Red meat rebound
The red meat sector is poised for a strong rebound this season, with export receipts forecast to top $10 billion and farm profitability to almost double.
On the back of a controversial board backed resolution to give directors a hefty pay rise, long-time northern South Island director Phil Smith has been dumped with Ashburton farmer Kate Acland thrashing him by 2,792 votes. Meanwhile, northern North Island director Martin Coup was only re-elected by 547 votes ahead of challenger Gray Baldwin.
Beef+Lamb NZ directors have come under criticism about the process and appropriateness of a board resolution, presented at the meeting, asking for a substantial increase in director fees.
This move became more controversial, following revelations that the board had disestablished the Directors Independent Remuneration Committee (DIRC) late last year, which was set up in 2016 as an independent body to recommend any changes in director remuneration.
Farmers had expressed concerns about the removal of the DIRC, which now sees the BLNZ board deciding for themselves about how much they are to be paid.
