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


Fonterra satisfied it met disclosure rules over food scare

Fonterra satisfied it met general disclosure rules over food scare

Aug. 6 (BusinessDesk) - Fonterra Cooperative Group, New Zealand’s biggest company, is confident it met the general disclosure rules required of a public issuer over the food contamination scare.

The Auckland-based dairy company identified the bacteria on July 31, before making a public announcement on Aug. 3, outside trading hours on the New Zealand stock exchange. The delay has raised the ire of the government, and prompted the Financial Markets Authority to look at whether Fonterra met general disclosure rules.

“We believe we have satisfied the regulatory requirements,” having taken legal advice, group director communications Kerry Underhill told a media conference in Auckland.

The world’s biggest dairy exporter is still trying to identify and contain some tainted whey protein product, which has seen some of New Zealand’s trading partners impose bans on certain products, and Fonterra is reluctant to comment on a future review of its processes.

Prime Minister John Key yesterday said once the immediate problems are addressed, the government will investigate Fonterra’s role in the food scare “around the length of time it took for all of us to know, it will be about the processes it went through from when it first identified there could be an issue to one that was one that was brought into the public domain, and to the general approach to these issues.”

Fonterra’s general manager for NZ Milk Products, Gary Romano, told the briefing the Ministry for Primary Industries will oversee the company’s review of its processes when that comes, but for now it’s still focusing on addressing the operational problem of tainted product.

“It’s premature right now to ask about which tests were done, when and why,” Romano said.

Similarly, when asked whether any of Fonterra’s customers had raised the issue of compensation, Romano said they hadn’t, and that it will also be some time before they have those discussions.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>


Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing


House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>