web analytics

What does it take for bosses not to get their bonus?

Written By: - Date published: 11:26 am, September 13th, 2018 - 17 comments
Categories: business, capitalism, economy, Economy, employment, farming - Tags: ,

Fonterra’s $196 million loss for the June year – the first loss in the co-op’s 17-year history and a staggering reversal of last year’s $745m profit – failed to seriously dent the remuneration of its former CEO Theo Spierings.

Spierings has retained the same out-sized $8m-plus remuneration he was paid last year, raising questions not just of greed but whether bonuses actually work.
The question is: what does it take for CEOs to lose their bonus? Why is it that all risk lies with the shareholders? Why does poor performance by a company not result in CEO and top management bonuses being clawed back? And why do employment protection laws apply to those on enormous salaries so despite espousing the ideology of taking risk, it doesn’t apply to them.

Instead, what we see is that these enormous bonuses continuing to be paid despite regular abysmal performance.

Many of the KPIs that earn CEOs bonuses are just the normal things CEOs should be expected to do excellently.

Spierings’ pay last year led to calls to reign in levels of chief executive remuneration and caused angst amongst many of Fonterra’s farmer-investors.

Almost $4.2m of what he received in 2018 related to bonuses, albeit some that were earned in the previous year. But it included a short-term bonus of $979,702 (versus $1.18m in 2017). Under Fonterra’s pay scheme he could have earned up to $1.48m worth of short-term incentives.

In 2017, he earned a long-term bonus of $4.3m. He may still get some long-term bonuses paid next financial year. Nothing would surprise.

The co-op said its normalised earnings before interest and tax was $902m, down 22 per cent. But for a big company to claim “normalised’ earnings is a nonsense.

For big operations, every year will include “abnormal” events.

But even on a so-called normalised basis, gross margins fell to 15.4 per cent from 16.9 per cent. Hardly, something bonuses should be paid for. Return on capital fell to 6.3 per cent from 8.3 per cent, while its gearing ratio (debt to equity) bumped up to 48.4 percent from 44.3 percent.

The average loss relating to farmers’ ownership of Fonterra for the co-op’s 10,000-odd farmer-owners amounts to $8,000.

The abnormals were a $405m writedown in investment in Beingmate in China – an investment that can certainly be sheeted home to Spierings’ management, and a $183m payment to Danone from the botulism scare, an event that was incredibly poorly managed by the company and its PR firm.

No pay details have been disclosed of interim chief executive Miles Hurrell, who took up his position last month.

Hurrell said, “there’s no two ways about it, these results don’t meet the standards we need to live up to. In 2018, we did not meet the promises we made to farmers and unit holders.”

What he didn’t add is that we will pay our CEO and top managers their bonuses anyway.

This year, Fletcher Building, what was our second largest majority locally-owned business with any international competitive impact, made similar catastrophic losses – a $190m loss for the June year.

Its former CEO, Mark Adamson, was paid a $2.9m “exit package”. Although he forfeited $8m of bonuses held in a long-term share scheme, my question is why should a CEO who has overseen a loss of ~$5 billion in shareholder value not just be sent down the road, no questions asked?

Part of the trouble lies in the fact that people on very high salaries get the same employment protection that ordinary workers receive. I would argue that the law should be changed so that once an employee receives remuneration of over ten times, or even five times, the average income, he/she should be prepared to take the responsibility that they live or die by their performance.

As a former businesses reporter, time and again I would see bosses fired for incompetence but paid enormous “golden parachutes”. Once, after a CEO of Tower was sacked but paid a $4m golden parachute, I asked if the same conditions would be put in place for the replacement; chair Colin Beyer said: “Of course, we have to remain competitive”.

It was pigs at the trough closing ranks.

(Simon Louisson is a former journalist who reported for The Wall Street Journal, AP Dow Jones Newswires, the New Zealand Press Association and Reuters and has been a political and media adviser to the Green Party).

17 comments on “What does it take for bosses not to get their bonus? ”

  1. Gabby 1

    The CEO Club seem to have achieved provider capture.

  2. KJT 2

    Even the shareholders can avoid a lot of the risk.
    Like voting for excessive borrowing to extract dividends, then having no liability for the company collapse.

    It is staff and suppliers who have to wear the losses, while owners and managers, scarper.

  3. Bill 3

    I’d guess…if they gave voice to their social conscience they’d lose their bonus. That said, their social conscience was sucked under by a pool of filthy lucre long ago – so it ain’t gonna be happening.

