A lack of alternatives and confusing information given to farmer shareholders is the only reasonable excuse for Silver Fern Farmer shareholders to support a sell-out of their co-operative, Labour’s Primary Industries spokesperson Damien O’Connor says.
“The desperate way the Board presented this as the only bankable option has no doubt led farmers to believe they had no option, despite attempts by Kiwi stakeholders to table a viable alternative.
A sales pitch pushing the sale of Silver Fern Farms to Shanghai Maling and included in a mail out of voting papers to shareholders will not fool farmers, Labour’s Primary Industries spokesperson Damien O’Connor says.
A vote on the offer is being held in the lead-up to a special meeting in Dunedin next week.
Fonterra chief executive Theo Spierings’ $770,000 pay rise at a time when farmer’s incomes have been halved will enrage many who face farming at a loss into the next season at least, Labour’s Primary Industries spokesperson Damien O’Connor says.
“This is the worst example of New Zealand’s culture of corporate arrogance in which company bosses demand ever increasing salaries despite declining returns to shareholders.
Nathan Guy’s refusal to ensure oversight of Chinese investment into New Zealand’s Silver Ferns Farms shows National doesn’t care about foreign ownership of key strategic assets, Labour’s Primary Industries spokesperson Damien O’Connor says.
“Silver Fern Farms is a major part of the meat producing industry in this country and the proposed deal with Bright Foods must be carefully scrutinised to ensure it is adding value to our economy. The Minister has refused to say this will happen.
The Overseas Investment Office must take a hard line over the possible controlling stake in Silver Fern Farms by a Chinese company, says Labour’s Land Information spokesperson Stuart Nash.
“While this isn’t a direct farm sale, Silver Ferns Farms is a major player in our biggest industry. If control of the company goes offshore it may impact on New Zealand’s farming industry ability to act in our wider export interests.