Wednesday, 17 August 2022 11:21

A better deal?

Written by The Hound

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OPINION: This old mutt has been contacted by a number of members of rural insurer FMG expressing concern about the jump in director fees this year.

According to its latest annual report, the rural insurer made a profit of $59.3 million in the '20-'21 year and total director fees came to $438,000 with chair Tony Cleland pulling in an average stipend of $100k.

However, in the '21-'22 year, FMG's profit was down to $22.8 million, yet total director fees jumped to $557,000 - with the chair earning $113k.

FMG is a mutual and according to its own PR, 'it was set up in 1905 to give farmers a better deal...'

However, according to some disgruntled FMG members, the only ones who seem to be getting a better deal from the rural insurer are its well remunerated directors.

Maybe there'll be questions about this at its annual meeting later this month.

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