Parliament

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

 

Fonterra CEO’s Outrageous $8.31M Pay Year

Fonterra CEO’s Outrageous $8.31m Pay Year

New Zealand First says the huge $8.31 million pay year for Fonterra’s Theo Spierings is exactly why New Zealand needs ‘say-on-pay’ laws.

“Is this corporate New Zealand? Fat cat payouts for doing their day job,” says the Rt Hon Winston Peters, Leader of New Zealand First.

"Here’s a boss who is paid $2.46 million but who forwent a $1.83 million bonus during one of Fonterra’s worst ever payout years. Now, during what is an average season, he has not only won that bonus back but secured a $3.85 million cherry on top with another $170,000 for superannuation.

“Shareholders need to be reminded that their payout of $6.52 per kilogram of milksolids this season, is well under what they got in real terms for the final two seasons before Mr Spierings came onto the management scene.

“And then there is his investment in China’s Beingmate.

“Fonterra shareholders have seen the value of that stake almost halve over the past two and a half years – in excess of NZ$300 million. The shares Mr Spierings purchased at CNY18.00 are now trading at just CNY9.90 and sinking.

“This kind of fat cat payout is why shareholders need to be given a say on pay. Shareholders need to be given the power to hold the directors and bosses to account,” Mr Peters said.


New Zealand First: Large Company Corporate Reform

Amend the Companies Act to give shareholders, including cooperatives, a ‘Say on Pay’ for directors and CEO’s.

Require mandatory remuneration reports and reporting of pay equity.

Ban ‘golden hellos’ (executive recruitment bonuses) and limit ‘golden parachutes’ (executive redundancy) to the same provisions as for workers.

Introduce regulations around ‘share schemes’ to require a 36-month minimum holding period after they cease employment in order to prevent short-term nest feathering.

Amend legislation, such as the Prudential Supervision Act 2010, to stop boards using loose and unreviewable “fit and proper person” tests to shut down potential candidates.

Introduce serious penalties for corporate fraud and tax evasion.


ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says.

Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders.

US President Donald Trump is kicking off his week at the UN by holding an event to promote the US document called the Global Call to Action on the World Drug Problem. More>>

 

Pay Equity: Cabinet Funds Deal For Oranga Tamariki Social Workers

The Minister said that an agreement in principle has been reached between Oranga Tamariki and the PSA on a settlement worth $114.6m over five years. More>>

ALSO:

Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>

ALSO:

Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>

ALSO:

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels