Fonterra cements position as the big cheese!
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
Fonterra chair John Wilson says there has been “a complete misunderstanding” over the pay increase for the co-op’s chief executive.
Wilson says Theo Spierings’ base salary was frozen last month at his own request.
He says the $750,000 increase reported last month in its 2014-15 annual accounts was related to performance incentive payment for the previous year, when the payout to farmers was a record $8.40/kgMS.
Wilson, who attended farmer meetings with Spierings last week, says they were “front footing” the issue and explaining to farmers.
Many Fonterra farmers are struggling to make ends meet; low dairy prices have slashed farmgate returns.
Fonterra last week disclosed that Spierings earned between $4.93 million and $4.94 million in the year to July 31, 2015, up from $4.17m to $4.18m in the previous year.
The company does not disclose Spierings’ base salary, but it is understood to be close to $4m.
Wilson says the incentive payment to Spierings was made in October 2014, after the successful 2013-14 season.
“Although it was reported in the last financial year statements, the actual payment was made a year earlier,” he told Rural News.
He says Spierings and the management realise the challenging times faced by farmers.
“Theo came to the board sub-committee and asked that his salary be frozen for this year. It’s very unfortunate that this has been misrepresented in some media.
The European Union Ambassador says the new free trade agreement (FTA) between the bloc and New Zealand will bring significant benefits to both parties.
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'A lot of interest and positive responses' appears to be the way farmers are viewing the Government's initiative to hold a series of woolshed meetings around the country.
A Southland farming leader wants the regional council to delay a proposed regional rates hike, much of which is intended to fund flood protection works.
Rural Women New Zealand (RWNZ) says access to personal banking services in rural communities is fundamental to promoting outcomes that benefit Kiwi consumers.
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