Money in milk
Clearly there’s money to be made from milk, with Fonterra CEO Theo Spierings paid $8 million last year. No sooner was the news announced than the NZ Co-op was immediately defending it. Chairman John Wilson said Spierings hit “farreaching and demanding targets” set by the board and that his pay was benchmarked using “independent advisors”. “Clearly these numbers are high from a New Zealand perspective and we absolutely respect and understand that; but from an Australasian and global perspective we are still well within the bands of what those global executives earn.” We reckon it’s pretty high from an Australian perspective, too.