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$2 million Loyalty Bonus to Farmer Suppliers

Richmond Pays $2 million Loyalty Bonus to Farmer Suppliers

Richmond announced today it would pay a $2 million loyalty bonus to its most committed farmer suppliers.

Livestock General Manager Tim Harty said more than 1000 Richmond farmers would share in the $2 million bonus which recognises the value of the company’s Premier Supplier partnerships.

The bonus has been paid from last year’s results and was fully provided for before arriving at last year’s profit.

The bonus payment is on top of competitive full schedule payments including premiums paid to farmers at the time of processing their livestock during the season.

“We are delighted to be able to pay this bonus on top of everything else we paid last season and we greatly appreciate the loyalty shown to Richmond last season.

“At the beginning of last season we reviewed and improved our supply agreements with farmers. The loyalty bonus was highlighted as an important element in recognising those who choose to supply livestock only to Richmond”.

This season will see an even greater emphasis of Richmond’s commitment to strengthening farmer supplier relationships. There will be an increased focus on the company enhancing its services to be more aware of supplier requirements, Mr Harty said.

As part of this Richmond has introduced client care programmes which give farmers the opportunity to give feedback about their relationship with livestock representatives and the company.

Richmond has also identified 10 key requirements for building stronger relationships with farmers and will be working on improvements, he said.

10 Key Requirements Competitive market-based schedule Space availability Payment security Recognition of premier suppliers Level Playing Field Processing within 24 hours off pasture Efficient livestock collection Detailed market-backed information Special confidential contracts Prompt effective communication

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