Herd production performance soars
New data released by LIC and DairyNZ shows New Zealand dairy farmers have achieved the highest six week in-calf rate and lowest notin- calf rate on record.
Livestock Improvement Corporation (LIC) shareholders have voted against raising director fees.
A proposal by the LIC honoraria committee was narrowly defeated at LIC’s annual meeting today: 50.8% of those who voted opposed the increase while 49.25% were in favour.
The shock result means LIC chair and director fees remain the same as 2019, given there was no increase last year due to the impact of Covid. They remain $123,600 for the chair and $54,000 for each director.
The honoraria committee proposed two increases to shareholders, including the pay rise put on hold last year.
For the chair, an increase of $6,400 for 2020 and $2,500 for 2021 was proposed. For directors $2,500 for 2020 and $3,500 for 2021 were on the table.
The committee also sought an extra $60,000 for a provisional fourth appointed director on the board. LIC has a nine member board: six farmer-elected and three appointed directors, all appointed for a three-year term.
In seeking the pay rise for directors, the honoraria committee told farmer shareholders it is imperative that LIC maintains a high calibre of directors.
“Elected directors bring a strong understanding of the co-operative as well as the New Zealand market.
“Appointed directors bring to the board a balance of skills and experience relating to international markets, mergers and acquisitions, health and safety, technology, finance and risk, and often have exposure to other complex businesses.”
However, the majority of voting shareholders did not agree.
The resolution on director remuneration was the only one voted down at the AGM, held online due to Covid restrictions.
Shareholders approved a pay rise for LIC Shareholder Reference Group members with 68% in favour of the resolution.
They also approved the re-election of appointed director Candace Kinser, with 87% in favour.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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