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

 

Freeze Wool Board Reserves - Meat & Wool Section

The Meat and Wool Section of Federated Farmers shares MP Owen Jennings' concern about Wool Board plans for the future of the Wool Board's Reserves.

The Board has advised the Meat and Wool section that they intend to reconstitute the Board into an Incorporated Society.

"There may be justification for such a move. However, we consider that such a move is premature given the uncertainty surrounding the Board's future. Similarly we consider any other long-term commitment of growers money is ill advised," said Section Chairman Chris Lester.

"During recent meetings, the Board has asked growers for approval to use part of the reserves as venture capital in the processing and marketing chain. I do not believe that they have the required mandate for this proposal."

"Wool Board Chairman Bruce Munro believes that the Board should involve itself in biotechnology research and development on farmers' behalf. Again, the Board must realise that they have no such mandate to spend farmers' money on such non-core activities."

"The Meat and Wool Section's view is that growers must call the shots, not the Board. The only way to achieve this is through the deregulation process. This will involve repealing the existing Board statute and adopting processes which utilise the fundamental principles contained in the Commodity Levies Act 1993."

"Most importantly, this will involve a referendum which provides the opportunity for grower levy payers to "call the shots", as Mr Jennings aptly puts it."

"The reserves are the property of wool growers. The Board has no farmer mandate to determine the destiny of those reserves. Our policy, which is widely supported by farmers, is that the reserves should be "frozen" throughout the reform process. Once the future shape of any industry organisation is known, the debate about how to use the reserves should occur," concluded Mr Lester.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>