Wednesday, 26 October 2022 10:00

Creaming it!

Written by  The Hound

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!

More like this

LCAs tackle false narratives

The quest to measure, report and make sense of the energy that goes into food production has come a long way in the past 25 years.

$3b windfall?

Fonterra's proposed sale of its global consumer business could fetch over $3 billion but not all proceeds will end up in the pockets of farmer shareholders.

Leaky waka

OPINION: Was the ASB Economic Weekly throwing shade on Reserve Bank governor Adrian Orr when reporting on his speech in Washington recently?

Featured

LCAs tackle false narratives

The quest to measure, report and make sense of the energy that goes into food production has come a long way in the past 25 years.

OSPRI's costly software upgrade

Animal disease management agency OSPRI has announced sweeping governance changes as it seeks to recover from the expensive failure of a major software project.

Organic sector backtracks on GE

Organics Aotearoa New Zealand (OANZ) says the Government’s new gene editing and genetic modification reforms could leave New Zealand as an outlier on the global stage.

National

Food charity to hold online auction

Meat the Need, New Zealand’s dedicated charity delivering locally sourced protein meals to food-insecure communities, is launching an online National…

Machinery & Products

An ideal solution for larger farms

Designed specifically for large farms that want to drill with maximum flexibility, efficiency and power, the new Lemken Solitair ST…

Landpower increases its offering

Landpower and the Claas Harvest Centre network will launch the Claas Scorpion and Torion material handling solutions to the market…

» Latest Print Issues Online

The Hound

Leaky waka

OPINION: Was the ASB Economic Weekly throwing shade on Reserve Bank governor Adrian Orr when reporting on his speech in…

Know-it-alls

OPINION: A reader recently had a shot at the various armchair critics that she judged to be more than a…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter