In­vestors will have some say

Matamata Chronicle - - Opinion/news -

Share­holder con­trol of Fon­terra?

One hun­dred per cent of the com­pany’s vote is not 100 per cent con­trol. Cred­i­tors of what­ever sort place con­di­tions, hence some con­trol over the com­pany.

With the Trad­ing Among Farm­ers fund in­vestors would have sig­nif­i­cant con­trol be­cause with­out the fund TAF doesn’t func­tion, in­vestors into the fund will have to re­ceive what­ever re­turn it takes to keep them there.

The ro­bust­ness of the for­mula that cal­cu­lates the milk price will def­i­nitely be tested as some of the fund in­vestors’ re­turn may come from there. It shouldn’t, but would we know? My in­stinct or gut feel­ing tells me that TAF is not a path to walk if one val­ues the true spirit of a co-op­er­a­tive. Pi­ako Dis­trict hav­ing left the Pa­pakura area which when I lived there for more than 10 years was a lovely South Auck­land town but went down­hill af­ter the coun­cil made some very un­sound fi­nan­cial de­ci­sions at a huge cost to ratepay­ers.

There­fore it is with great frus­tra­tion that dur­ing the past eight years my rates have al­most dou­bled.

To add fur­ther in­sult to in­jury we are now told that these in­creases do not cover the ne­ces­si­ties of wastew­a­ter and we need to de­cide on a pan tax.

Hav­ing just com­pleted my sub­mis­sion to the fu­ture of our com­mu­nity – the draft states it has al­lo­cated al­most $19 mil­lion to the fu­ture de­vel­op­ment of Precinct F and $3 mil­lion to Mata­mata Li­brary to name only two un­nec­es­sary ex­penses at this time.

The ever-in­creas­ing rates will not only halt fu­ture growth in our com­mu­nity, it will bank­rupt us driv­ing busi­nesses and ratepay­ers to move away, with many lower-in­come fam­i­lies im­pov­er­ished by the ob­scene cost of the rates for fa­cil­i­ties that should al­ready be funded.

Stop spend­ing our money, stop bor­row­ing and cap coun­cil­lors’ in­comes.

That alone should cover the fu­ture needed pan tax.

Sheree Heath

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.