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ACCORDING TO its annual report, 26 Fonterra staff, 13 of whom are based overseas, were paid at least $1 million in the year to June 2012— up from nine in 2002.
The biggest earner was former top cheese Andrew Ferrier who picked up $8.2 million. While it is true the co-op is an international organisation, this old mutt struggles to compute how four times as many staff can be earning $1m-plus annual salaries at Fonterra than 10 years ago, when its earnings and payout to farmers has not increased anywhere near ten-fold over the same decade.
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