Two LIC directors not seeking re-election
Two long-standing LIC farmer-elected directors are stepping down later this year.
LIC general manager genetics, Peter Gatley, says the credit is a gesture to the farmers "who came with us as early adopters of a technology poised to advance genetic gain more than any other in the history of dairying".
"Data collected from our Sire Proving herds indicates that the Breeding Worth averages of the 'DNA Proven' sire teams used in 2008 and 2009 were lower than originally estimated. This observation is very much in line with international experience, and we now have appropriate adjustments in place, but we can't turn back the clock on the estimates we provided for the 2008 and 2009 teams.
"The average of all DNA Proven inseminations has delivered a modest advantage over the traditional alternative, so the rate of genetic gain has been maintained, but the result is well short of our original prediction. The credit is a gesture of appreciation for the support of our early adopters who paid a premium for the service."
The value of the credit is estimated to total $4.7 million and will be processed in March 2012.
