Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Bill offers security for NZ dairy farmers

Bill offers security for NZ dairy farmers

A member’s bill drawn from the ballot today will secure ownership and control of Fonterra in the hands of New Zealand dairy farmers, its sponsor Labour MP Damien O’Connor says.

“My Bill - the Dairy Industry Restructuring Bill No 2 - has been drawn at a crucial time for Fonterra. A prospectus has just been launched seeking a minimum of $500 million from investors who will own the rights to dividend and capital appreciation in New Zealand's largest company.

“The Bill limits the total quantity of investment units available to 20 per cent of the value of Fonterra.

“The current limit of 25 per cent is written into the constitution of the company. This Bill will place the lower limit into legislation and require the support of Parliament should the Board and shareholders decide at some point in the future to increase the percentage of the company open to investors.

“Labour proposed such a limit during the passage of the Dairy Industry Restructuring Amendment Bill, which set up Trading Among Farmers (TAF).

“Farmer owners of the company were given assurances that a lowered maximum level of 20 per cent of the value of the company would be put to a shareholder vote at the Annual General Meeting. However, the meeting has been delayed and there is real danger that timing and a low vote participation would leave the company open to greater outside control now that TAF has been launched.

“We have seen the results of an initial 20 per cent investment in a large Kiwi company with the eventual takeover of Fisher and Paykel by Haier last week.

“Fonterra is one of the largest dairy companies in the world and the single largest trader of export dairy products. Investors have indicated strong interest in such a strong and iconic international company.

“It is essential that New Zealand farmers maintain control of its future. Its dominance in the dairy industry required legislation to set up, and it is now worthy of change to further protect its future.

“I would hope that every party in Parliament that values Fonterra and our world leading dairy industry will support this Bill to secure on-going ownership and control by Kiwi farmers,” said Damien O’Connor.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why New Zealand Needs To Change Its Defence Habits


In a flashback to the military displays of days gone by, one of our frigates recently joined a Carrier Strike show of force in the South China Sea, en route to a joint military exercise in Singapore with our traditional allies, called BersamaGold21. Reportedly, Anna Powles, from the Centre of Defence and Security Studies at Massey University felt this to be a case of us doing our bit to uphold international law, and the right of free transit through the region in question... More>>

Government: New COVID-19 Protection Framework Delivers Greater Freedoms For Vaccinated New Zealanders


Vaccinated New Zealanders will regain everyday freedoms when the country moves to a new simplified COVID-19 Protection Framework that doesn’t rely on nationwide lockdowns as the main measure to stop the virus spreading. In a suite of announcements that establish a pathway out of restrictions the Government is also providing up to $940 million per fortnight to support businesses through the challenging period... More>>

ALSO:





 
 


Government: Responds To Independent Review Into WorkSafe

The Government has clear expectations that WorkSafe must action the recommendations of the independent review into the regulator to improve its management of adventure activities following the tragedy at Whakaari White Island, Workplace Relations and Safety Minister Michael Wood says... More>>

Government: New Zealand Secures Historic Free Trade Deal With The United Kingdom
New Zealand and the United Kingdom have agreed in principle the details of a historic Free Trade Agreement (FTA), which will further accelerate our COVID-19 economic recovery say Prime Minister Jacinda Ardern and Minister for Trade and Export Growth Damien O’Connor... More>>

ALSO:

Ombudsman: Launches Investigation Into MIQ Booking System
The Chief Ombudsman Peter Boshier is launching a broad investigation into the Managed Isolation and Quarantine (MIQ) booking system after receiving hundreds of complaints... More>>

ALSO:


Pay Cheque To Pay Cheque: Half A Million New Zealanders Have No Savings
New findings from the Consumer NZ sentiment tracker found that 15% of New Zealanders had no savings, and a further 27% were anxious about their level of savings and would like to have more tucked away... More>>


Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>


Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels