Winston Peters says Fonterra boss Theo Spierings' $8.32 million paycheck for 2017 is why shareholders in New Zealand need "say-on-pay" laws.
Fonterra's annual result, released yesterday, revealed Spierings was paid a base salary of $2.463m, benefits of $170,036, short-term incentive pay of $1.832m and long-term incentive pay of $3.855m.
"Is this corporate New Zealand? Fat-cat payouts for doing their day job," Peters said.
"Shareholders need to be reminded that their payout of $6.52 per kilogram of milksolids this season, is well under what they got in real terms for the final two seasons before Mr Spierings came onto the management scene."
Peters said Spierings forwent a bonus worth $1.83m during one of Fonterra's worst payout years, but has won that bonus back in "an average season".
He took a swing at Fonterra's investment in Beingmate Baby & Child Food, the unprofitable Chinese infant formula producer and distributor that sells Fonterra's Anmum formula in China.