Thursday, 13 September 2018 14:50

Farmers unhappy — Coull

Written by 
Duncan Coull. Duncan Coull.

Fonterra Shareholders Council chairman Duncan Coull says farmers are unhappy with the co-op’s current performance.

Commenting on Fonterra’s annual results, he says the underlying result and its impact on earnings, dividend and carrying value is totally unacceptable and one that our farming families will not want to see repeated.

“Moving forward, it is imperative that our business builds confidence through achievable targets and at levels that support a higher carrying value of our farmers’ investment. 

“We have been encouraged in the recent short term by the willingness of the board and management to take an honest look at our position and make the necessary changes. 

“We are looking forward to a continuation of more open and transparent discussions, and seeing those translate into long term results.”

Coull also noted the co-op’s $20 billion revenue resulting from the very strong milk price. 

“The New Zealand public needs to recognise that out of that $20 billion revenue, a good portion remains in the New Zealand economy. That’s a real positive - no other New Zealand business delivers that,” he says. 

Despite today’s results announcement, Coull says the council remains firmly resolved that Fonterra as a strong co-op “is the only model that serves to deliver a strong future for our farming families in New Zealand”.

 

More like this

Fonterra bosses brief Government

Fonterra chairman John Monaghan says Fonterra is looking forward to working with the Coalition Government on the review of dairy industry regulations.

MIA?

The Hound reckons the new Fonterra chair ‘Grumpy’ John Monaghan is proving more elusive than the Loch Ness Monster.

Nine years enough – Shadbolt

Retiring Fonterra director Nicola Shadbolt is happy with the calibre of director candidates endorsed by the co-op board.

 
 

» Latest Print Issues Online

Milking It

Fake milk

Almond milk, if we can call it milk, is being touted as the next-best thing to cow milk.

 
 

» Connect with Dairy News