"Our" business?
OPINION: One particular bone the Hound has been gnawing on for years now is how the chattering classes want it both ways when it comes to the success of NZ's dairy industry.
Chinese media say Fonterra’s two directors on its joint venture, Beingmate have expressed reservations about a new independent director approved by the board recently.
Fonterra Chinese operations head and Beingmate director Christina Zhu is quoted saying the outgoing director Liu Xiaosong had extensive experience in financial accounting and internal control.
He played an important role in corporate governance and internal auditing as the audit committee chairman.
“The company is currently faced with many complex financial, internal control and accounting issues, and has been repeatedly concerned about inquiries by the Chinese Securities Regulatory Authority.
“The company is also in a difficult business environment and faces many challenges. Therefore, it is urgent to have a person with rich financial and accounting experience – an independent director with an internal control background and experience in corporate management and/or financial accounting practices to succeed Mr Liu Xiaosong.”
The reports said that while new director Ma Juan is well educated and has an academic background, she does not have a professional accounting background or knowledge and financial audit experience.
“The Beingmate company is facing a lot of financial and internal control issues, and the independent director will also serve as a member of the audit committee.
“Although Ms Ma Juan has the qualifications for a single director, she is not suitable at this time as a candidate to replace Liu Xiaosong.”
Zhu and Priem recommended another candidate for the board but that person did not succeed.
Following a recent overweight incursion that saw a Mid-Canterbury contractor cop a $12,150 fine, the rural contracting industry is calling time on what they consider to be outdated and unworkable regulations regarding weight and dimensions that they say are impeding their businesses.
Trade Minister Todd McClay says his officials plan to meet their US counterparts every month from now on to better understand how the 15% tariff issue there will play out, and try and get some certainty there for our exporters about the future.
A landmark New Zealand trial has confirmed what many farmers have long suspected - that strategic spring nitrogen use not only boosts pasture growth but delivers measurable gains in lamb growth and ewe condition.
It was recently announced that former MP and Southland farmer Eric Roy has stepped down of New Zealand Pork after seven years. Leo Argent talks with Eric about his time at the organisation and what the future may hold.
It's critical that the horticulture sector works together as part of a goal to double the sector’s exports by 2035.
RaboResearch, the research arm of specialist agriculture industry banker Rabobank, sees positives for the Alliance Group in its proposed majority-stake sale to Ireland's Dawn Meats.
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