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One Response
I have read the report on FSF and concur with many of the statements. However the statement of concern over the “ability of FSF to influence…..” should, in my mind read as ” the inability of FSF to influence…”.
The conflict of interest for shareholder farmers to prioritise the milk payments over dividends is massive and I believe is an unethical position to maintain going forward. The fund should thus be wound up and investors paid out the original issue price.
A further disadvantageous (for FSF investors) dynamic at play has been the maintenance by Fonterra of an artificially high milk price (to put pressure on competitors) and this also diminished the dividends.
I hope the issues can be raised at the AGM by the NZSA.