Former PGG Wrightson managing director Tim Miles received a $3m payment when he unexpectedly left the company last year, according to the company's annual report.

The New Zealand dollar may extend its decline this week as investors, nervous about the slow progress being made on Europe's escalating sovereign debt crisis, sell growth-linked currencies for the relative safety of the greenback.

Fonterra farmers are again warning that any change which may reduce their ownership or control of the co-operative sill be rejected.

Average prices of dairy products fell for the sixth straight sale in Fonterra's latest online auction, reaching the lowest level in 10 months.