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Top 40 Cooperatives And Mutuals Top $41Bn Revenue

Top 40 Cooperatives And Mutuals Top $41Bn Revenue

The 2013 New Zealand Cooperative and Mutual Top 40 list was launched by Minister of Commerce Craig Foss at the Cooperative Business New Zealand annual meeting in Wellington on 17th September.

Showing a combined annual revenue of $41,129,034,964 for the year 2011-12, the Top 40 cooperatives in New Zealand ranged from Fonterra Cooperative Group and Foodstuffs at the top through Southern Cross Healthcare Society and Mitre10 to Ashburton Trading Society, the Dairy Goat Cooperative and World Travellers, with the NZ Honey Producers Cooperative coming in at #40.

“I think it is important that New Zealanders sit up and take notice of cooperatives; they help drive the economy, respond to social change and create jobs in a variety of sectors. While they may often be low profile, they are significant economic actors,” said Minister Foss.

“And indeed, when we speak about market-place competition our minds again will be prejudiced towards a larger more successful firm reaping benefits at the expense of smaller less successful ones. The cooperative model challenges both those assumptions because as you all know to be competitive, by definition, cooperatives have to be collaborative,” said Minister Foss.

The same day, Jonathan Lee, Chief Operating Office of the New Zealand Association of Credit Unions, was elected as Chair of Cooperative Business New Zealand, the industry body representing the country’s cooperatives and mutuals.

“In 2012, New Zealand’s 40 largest cooperatives and mutuals accounted for annual revenue of more than $41 billion, were responsible for 3% of GDP and employed over 43,000 people” said Mr. Lee.

“This significant but often below the radar contribution cooperatives make to a strong and sustainable economy is notable, and we are pleased it has been recognised by both the New Zealand Government and the United Nations internationally when they recognised the sector with the 2012 UN International Year of Cooperatives (IYC).”

Outgoing Chair, Blue Read, Director, Fonterra Cooperative Group, welcomes the appointment of Mr. Lee as Chair, and looks forward to him leading the organisation as it continues to increase recognition and interest in the cooperative business model after the very successful UN IYC 2012.
Mr. Lee will be heading a Board that consists of Deputy Chair David Shaw, Director, Silver Fern Farms; Blue Read, Director, Fonterra Cooperative Group; Christine Burr, General Manager Share Registry & Payments, Fonterra Cooperative Group; Russell Green, Director, Capricorn Society; and Tony Reilly, Director, Ravensdown Fertiliser Cooperative.

ENDS

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