Wednesday, 14 March 2018 11:53

$20 million LIC bill 'worthwhile'

Written by Rural News Group

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LIC chairman Murray King.

LIC chairman Murray King has defended the $20 million bill for its transformation process.

King told a special general meeting in Hamilton today that the cost was “absolutely worthwhile”.

“It is a big number but it’s not just a fee to consultants: it has to be earned,’ he told the meeting.

The transformation cost is a one-off, he says.

The process looked at the business and recommended changes to make it more efficient.

The process was preceded by the cooperative being split into two parts: herd improvement and agri-tech.

The cooperative also ditched its $1 billion revenue target. “It was a poor choice on reflection,” King says.

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