    But that’s a large reason they get paid what they do.

    They’re willing to head up companies and organisations that do terrible things, and they’re willing to be the smiling apologists for whatever it is the company or org does and to generally keep it all under wraps or “in house”.

    Can you imagine the CEO of something like Fonterra standing up and calling a spade a spade when it comes to water pollution, land degradation, or whatever else sits on the raft of environmental damage that floats atop their profits?

    They are paid to maintain a culture that successfully punts the company as some quite nice and wonderful to have financial or business asset, while neutralising any criticism that may be “incoming” on their environmental record, or their employment practices, or any of their various dodgy dealings….

    And after it’s all done, well it takes a lot of money to distract the poor poppets from any potential guilty feelings that might see them “spill the beans” on the shit they encountered, or witnessed, or managed while they sat in that ‘overseers’ chair. 😉

    We’re told their salaries all are about financial performance? We believe it?

  4. KJT 4

    If it takes a pay of, millions, to motivate someone to do their job properly, perhaps they are recruiting from the wrong people?

    Certainly the quality of management has dropped as salaries have sky rocketed, and the idea took hold, that someone totally ignorant in the field the company is in, can manage it.

  5. Dennis Frank 5

    Bonuses derive from contracts, so responsibility lies with who authorises those contracts. In a corporation, that’s the board, right? So, with all due respect to Simon for helping the Greens, his analyst doesn’t get to the crux of the issue.

    At board level, decisions are made in accord with mutual perceptions of what’s best for the corp, as regards future prospects, and whether profits suffice to satisfy shareholders despite the payment of bonuses. Takes a lot to generate a shareholder revolt. So the reason bonuses have become automatic is due to the board consensus that it is required by the current market situation. Capitalist class interests prevail.

    • Grantoc 5.1

      With respect Dennis, bonus’s for CEO’s/executives have not become automatic.

      I recently undertook a review of a CEO’s performance on behalf of a board in order to determine whether or not the CEO should receive any incentive reward, as part of the work that I do. The CEO’s incentive plan consisted of a number of objectives and KPI’s that the board and the CEO had agreed to at the start of the cycle. They related to the achievement of the organisation’s strategic goals. The quantum of the incentive reward for the CEO was determined by the quality of the CEO’s performance. For some objectives his performance was not up to expectations, and he got little or no payment; for other objectives he performed up to and beyond expectations and he received an incentive reward in recognition of this.

      The situation I describe above is typically what happens in most organsations. There are exceptions but that what they are, exceptions.

      Payment of bonus or incentives is hardly ever automatic and it defies the logic of having them in the first place. It would be stupid of any board to agree to this. In a CEO’s employment agreement bonuses are typically described as ‘at risk’ pay and it is stated that they are conditional upon certain objectives being met.

      • RedBaronCV 5.1.1

        which still leaves the question – why is there not a minus bonus for the not achieved areas ? Other wise the CEO risk is all 0 to +ve territory – no chance of a downgrade overall.

        • Phil 5.1.1.1

          why is there not a minus bonus for the not achieved areas ?

          I suspect the answer is probably something to do with employment law?

          CEO’s are still employees, after all. I doubt that “you haven’t achieved your targets, so you’re going to have to pay back some salary” is looked upon fondly in employment court.

      • Phil 5.1.2

        Hi Grantoc,

        I’m curious if your review included any consideration of ‘gateway’ incentives?

        For those unfamiliar, gateway incentives are designed to ensure a staff member works toward both their quantitative targets (e.g. $x sales or company profit of $y mln) as well as behavioral/qualitative targets (e.g. complied with the organisation code of conduct at all times throughout the year, filed all paperwork to the appropriate standard, minimal number of process errors, etc).

        While quantitative incentives usually scale with performance, the behavioral gateway incentives are typically binary. That is to say, even if you nail all your sales targets during the year, the gateway to any incentive payment may be closed if your behaviors were not up to scratch.

        This type of incentive/bonus framework is now common in most financial institutions.

