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

Gordon Campbell: On The Aftermath Of The Greenwald/Snowden Revelations

The credibility issues have come down to two main ones:

1 The email This has to do with whether Key knowingly agreed to use our immigration rules as a tool to ensnare and ultimately extradite Kim Dotcom, and do so largely at the behest of Hollywood’s leading corporates and their best friend in the White House, vice-President Joseph Biden. Some of the debate in the last few days has turned on the reliability of a Warners email that seems to set out this plan in black and white. IMO, the email is just the icing on the cake...

2. Mass surveillance Earlier to day I was going to try to explain the difference between what Edward Snowden/Glenn Greenwald were talking about (ie mass surveillance via the the cable-accessing SPEARGUN programme and the Xkeyscore analytical programme) and what Key has chosen to talk about instead in order to deliberately distract and confuse the public. Then I found that Keith Ng had not only beaten me to it, but had done so with beautiful lucidity. More>>

Out-Link - "Project SPEARGUN underway" • OnPoint • Public Address

 
 

Parliament Today:

Pre-Election Chartering: Four New Partnership Schools To Open

Education Minister Hekia Parata today announced the Government has signed contracts to open four new Partnership Schools in 2015. More>>

ALSO:

Werewolf 50 Out Now - The Election Issue: Loss Leaders

Gordon Campbell: A third term requires a mature decision, with eyes wide open. It calls for a conscious vote of confidence… Without trying hard here are about 19 reasons, in no particular order, for not ticking ‘party vote’ National. More>>

ALSO:

Not-Especially New Plans: All Prisons To Become Working Prisons Under National

All public prisons in New Zealand will become full working prisons by 2017, and ex-prisoners will receive post-release drug addiction treatment if National is returned to government, says Corrections Spokesperson Anne Tolley. More>>

ALSO:

Māngere: "False Claim Of Matai Title" - Labour

National must explain why its candidate for Māngere Misa Fia Turner appears to be using a Matai title she is not entitled to, Labour’s MP for Māngere and Pacific Islands Affairs spokesperson Su’a William Sio says. A Matai title is a legally-recognised ... More>>

ALSO:

CPAG Report: No New Zealand Child Should Grow Up In Poverty

Child Poverty Action Group's flagship policy publication Our Children, Our Choice: Priorities for Policy calls for cross party political agreement to underpin an action plan to eliminate child poverty in New Zealand. More>>

ALSO:

Gordon Campbell:
On National’s Phantom Tax Cut Package

Hmmm. So National’s tax cuts package turns out to be one of those television advertisements that screams a headline promise – perfect skin! a youth tonic that works! – while in very small print there’s an out clause: special conditions may apply. More>>

ALSO:

Water: New Marine Reserves On West Coast Opened

Five new marine reserves were officially opened by Conservation Minister Dr Nick Smith on the West Coast of the South Island to protect a range of marine ecosystems for conservation, science and recreation. More>>

ALSO:

Perception: Study Looks At Trustworthiness And Support Of Politicians

A University of Canterbury marketing study has looked at what impact the Thatcher Effect has on perceptions of trustworthiness and liking of New Zealand politicians leading up to the 2014 general election. More>>

ALSO:

History Lessons: Jamie Whyte At ACT Campaign Opening

It is nearly 20 years since the ACT party was born. Many people no longer remember why it was named ACT. They may imagine that it was on account of our determination to actually do things in parliament rather than simply occupy the seats and collect the salaries. That’s true but it isn’t the right answer... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news