[9 November/NZ Herald]

Fonterra’s new leadership is receiving support from the co-operative’s shareholders, but the AGM left little doubt that further financial blunders will not be tolerated. There were plenty of questions about Fonterra disappointing financial results for the year and investment decisions that have been made in China. Former Fonterra deputy chairman and shareholder Greg Gent, who questioned the company’s long relationship with its auditor. A highlight of the meeting for many shareholder was the news that interim chief executive Miles Hurrell is being paid substantially less than his predecessor. Mr Hurrell said plans were progressing to turn around Fonterra’s financial performance and it had dropped its ambition to produce as much milk as possible. It was committed to hitting earnings per share of 25-35 cents, reducing debt by $800m this financial year and limiting capital expenditure.