Fonterra’s new leadership are being given the benefit of the doubt by shareholders but there are still ‘hard questions’ ahead for New Zealand’s biggest company.
National Party spokesperson for Agriculture, Nathan Guy, spoke with Rural Exchange following Fonterra’s annual general meeting at it’s Lichfield site in the Waikato.
“Overall the mood is, we realise there have been a few mistakes made but placing a lot of emphasis on the fact that there’s a new Chair.”
A huge 68 per cent voting turnout of shareholders saw sitting director Ashley Waugh out, Leonie Guiney voted back in, and former Zespiri Chair Peter McBride joining the board.
Mr Guy says leadership were promising a wide ranging review of all internal practices in the company and there would be ‘no sacred cow’ when it came to.
There are hard questions that need to be asked
An independent assessment released last week found that Fonterra had consistently underperformed financially in the 17 years since its inception.
Fonterra leadership have committed to hitting earnings per share of 25-35 cents and reducing debt by $800m this financial year.
Listen to the full interview with Nathan Guy with above.