$1b windfall for shareholders
Fonterra's plan to return $1 billion to shareholders in three years through the divestments of overseas milk pools is the right move, according to Waikato farmer Andrew McGiven.
Tirau farmer, Tony Wilding says farmers expected better when they formed the co-op in 2001.
“It’s not the performance we had in mind when we formed Fonterra,” he told Rural News.
Wilding received a New Zealand Order of Merit in the New Year’s honours list for his contribution to the dairy sector and community.
Read: Dairy leader’s award richly deserved.
He was part of the negotiation team that merged Kiwi Cooperative Dairies and New Zealand Dairy Group, with the New Zealand Dairy Board to form Fonterra.
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Tony Wilding. |
With the negotiations tying up then NZDG chairman Henry van der Heyden and his deputy John Roadley for months, Wilding stepped up to serve as NZDG’s acting deputy chair. Despite his criticism Wilding fully supports Fonterra, pointing out he’s happy with the shift in strategy.
Wilding is also happy that “the days of hiring high-flying overseas CEO” are over.
He fully supports the appointment of New Zealander Miles Hurrell as chief executive last year.
“There is nothing wrong with us, Kiwis”.