  6. Herodotus 6

    Re “normalised profits” I took great interest in fletcher buildings result ( being a worker) that the normalised profits for bonus calculations excluded costs associated with the earth quake yet all following years the remedial work and building materials sold by the company were normalised. Lesson: bad results are abnormal, good results are normal 🤑

  7. Dukeofurl 7

    What baffles me why do business journalists talk about company results which mostly give profit on accrual basis as if its a cash basis

    “The average loss relating to farmers’ ownership of Fonterra for the co-op’s 10,000-odd farmer-owners amounts to $8,000.”
    really?
    When the numbers that matter is given here:
    “normalised earnings before interest and tax was $902m, down 22 per cent. ‘

    Doesnt sound like a $8k loss because there was no such thing.

    Fonterra is doubly hard to report on because its a Cooperative and the owners are mostly paid in their milk price. A Coop wouldnt normally have a profit at all and all its surplus goes to the farmer suppliers without any tax paid.

    But for a $20 bill company its shows in the gross margins which are 15.5%. Thats $3.2 bill territory.
    Business journalists are doing a bad job when they talk about accounting write offs as individual shareholder losses. That is swap between accrual and cash accounting as though they are the same thing.

  8. Incognito 8

    CEO remuneration packages are big part of the company gloss & PR. It’s like bolting on a big muffler, a big spoiler, and mags and pretend to have a powerful racing car while in fact it is a sad excuse for hoon-wreck to be. People are so easily fooled by shine & gloss (all the glitters is gold). It’s also known as make-believe.

  9. gsays 9

    It’s not just CEOs of large companies where these sort of inequities occur.

    I work in a small business (30 employees, 10 of them full time), there is secure car parking available next door.
    This is for the exclusive use of the general manager and two owners.
    No one else to use them any if they are not being used.
    Leaving the rest of the staff, in the shadow of minimum wage to pay up to $12 a day in fees.

    • RedBaronCV 9.1

      And then there are the joys of working for those that get a bonus. Incentivizes a lot of plain awful downwards behavior.

  10. KJT 10

    https://www.blogger.com/blogger.g?blogID=8242873948775998562#editor/target=post;postID=5019555867712783018;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=94;src=postname

    “One of the corollaries or supporting ideologies behind Neo-Liberalism is the cult of Management.

    The idea that individual shareholders, managers or directors are the main contributors to the success of a corporation, and thence the economy. And deserve the greatest share of the rewards. The jobs and income of all other employees and State servants is a generous charitable gift from these people.

    Except, maybe in the case of genuine entrepreneurs, we all know this is not true.”

  11. SaveNZ 11

    Great to see another quality piece SIMON LOUISSON…

    There seems something abhorrent in a new wave of corporate bosses who are hired in often from overseas at great rates and run the business into the ground by lowering wages in real terms, hiring moron group thinkers from a decade ago financial crisis culture, and making many people outside of that self promoting, anti employee culture redundant and not innovating at all or seeing the future.

    A ten year old can see that you need to have quality IT for example in a modern business, but why pay 8 million (Fonterra) or 5 million (Fletchers) for example to a boss that also manages to screw it up???

    There is little to no strategy going on and little to no management going on in these cases, but still the business community keeps the mantras going… pay the bosses exceptionally to keep competitive, don’t worry about cultural fit, overseas people are better in all cases, pay most other people to do the work poorly and celebrate underpaying employees and ripping them off and giving them no rights under poor managers and then wonder why the business is suddenly not competitive and the company is a shambles within a few years under that approach?

    The top most valuable company in the world is Apple whose founder worked for a salary of $1 at one point and the top 5 most valuable companies are technology.

    When you look at Amazon, a tech retailer – even a company that has an old school way of working aka retail, make value through technology… and often the tech side becomes more profitable than the retail side…

    So as the NZ government goes further and further down the low wage, bums on seats at cheap rates, old school style of commodity business, and attract B grade or less managers at high rates and give them cart blanche to destroy the NZ culture that caused them to be great in the first place and replace old workers with new cheaper contractors often from overseas, NZ as a country are having to use asset sales to keep the Ponzi going and increasingly are not even in control as we recruit bosses that don’t seem to return any value to our shores to run and operate our businesses at the top end, while turning a blind eye to the scams both financial or immigration based blooming smaller business operating concurrently plus the tax scandals like Cadbury who can transfer wealth, replace it with debt and then make everyone redundant shortly after taking over.

Recent Comments

Recent Posts

  • Minister to attend second United Nations Ocean Conference in Portugal
    Oceans and Fisheries Minister David Parker will represent Aotearoa New Zealand at the second United Nations (UN) Ocean Conference in Lisbon, Portugal, which runs from 27 June to 1 July. The Conference will take stock of progress and aims to galvanise further action towards Sustainable Development Goal (SDG) 14, to "conserve and sustainably use ...
    BeehiveBy beehive.govt.nz
    4 hours ago
  • Government supports innovative dairy sheep sector to scale up
    The Government is boosting its partnership with New Zealand’s dairy sheep sector to help it lift its value and volume, and become an established primary industry, Agriculture Minister Damien O’Connor has announced. “Globally, the premium alternative dairy category is growing by about 20 percent a year. With New Zealand food ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Government supports Buller flood recovery and longer term resilience
    The Government is continuing to support the Buller district to recover from severe flooding over the past year, Minister for Emergency Management Kieran McAnulty announced today during a visit with the local leadership. An extra $10 million has been announced to fund an infrastructure recovery programme, bringing the total ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Government outlines plans for future COVID-19 variants
    “The Government has undertaken preparatory work to combat new and more dangerous variants of COVID-19,” COVID-19 Response Minister Dr Ayesha Verrall set out today. “This is about being ready to adapt our response, especially knowing that new variants will likely continue to appear. “We have undertaken a piece of work ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Next steps for NZ UK free trade agreement
    The Government’s strong trade agenda is underscored today with the introduction of the United Kingdom Free Trade Agreement Legislation Bill to the House, Trade and Export Growth Minister Damien O’Connor announced today. “I’m very pleased with the quick progress of the United Kingdom Free Trade Agreement Legislation Bill being introduced ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Five new members join education Youth Advisory Group
    A ministerial advisory group that provides young people with an opportunity to help shape the education system has five new members, Minister of Education Chris Hipkins said today. “I am delighted to announce that Harshinni Nayyar, Te Atamihi Papa, Humaira Khan, Eniselini Ali and Malakai Tahaafe will join the seven ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Address to the Treaty on the Prohibition of Nuclear Weapons First Meeting of States Party
    Austria Centre, Vienna   [CHECK AGAINST DELIVERY] E ngā mana, e ngā reo Tēnā koutou katoa Thank you, Mr President. I extend my warm congratulations to you on the assumption of the Presidency of this inaugural meeting of States Parties to the Treaty on the Prohibition of Nuclear Weapons. You ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Govt makes sure support workers have right to take pay-equity claim
    The Government is taking action to make sure homecare and support workers have the right to take a pay-equity claim, while at the same time protecting their current working conditions and delivering a pay rise. “In 2016, homecare and support workers – who look after people in their own homes ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Targeted second COVID-19 booster a step closer
    A law change passed today streamlines the process for allowing COVID-19 boosters to be given without requiring a prescription. Health Minister Andrew Little said the changes made to the Medicines Act were a more enduring way to manage the administration of vaccine boosters from now on. “The Ministry of Health’s ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Commerce Commission empowered to crackdown on covenants
    New powers will be given to the Commerce Commission allowing it to require supermarkets to hand over information regarding contracts, arrangements and land covenants which make it difficult for competing retailers to set up shop. “The Government and New Zealanders have been very clear that the grocery sector is not ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Plasterboard taskforce set up to ease shortages
    Ministerial taskforce of industry experts will give advice and troubleshoot plasterboard shortages Letter of expectation sent to Fletcher Building on trademark protections A renewed focus on competition in the construction sector The Minister for Building and Construction Megan Woods has set up a Ministerial taskforce with key construction, building ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • First Matariki public holiday celebrated with a unique broadcasting collaboration
    Minister for Māori Development Willie Jackson and Minister for Māori Crown Relations Te Arawhiti Kelvin Davis announced today the inaugural Matariki public holiday will be marked by a pre-dawn hautapu ceremony at Te Papa Tongarewa, and will be a part of a five-hour broadcast carried by all major broadcasters in ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Health volunteers recognised at Parliament
    Volunteers from all over the country are being recognised in this year’s Minister of Health Volunteer Awards, just announced at an event in Parliament’s Grand Hall. “These awards celebrate and recognise the thousands of dedicated health and disability sector volunteers who give many hours of their time to help other ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Trade Minister to travel to Europe, Canada and Australia to advance economic recovery
    New Zealand’s trade agenda continues to build positive momentum as Trade and Export Growth Minister Damien O’Connor travels to Europe, Canada and Australia to advance New Zealand’s economic interests. “Our trade agenda has excellent momentum, and is a key part of the Government’s wider plan to help provide economic security for ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Prime Minister to travel to Europe and Australia
    Prime Minister Jacinda Ardern will leave this weekend to travel to Europe and Australia for a range of trade, tourism and foreign policy events. “This is the third leg of our reconnecting plan as we continue to promote Aotearoa New Zealand’s trade and tourism interests. We’re letting the world know ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Remarks to ICAN Nuclear Ban Forum session “The Ban is the Plan and this is Why”
    [CHECK AGAINST DELIVERY] Nga mihi ki a koutou. Let me start by acknowledging the nuclear survivors, the people who lost their lives to nuclear war or testing, and all the peoples driven off their lands by nuclear testing, whose lands and waters were poisoned, and who suffer the inter-generational health ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand leadership contributes to significant progress at the WTO
    New Zealand’s leadership has contributed to a number of significant outcomes and progress at the Twelfth Ministerial Conference (MC12) of the World Trade Organization (WTO), which concluded in the early hours of Friday morning after a week of intense negotiations between its 164 members. A major outcome is a new ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Meth addiction service launched in Eastern Bay of Plenty
    The Government has delivered on its commitment to roll out the free methamphetamine harm reduction programme Te Ara Oranga to the eastern Bay of Plenty, with services now available in Murupara. “We’re building a whole new mental health system, and that includes expanding successful programmes like Te Ara Oranga,” Health ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Creatives in Schools Round 4 open for applications
    Kura and schools around New Zealand can start applying for Round 4 of the Creatives in Schools programme, Minister for Education Chris Hipkins and Minister for Arts, Culture and Heritage Carmel Sepuloni said today. Both ministers were at Auckland’s Rosehill Intermediate to meet with the ākonga, teachers and the professional ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Opening speech for MEETINGS 2022
    It is my pleasure to be here at MEETINGS 2022. I want to start by thanking Lisa and Steve from Business Events Industry Aotearoa and everyone that has been involved in organising and hosting this event. Thank you for giving me the opportunity to welcome you all here. It is ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Reconnecting across the Tasman: Australia – Aotearoa New Zealand Foreign Minister Consultations
    Aotearoa New Zealand Minister of Foreign Affairs, Hon Nanaia Mahuta and Australian Minister for Foreign Affairs, Senator the Hon Penny Wong, met in Wellington today for the biannual Australia - Aotearoa New Zealand Foreign Minister Consultations. Minister Mahuta welcomed Minister Wong for her first official visit to Aotearoa New Zealand ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Global challenges reflected in March quarter GDP
    The volatile global situation has been reflected in today’s quarterly GDP figures, although strong annual growth shows New Zealand is still well positioned to deal with the challenging global environment, Grant Robertson said. GDP fell 0.2 percent in the March quarter, as the global economic trends caused exports to fall ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • One million New Zealanders vaccinated against flu
    More than a million New Zealanders have already received their flu vaccine in time for  winter, but we need lots more to get vaccinated to help relieve pressure on the health system, Health Minister Andrew Little says. “Getting to one million doses by June is a significant milestone and sits ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • NZ Principals Federation MOOT SPEECH -Friday 10 June 2022 
    It’s a pleasure to be here today in person “ka nohi ke te ka nohi, face to face as we look back on a very challenging two years when you as Principals, as leaders in education, have pivoted, and done what you needed to do, under challenging circumstances for your ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Provincial Growth Fund already delivering jobs and economic boost to the regions
    The Provincial Growth Fund (PGF) is successfully creating jobs and boosting regional economic growth, an independent evaluation report confirms. Economic and Regional Development Minister Stuart Nash announced the results of the report during a visit to the Mihiroa Marae in Hastings, which recently completed renovation work funded through the PGF. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pre-departure tests removed from June 20
    Travellers to New Zealand will no longer need a COVID-19 pre-departure test from 11.59pm Monday 20 June, COVID-19 Response Minister Dr Ayesha Verrall announced today. “We’ve taken a careful and staged approach to reopening our borders to ensure we aren’t overwhelmed with an influx of COVID-19 cases. Our strategy has ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Foreign Minister to attend CHOGM
