Fon­terra de­fends CEO’s $8.3m pay packet

Fiji Sun - - Global, Regional Business - RNZI

Fon­terra is de­fend­ing the sky­rock­et­ing of its chief ex­ec­u­tive’s $8.3 mil­lion pay packet for the year, up nearly 80 per­cent from last year.Theo Spier­ings was paid $4.6m last year, slightly less than in 2015. The Fon­terra chair, John Wil­son, said Theo Spier­ings’ base salary did not in­crease from last year, but his bonuses did. He said short-term and se­nior ex­ec­u­tive in­cen­tives were met, which brought in about $2 bil­lion of cash and work­ing cap­i­tal. Clearly these num­bers are high from a New Zealand per­spec­tive and we ab­so­lutely re­spect and un­der­stand that, from an Aus­tralasian and a global per­spec­tive which is the na­ture of our busi­ness, they’re ac­tu­ally well within the bands of what those global ex­ec­u­tives earn.” Mean­while, Fon­terra has re­ported a weaker full-year profit, as the re­bound in milk prices hits its profit mar­gins. The dairy co­op­er­a­tive’s net profit for the year ended July fell 11 per­cent to $745 mil­lion, com­pared with last year’s $834 mil­lion. Rev­enue climbed about 12 per­cent to $19.2 bil­lion, but milk vol­umes fell about 3 per­cent.

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