Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Bill offers security for NZ dairy farmers

Bill offers security for NZ dairy farmers

A member’s bill drawn from the ballot today will secure ownership and control of Fonterra in the hands of New Zealand dairy farmers, its sponsor Labour MP Damien O’Connor says.

“My Bill - the Dairy Industry Restructuring Bill No 2 - has been drawn at a crucial time for Fonterra. A prospectus has just been launched seeking a minimum of $500 million from investors who will own the rights to dividend and capital appreciation in New Zealand's largest company.

“The Bill limits the total quantity of investment units available to 20 per cent of the value of Fonterra.

“The current limit of 25 per cent is written into the constitution of the company. This Bill will place the lower limit into legislation and require the support of Parliament should the Board and shareholders decide at some point in the future to increase the percentage of the company open to investors.

“Labour proposed such a limit during the passage of the Dairy Industry Restructuring Amendment Bill, which set up Trading Among Farmers (TAF).

“Farmer owners of the company were given assurances that a lowered maximum level of 20 per cent of the value of the company would be put to a shareholder vote at the Annual General Meeting. However, the meeting has been delayed and there is real danger that timing and a low vote participation would leave the company open to greater outside control now that TAF has been launched.

“We have seen the results of an initial 20 per cent investment in a large Kiwi company with the eventual takeover of Fisher and Paykel by Haier last week.

“Fonterra is one of the largest dairy companies in the world and the single largest trader of export dairy products. Investors have indicated strong interest in such a strong and iconic international company.

“It is essential that New Zealand farmers maintain control of its future. Its dominance in the dairy industry required legislation to set up, and it is now worthy of change to further protect its future.

“I would hope that every party in Parliament that values Fonterra and our world leading dairy industry will support this Bill to secure on-going ownership and control by Kiwi farmers,” said Damien O’Connor.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Digital Evolution: Scoop Independent News Launches "Operation Chrysalis"

From today Scoop is beginning a process of public consultation with the political, business and civil society groups it has served for the past 15 and a half years.

"It is hoped that in time - with new leadership and increased community engagement - the chrysalis will incubate a new kind of Scoop, one which can sustainably continue Scoop's Mission 'to be an agent of positive change'", says Scoop Founder, Editor and Publisher Alastair Thompson.

"As big publishing shrivels, public participation in contributing and spreading news has grown. Scoop has evolved with this wave by providing an independent platform, committed to upholding democracy, providing a voice to all, and providing the public easy access to information about decisions which affect them." More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news