Fonterra pays nine staff more than $1m

New Zealand's biggest company, Fonterra, paid 974 of its workers over $100,000 each in its first year in business, with nine of them topping the $1 million mark.

Two payments passed the $2 million mark -- one of $2.15 million, and the other of $2.23 million, according to the company's first annual report released today.

But the big payouts include redundancy payments to staff laid off in the merger of the Dairy Board, Kiwi Co-operative Dairies, and New Zealand Dairy Group.

More than 700 employees receiving the big payments worked outside New Zealand.

Fonterra's chief executive Craig Norgate was reported to be on a salary of $1.12 million at the time of the merger.

Farmers were given that figure over a year ago, and industry observers said it was likely that Mr Norgate was now one of the two people who received a total payout of $1.4 million for the year to May 31.

Mr Norgate used to earn $870,000 in his old job running the Taranaki-based Kiwi Co-operative Dairies.

But he is now one of New Zealand's biggest wage-earners -- trailing Australian-based Lion Nathan chief executive Gordon Cairns ($2.2 million), and Telecom's Teresa Gattung, earning $1.6 million, including her share options.

- NZPA

Full text:
Fonterra Annual Report 2001-2001