After Fonterra’s latest FUBAR (Google it) – and having to reduce the 2017-18 forecast farmgate milk price by 5c/kgMS – the shareholders council put out a media statement expressing its “absolute disappointment” with the drop in payout. The Hound can just see the 25 members of the council sitting at the board table hotly debating whether they were “strongly”, “very” or “absolutely” disappointed with Fonterra’s latest move. Reports are that the council believes this clearly shows how disappointed the council is with the directors, but hopefully not too much, as they wouldn’t want to upset them. Watchdog or lapdog? You be the judge.
