Spierings launches global consultancy
Former Fonterra chief executive Theo Spierings has launched a consultancy to help global companies meet their sustainability goals while lifting profits.
NEW FONTERRA chief executive Theo Spierings says the co-op is looking at the viability of a custodian to hold shares under TAF.
Answering shareholder questions at Fonterra's annual meeting in Whangarei last week, Spierings acknowledged "the genuine concern" on the legal title of shares resting with the custodian, known as the locked box plan.
"The question is who holds the key to this locked box," says Spierings. "Do we need that? We are looking at how the legal title can be returned to farmer ownership."
Spierings says Fonterra management is looking at options and will go back to farmers in the middle of next month.
"Before Christmas we will have an answer for you on the other options."
Spierings says it is new for him to see the co-op's capital base unprotected.
"We have to protect out capital base."
On his vision for Fonterra, Spierings talked about the 'two Vs – volume and value'. While the co-op aims to add value to New Zealand milk, he says it has to also look at milk pools around the world. Apart from New Zealand, Fonterra sources milk from China, Latin America and Australia.
According to Spierings, world milk production will jump from 700 billion litres this year to 860 billion litres by 2020. At the same time, New Zealand's milk supply will grow by 3 billion litres.
"This means we have to look at milk pools around the world."
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.