Fonterras Chair and directors look set for a pay rise after an unofficial moratorium following the big Co-ops disastrous 2018 and 2019 financial results. That wiped $4 billion off farmer-shareholder balance sheets. But now shareholders at next month’s AGM will vote to approve a $25,000 pay rise for chairman Peter McBride, taking his annual remuneration to $455,000. And a $10,000 increase for Fonterra’s 10 directors, taking their annual fee to $185,000. Admittedly Fonterra farmers are enjoying buoyant farmgate milk payments and the company’s reset business strategy is largely producing a much better balance sheet. As to Chief Executive Miles Hurrell…well his take home pay has more than doubled to $4.3 million, including a $2 million performance bonus last October and another one this October and slightly less for the next two years. It feels like it is harking back to the heady Theo Spierings days who was paid more than $8 million in his last year … before being let go due to very poor decisions.
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