Seems like every other major NZ company has to get into serious trouble due to gross incompetence, loses billions of dollars before action is finally taken to right the ship - Air NZ, Telecom, Fletcher Challenge, DFC, BNZ, TranzRail, NZ Steel, NZ Refining etc ...one after another.
Now we have the mother of all failures - Fonterra.
This shouldn't be a surprise to anyone paying attention. Fonterra has suffered from performance and governance issues for years which had left the co-op retaining little of its earnings. It was basically just acting as a vehicle for farmers interests and supporting pricing.
It's international competitors have far outperformed Fonterra.
A master at “following”, committee decisions finding the mid-point that meets all rather than actually doing the right thing, blinkers over their eyes ignoring their examples before them (cheapest solution), short-term goals driven by bonuses at all costs.
hitting new lows wow this thing is going much lower i reckon esp when results are released. they are stuffed because of there ignorance around raising new capital thru a 51/49 listed ownership model. co op dead chinese taking over nz dairy industry they are very happy on fonterras current issues
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Originally Posted by Tomtom
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