Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fonterra Raises Payout Forecast To $3.95


Fonterra Raises Payout Forecast To $3.95

Fonterra Co-operative Group today announced a 15 cent increase to $3.95 for its forecast payout for the current season.

Advising shareholders at the co-operative annual meeting, Chairman Henry van der Heyden said the Fonterra Board had met this morning and based the forecast decision on revised forecasts produced by the management team "and their very real determination to achieve this higher payout."

"I am sure the increase will be welcomed by farmers, as will the real commitment of the management team."

The meeting, broadcast from Hawera to six venues, was Fonterra's shareholders first opportunity to meet the new CEO, Andrew Ferrier, who took up his position on September 1.

Expressing his support for the co-operative model, Mr Ferrier said he felt there were four basic rules that had to be followed to generate shareholder wealth.

"First recognise our people are our greatest asset. Second practise operational excellence in everything you do. Third move up the value chain wherever possible. Fourth, be totally customer focused. I see nothing in those rules that does not apply to Fonterra."

Mr Ferrier commented that while he was new to dairy, he was not new to understanding what shareholders deemed as success. "It comes down to two words, higher payout. My job is to set the performance goals I want to see achieved in this business and to support the management team as they get on with the job of delivering on these goals.

"The team is focused on maximising efficiencies, maximising revenues and value added earnings and minimising our costs."

Fonterra's Peak Notes system will remain in place following shareholders' rejection of an alternative Capacity Adjustment proposal put to today's Annual Meeting of the Co-operative in Hawera.

The vote was 68 per cent in favour but failed to reach the required 75 per cent.

The Capacity Adjustment proposal, that would have simplified the Co-operative's capital structure into one instrument, and applied an adjustment to the milk price to reflect use of peak processing capacity, was not accepted by shareholders and Peak Notes will remain in place.

Fonterra Chairman Henry van der Heyden said the Capacity Adjustment proposal had been developed following feedback from shareholders and a request from the Shareholders' Council.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news