Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Pax Fonterra, Pax


23 October 2012

Pax Fonterra, Pax

Federated Farmers is counselling Fonterra Co-operative Group’s Board that now is not the time to start examining the cooperative’s governance arrangements.

“For once it would be great to have some peace within Fonterra,” observed Willy Leferink, Federated Farmers Dairy Chairperson.

“We want Fonterra’s chairman-elect, John Wilson, given time at the helm to show shareholders what he is made of. Fonterra must also bed-in Trading Among Farmers (TAF), so now is not the time to get ahead of itself.

“The only governance change Federated Farmers wants is simple and that is a Deputy-Chairperson of the cooperative. It is needed to ensure there is a succession pathway at the very top.

“Farmer-shareholders are concerned they will get corporate heartburn if it tries to jump on everything at once. Frankly, farmers have been through the mill recently.

“There is an important resolution to tighten up the constitution around TAF to be voted on at Fonterra’s annual general meeting. That has got to be the priority.

“Of course there is a Director election first but that is for shareholders to vote upon and Federated Farmers will sail a neutral course. This is an individual decision for individual farmer-shareholders

“The Board and whoever is elected to the Board, need to remember that farmer-shareholders have invested a lot of trust in them. Their focus first needs to be on realising everything farmers were promised from TAF,” Mr Leferink concluded.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO:

Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>

ALSO:

EPA: Spill Sees Abatement Notice Served For Tamarind Taranaki

The notice was issued after a “sheen” on the sea surface was reported to regulators on Thursday 21 November, approximately 400 metres from the FPSO Umuroa. A survey commissioned by Tamarind has subsequently detected damage to the flowline connecting the Umuroa to the Tui 2H well. More>>

Taskforce Report: Changes Recommended For Winter Grazing

A Taskforce has made 11 recommendations to improve animal welfare in intensive winter grazing farm systems, the Minister of Agriculture Damien O’Connor confirmed today. More>>

ALSO: