Creaming it: Fonterra boss earns $8.32 million

Theo Spierings
Theo Spierings
Fonterra chief executive Theo Spierings was paid $8.32 million in 2017 - an annual increase of 78.5%.

That remuneration makes him easily the highest paid chief executive of any listed company or fund in New Zealand.

Mr 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.

It is the first time the dairy co-op has broken out his pay. Previously it only revealed its highest paid employee - which was safey assumed to be its chief executive.

In 2016, Fonterra's highest paid employee received $4.66m.

The New Zealand Herald CEO Pay Survey reported departed Sky City boss Nigel Morrison was the highest paid executive for 2016. Morrison, who stepped down in April last year, received $6.49m.

The pay increase was revealed in the dairy co-operative's annual result, released today.

Net profit for the July 31 financial year was down by 11% to $745 million because of reduced margins, the dairy giant said.

A cash payout of $6.52 for the 2016/7 season was announced, comprising a farmgate milk price of $6.12/kg milksolids and a dividend of 40 cents per share.

The profit equates to earnings per share of 46c, down from 51c last year, and compared with an earlier forecast range of 45c to 55c.

Analysts had expected to see a weaker annual result as higher farmgate milk prices, the key input cost for Fonterra, made their presence felt on Fonterra's margins.


Amazing isn't it that one person could both be considered worth paying so much and that one person thinks they are worth that much. How effective could a CEO be if everyone down the line didn't do their job?

no wonder he stays in the job.

Interesting to note that the company profits are down by 11%, yet the CEO remuneration is up by 78%.! Where are the morals?

Grady Cameron should apply for a job with Fonterra when he's finished at Delta. He'd fit right in.