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All Change at the Co-operative Association

MEDIA RELEASE

FOR IMMEDIATE USE

27 November 2006

All Change at the Co-operative Association

Peter Macdougall of Ballance Agri-Nutrients Ltd was elected Chairperson of the New Zealand Co-operatives Association at Friday’s Annual General Meeting in Christchurch. Also, following Friday’s meeting, Ramsey Margolis has taken over the role of Executive Director.

Peter Macdougall runs an extensive sheep and beef property in Millers Flat, Central Otago. The 3200 ha farm is operated in partnership with his family. Prior to his directorship at Ballance, Peter served on the board of SouthFert for 12 years, including four years as Chairman. He is also a past director of the New Zealand Phosphate Company.

Peter is active in local community affairs, being Chairman of the Millers Flat Hall Committee and a member of the Roxburgh and District Lions Club.

Ramsey Margolis has a background in the communications industry, and has been involved in helping to set up co-operatives in the London printing and building industries.

The co-operative sector in New Zealand generates profits of over $6bn from a combined turnover of more than $25bn using $16bn of assets, and has in the region of 275,000 members. In line with co-operative principles, a considerable proportion of the profit is rebated to the members and shareholders of the co-operatives in proportion to their participation.

Co-operatives are a major player in the economic success of New Zealand. Their combined turnover currently represents about 22% of the country’s GDP.


Ends

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