Wednesday, 26 October 2022 10:00

Creaming it!

Written by The Hound

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OPINION: This old mutt suggests that Fonterra farmers may well have been a little too distracted by a high payout this year to see - or even notice- the exploding salary at the co-op.

According to excellent analysis recently done by BusinessDesk's Jenny Ruth, the number of Fonterra executives earning over $500k a year fell by 12 in the last year to 96.

However, this followed a 35.7% increase in the same salary bracket a year earlier.

Meanwhile, during the past year 1,052 more Fonterra employees are now 'earning' $100k or more a year - taking the total to 8,440 people.

Ruth is scathing about this jump in the salary bill saying: "The Fonterra gravy train keeps chugging along as its farmers, who are supposed to own the joint, appear oblivious to how much of the cream they produce is being hijacked by the executives". Ouch!

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