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 lends a hand in rival’s territory

The West Coast may be Westland Milk Products territory but that hasn’t prevented Fonterra from stepping in to help with the cleanup following the torrential rain and flooding of late March.

DIRA changes are coming

The reform of the Dairy Industry Restructuring Act (DIRA) need not be radical but there will be some changes, Agriculture Minister Damien O’Connor has indicated.

Restraints on Fonterra's growth

Growth has been debated at the Fonterra board table and the directors’ view now is that the co-op will not see the huge growth of the past, says director Brent Goldsack.


» Latest Print Issues Online

Milking It

Find me on Tudder

A Tinder-inspired app called Tudder is helping farmers to match their cattle with suitable mates — by swiping right on…

Cow toilet

A farm equipment manufacturer is developing a toilet for cattle and has revealed that cows can be trained to use…


» Connect with Dairy News