Fonterra gravy train delivers to executives, not farmers

Fonterra's annual bill for those earning $100,000 or more rose to between $1.25b and $1.33b. (Image: Getty)

Mon, 10 Oct 2022

The Fonterra gravy train keeps chugging along as its farmers, who are supposed to own the joint, appear oblivious to how much of the cream they produce is being hijacked by the executives.As I trawled through Fonterra’s latest numbers, for some reason I was reminded of Richard Prebble’s crusade against sloth, waste and bloated staffing levels at New Zealand Rail when he became its minister back in 1984.He chopped staffing from 24,000 down to 4,500 and the firm was then carrying 50% more freight than when he started.Not only that, bu...

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