"Our" business?
OPINION: One particular bone the Hound has been gnawing on for years now is how the chattering classes want it both ways when it comes to the success of NZ's dairy industry.
Fonterra chair John Wilson says there has been “a complete misunderstanding” over the pay increase for the co-op’s chief executive.
Wilson says Theo Spierings’ base salary was frozen last month at his own request.
He says the $750,000 increase reported last month in its 2014-15 annual accounts was related to performance incentive payment for the previous year, when the payout to farmers was a record $8.40/kgMS.
Wilson, who attended farmer meetings with Spierings last week, says they were “front footing” the issue and explaining to farmers.
Many Fonterra farmers are struggling to make ends meet; low dairy prices have slashed farmgate returns.
Fonterra last week disclosed that Spierings earned between $4.93 million and $4.94 million in the year to July 31, 2015, up from $4.17m to $4.18m in the previous year.
The company does not disclose Spierings’ base salary, but it is understood to be close to $4m.
Wilson says the incentive payment to Spierings was made in October 2014, after the successful 2013-14 season.
“Although it was reported in the last financial year statements, the actual payment was made a year earlier,” he told Rural News.
He says Spierings and the management realise the challenging times faced by farmers.
“Theo came to the board sub-committee and asked that his salary be frozen for this year. It’s very unfortunate that this has been misrepresented in some media.
According to the most recent Rabobank Rural Confidence Survey, farmer confidence has inched higher, reaching its second highest reading in the last decade.
From 1 October, new livestock movement restrictions will be introduced in parts of Central Otago dealing with infected possums spreading bovine TB to livestock.
Phoebe Scherer, a technical manager from the Bay of Plenty, has won the 2025 Young Grower of the Year national title.
The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards, providing the opportunity to honour both rising talent and industry stalwarts.
Award-winning boutique cheese company, Cranky Goat Ltd has gone into voluntary liquidation.
As an independent review of the National Pest Management Plan for TB finds the goal of complete eradication by 2055 is still valide, feedback is being sought on how to finish the job.
OPINION: For years, the ironically named Dr Mike Joy has used his position at Victoria University to wage an activist-style…
OPINION: A mate of yours truly has had an absolute gutsful of the activist group SAFE.