HAMILTON - Dairy farmers supplying New Zealand Dairy Group will get 8c a kilogram more for milksolids than they expected in their final milk payout this year and 1c more than suppliers for rival company Kiwi Co-operative Dairies.
Hamilton-based New Zealand Dairy Group will make a final payout of $3.63/kg of
milksolids. In February it forecast between $3.50 and $3.55. The increase averages out to about $5000 more in farmers' pockets. Sources say NZDG's hand was forced by Kiwi earlier announcing a higher-than-expected payout of $3.62.
Meanwhile the chief executive of Taranaki-based Kiwi Co-operative Dairies, Craig Norgate, has been given a pay rise of about $240,000 for the past year, taking his salary package to $660,000. Kiwi's annual report for the year to May 31 says the company's top executive earned between $660,000 and $669,000. Kiwi chairman John Young said 30 per cent of Mr Norgate's salary package was "at risk", meaning that percentage was not paid if the company did not meet its targets.
Mr Young said Mr Norgate's increase reflected the company achieving budget and performance criteria. Mr Norgate received between $420,000 and $429,999 for the 1997-1998 year. Kiwi's No 2 executive was paid between $390,000 and $399,000 in the past year. A third executive received a salary package between $310,000 and $319,999. Kiwi had a turnover of $1.7 billion in the past year. - NZPA
