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Wool Board Chiefs Should Honour Pledge To Resign

Wool Board Chiefs are being called on to honour a pledge to resign if their multi million dollar Fernmark branding strategy did not improve returns for farmers.

ACT Rural Spokesman, Owen Jennings today said Wool Board Chairman Bruce Munro was one of those who put their jobs on the line over Fernmark at the 1997 annual meeting of the Board in Wanganui.

"Three years on, the latest figures show clean wool prices have fallen from 443 cents in 1997 to 408 cents in May 1999. That's an 8% drop.

"The 1997 annual meeting was also told that Fernmark would be given three years to show results because 'the Board cannot afford to keep running down its reserves to pay for the strategy beyond then'.

"Fernmark, along with scores of reports and other expensive initiatives, has failed. Important reserve funds have been needlessly wasted by Board Directors who lack accountability, who have no proper mandate and who are now being tested for their honesty and trustworthiness.

"I challenge the Directors to resign. If they have an ounce of integrity and respect for hard-pressed woolgrowers they will hand in their notice.

"Growers will watch with interest to see whether these Directors are men of their word or whether, as many growers fear, they are determined to hold down their privileged position at any cost," said Owen Jennings.

ENDS

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