Fonterra Shareholders Council – Watchdog or Lapdog?Tuesday, Mar 11, 2003
Dairy farmers are shaking their heads in disbelief that the Fonterra Shareholders Council has given the Fonterra Dairy Co-operative a pass mark for its half-yearly performance, says Dairy Farmers of New Zealand spokesman Eliot Cooper.
“Having depressed the market for months it is great that Fonterra have got rid of the stockpiles, but the fact is Fonterra’s performance to date has been dismal,” Mr Cooper said.
“Comments like this from the Shareholders Council leave farmers wondering whether shareholders have a watchdog or a lapdog. Serious questions have to be asked whether the Shareholders Council are fulfilling their role.
“The Shareholders Council must tell Fonterra to concentrate on its core business of processing and selling milk and start delivering a better result to its shareholders.”