    Foreign Minister Nanaia Mahuta will travel to Rwanda this week to represent New Zealand at the Commonwealth Heads of Government Meeting (CHOGM) in Kigali. “This is the first CHOGM meeting since 2018 and I am delighted to be representing Aotearoa New Zealand,” Nanaia Mahuta said.  “Reconnecting New Zealand with the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Joint Statement: Agreement on Climate Change, Trade and Sustainability (ACCTS) at MC12
    We, the Ministers for trade from Costa Rica, Fiji, Iceland, New Zealand, Norway and Switzerland, welcome the meeting of Agreement on Climate Change, Trade and Sustainability (ACCTS) partners on 15 June 2022, in Geneva to discuss progress on negotiations for the ACCTS. Our meeting was chaired by Hon Damien O’Connor, New Zealand’s Minister for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Chief Censor appointed
    Internal Affairs Minister Jan Tinetti has today announced Caroline Flora as the new Chief Censor of Film and Literature, for a three-year term from 20 July. Ms Flora is a senior public servant who has recently held the role of Associate Deputy‑Director General System Strategy and Performance at the Ministry ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government tackles elder abuse
    Eleven projects are being funded as part of the Government’s efforts to prevent elder abuse, Minister for Seniors Dr Ayesha Verrall announced as part of World Elder Abuse Awareness Day.  “Sadly one in 10 older people experience elder abuse in New Zealand, that is simply unacceptable,” Ayesha Verrall said. “Our ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New connectivity funding for more rural homes and businesses
    More New Zealand homes, businesses and communities will soon benefit from fast and reliable connectivity, regardless of where they live, study and work,” Minister for the Digital Economy and Communications, David Clark said today. “The COVID-19 pandemic has shown us time and again how critical a reliable connection is for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Phil Twyford to attend Nuclear Ban Treaty meeting
    Disarmament and Arms Control Minister Phil Twyford will lead Aotearoa New Zealand’s delegation to the Treaty on the Prohibition of Nuclear Weapons (TPNW) First Meeting of States Parties in Austria later this month, following a visit to the Netherlands. The Nuclear Ban Treaty is the first global treaty to make nuclear ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Australian Foreign Minister to visit for talks
    Foreign Affairs Minister Nanaia Mahuta will this week welcome Australian Foreign Minister, Senator the Hon. Penny Wong on her first official visit to Aotearoa New Zealand as Foreign Minister. “I am delighted to be able to welcome Senator Wong to Wellington for our first in-person bilateral foreign policy consultations, scheduled for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government’s School Investment Package supports 4,500 projects
    State schools have made thousands of site, infrastructure and classroom improvements, as well as upgrades to school sports facilities and playgrounds over the past two and a half years through a major government work programme, Education Minister Chris Hipkins said today. The School Investment Package announced in December 2019 gave ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • PM Ardern shares warm meeting with Samoa PM
    Prime Minister Jacinda Ardern had a warm and productive meeting with Samoa Prime Minister Fiamē Naomi Mata’afa in Wellington, today. The Prime Ministers reflected on the close and enduring relationship the two countries have shared in the 60 years since the signing of the Treaty of Friendship, and since Samoa ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Govt acting to increase supermarket competition
    “Food price data shows New Zealanders pay too much for the basics and today’s figures provide more evidence of why we need to change the supermarket industry, and fast," Commerce and Consumer Affairs Minister David Clark says. Stats NZ figures show food prices were 6.8% higher in May 2022 compared ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New standalone integrity entity for sport
    An independent body to strengthen and protect the integrity of the sport and recreation system is to be established. “There have been a number of reports over the years into various sports where the athletes, from elite level to grassroots, have been let down by the system in one way ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New baby unit opened at Waitakere Hospital
    Parents of babies needing special care can now stay overnight at Waitakere Hospital, thanks to a new Special Care Baby Unit (SCBU), Health Minister Andrew Little said today. The new SCBU, which can care for 18 babies at a time and includes dedicated facilities for parents, was opened today by ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Joint Statement: New Zealand teams up with Ecuador, Kenya, and the EU to forge cooperation on trade ...
    The Trade Ministers of the European Union, Ecuador, Kenya and New Zealand have agreed to work jointly to forge an inclusive Coalition of Trade Ministers on Climate. This reflects their shared commitment to bringing the fight against climate change to the forefront of trade policy. The Ministers want to enhance ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government open to explore a joined up public sector pay negotiation process
    The Government is interested in exploring with public sector unions a pay adjustment proposal, the Minister for the Public Service Chris Hipkins said today. This follows the New Zealand Council of Trade Unions writing to the Government proposing to enter into a process for a pay adjustment across the public ...
    BeehiveBy beehive.govt.nz
    1 week ago