Cracked China

However, he suggests these giddy, high payouts mask a major issue the dairy co-op appears to be glossing over - the total, absolute failure of its Chinese investments.

Starting back with Fonterra's ill-fated investment in San Lu, followed by the disastrous Beingmate and China Farms ventures, billions and billions of shareholder funds have been lost.

Yet, no one - either on the board or from the executive of the dairy co-op - has ever been held accountable for these disasters.

Some blame former chief executive Theo Spierings.

Others point the finger at former chair John Wilson.

But that it is too easy, as a dead man cannot defend himself. What about the board directors and management at Fonterra who are still around?