What a mess Fonterra is.

Not quite the broken mess that some fear, where break-up occurs rather than the current painful and hopefully disciplined retreat from a lot of things that Fonterra got wrong.

Ex-chief executive Theo Spierings will never have to work again, having taken the thick end of $40 million in salary and bonuses during his seven years in the saddle, which ended in July last year.

Fonterra media minders are feeling besieged and won't disclose how much he's still owed in the third of three annual bonuses totalling $4.43m. It looks like a bit more than $1m,

Advertisement
Advertisement