"Sadly the anti-reform campaign prevailed, not just within farmers' very own elected organisation, Beef + Lamb NZ, but across the underbelly of vested interest groups that dominate the sector," he said.
"This was the very essence of why MIE attempted to get the processing directors sitting on the Beef + LambNZ board thrown off.
Having the 'fox in the hen house' is a recipe for disaster and yet unbelievably, this situation prevails.
"Furthermore, a large percentage of MIE-endorsed directors reneged on all their core values and pre-election promises and with no apparent conscience, did a total backflip betraying the very people who put them there."
Questioning what made farmer-elected directors spurn the principles that made them farmers in the first place, Mr McGaveston suggested they were captured by the "glam", the boardrooms and the business class airfares, with the $60-$70,000 they received for attending a dozen meetings a year "like pennies from heaven".
Passing control of New Zealand's processing/exporting sector to foreign interests would in the long term be an unmitigated disaster for NZ red meat farmers, he predicted.
"Finally, as the sun sets on MIE, we wish to thank the many who supported our campaign and can assure you all, if farmer attitudes should change, we have the knowledge, strategy and desire to lift our industry out of the current downward spiral," Mr McGaveston said.
A Northland member of the MIE executive, Bob Steed, of Tangiteroria, said the directors which MIE had backed for election to meat co-operative boards had never come back to explain why they had changed to an anti-MIE stance.
He considered those directors - particularly a Silver Fern Farms trio who had supported their co-operative's partnership with Shanghai Maling - owed MIE an explanation.