The New Zealand Co-operatives Association has named Fonterra as Co-operative Business of the Year in its annual awards, a trophy accepted by Fonterra Shareholders’ Council chairman Duncan Coull.
Coull said farmer-shareholders should take pride in the award and praised the contribution of staff as well.
"Our farmer shareholders set themselves high standards and it's their daily hard work and commitment that drives the success of the co-operative,” he said.
NZ Co-op chief executive Craig Presland said Fonterra was on track to deliver a milk price and dividend combination for the 2017 financial year at least 50% higher than the year before.
“Over this period Fonterra has completed a comprehensive co-operative governance review and raised its profile with the NZ public so that it is now better understood as a member-owned co-operative and not a corporate.
“It has also continued to generously support New Zealanders within the spirit of concern for community, a key co-operative principle.
“Its Milk for Schools programme, which is now in its fifth year, is the largest social responsibility programme ever driven by a Kiwi business.
“The $10 million-plus a year initiative benefits more than 140,000 kids each school day.”
The annual co-operative awards were self-nominated entries under four criteria then judged by the board of the association, Presland said.
The growing business sector of co-operatives, mutuals and societies employed more than 48,000 people and generated more than $43 billion a year in revenue, which was 20% of GDP.
The other awards this year went to Mitre 10 chief executive Neil Cowie as Co-operative Leader of the Year, to Ruralco chief financial officer Oliver O’Neill for Co-operation Among Co-operatives and a lifetime achievement award to Brian Cameron.
Enduring service awards were also made to LIC (livestock improvement) and SBS Bank for 100-plus years, Foodstuffs North Island (retailing) for 75-plus years and NZPM (plumbers’ merchants) for 50-plus years.
The association’s chairman Jonathan Lee, also chief operating officer of the Co-op Money NZ, said this year’s nominees and recipients were exceptional and reflected the best of co-operative values.
About 30 of the association’s full members were involved in the primary sector.
