well.
“This demonstrates the value of a New Zealand owned co-operative of scale,” he says.
“Fonterra’s scale gives us a level of optionality that is unique in New Zealand dairy.
“It enables us to manage risk and uncertainty on behalf of our kiwi farming families.
“We have benefited greatly from our ability to move your milk between the markets, categories and products that deliver the most value.”
The AGM is being held in-person and online because of Covid travel restrictions in Auckland.
Fonterra’s management team, including chief executive Miles Hurrell, are taking part virtually. Fonterra’s Auckland and Australia based directors are also attending virtually.
McBride noted that for many Fonterra team members, 2021 has been incredibly tough.
“Many of our international team are working away from home, or in densely populated cities where COVID is rife.
“I’d like to use this opportunity to say a thank you to all of our international team on behalf of us farmers.”
He says the hard work and commitment of Fonterra people was reflected in its key 2021 financial results:
Meat co-operative, Alliance has met with a group of farmer shareholders, who oppose the sale of a controlling stake in the co-op to Irish company Dawn Meats.
Rollovers of quad bikes or ATVs towing calf milk trailers have typically prompted a Safety Alert from Safer Farms, the industry-led organisation dedicated to fostering a safer farming culture across New Zealand.
The Government has announced it has invested $8 million in lower methane dairy genetics research.
A group of Kiwi farmers are urging Alliance farmer-shareholders to vote against a deal that would see the red meat co-operative sell approximately $270 million in shares to Ireland's Dawn Meats.
In a few hundred words it's impossible to adequately describe the outstanding contribution that James Brendan Bolger made to New Zealand since he first entered politics in 1972.
Dawn Meats is set to increase its proposed investment in Alliance Group by up to $25 million following stronger than forecast year-end results by Alliance.
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