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

Re-Entry: Why Has Pike Footage Been Hidden For So Long?

New footage of workers servicing a robot in the Pike River drift appears to show that going into the drift doesn’t pose the danger the Government and Solid Energy claimed, says Leader of the Opposition Andrew Little. More>>

Mines Rescue Service On Footage
The video footage shown by media in the last 24 hours shows two Mines Rescue members wearing compressed air breathing apparatus completing final tasks before a robot was sent into the main drift at the Pike River mine. More>>

Police Response: Statement On Pike River Mine Footage
Police has been absolutely committed to ensuring transparency with the families of the Pike River miners and we reject any suggestion that information has been deliberately withheld by police. More>>

 

Recovery: Economic Impact Of Kaikōura Quake Revealed

The report details the impact on small businesses and tourism caused by disruptions to transport infrastructure and the economic impacts... The impact on New Zealand’s Gross Domestic Product (GDP) over the first 18 months following the earthquake has been estimated at $450-$500 million. More>>

ALSO:

Human Rights Commission: Urgent Need For Action On Seclusion And Restraint

Chief Human Rights Commissioner David Rutherford says that while the report makes for sobering reading, the focus should now be on how the recommendations can be used to reduce the occurrence of seclusion and restraint in New Zealand and, in circumstances where it is necessary, to improve practices. More>>

ALSO:

CORRECTIONS (March 2017):

SCHOOL SECLUSION ROOMS (2016):

$11bn Capital Spend, New Debt Target: Steven Joyce On Budget Priorities

First, delivering better public services for a growing country – providing all New Zealanders with the opportunity to lead successful independent lives... And finally, we remain committed to reducing the tax burden and in particular the impact of marginal tax rates on lower and middle income earners, when we have the room to do so. More>>

ALSO:

JustSpeak Report: Bail Changes To Blame For New Billion Dollar Prison

In 2013 criminal justice spending was falling and the Government was mulling over what to spend the money on. 3 years later there are 10,000 people in prison and a new billion dollar prison is announced. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news