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

  • Backing world-class innovation in New Zealand
    $12 million Government investment to support cutting-edge R&D in New Zealand by international businesses Dawn Aerospace and Merlin Labs join Innovative Partnership’s Airspace Integration Trials programme MOU signed with Air New Zealand to conduct a nationwide feasibility study into sustainable aviation fuels The Government is propelling cutting-edge innovation through a ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • One-way quarantine free travel dates confirmed for RSE scheme
    From 4 October RSE workers from Vanuatu can begin arriving into New Zealand From 12 October RSE workers Samoa and Tonga from can begin arriving into New Zealand As part of a programme of work to reopen our borders and reconnect with the world, the Government has announced quarantine free ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • More community grants to support youth mental wellbeing
    The Government continues to make more mental health and wellbeing supports available to young people to ensure services are there when and where they need them, Health Minister Andrew Little says. “More than twenty community-led projects have now received a funding boost through The Youth Mental Wellbeing Fund to keep ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Self-isolation pilot to start with 150 people
    The goal of safely re-opening our borders and developing new ways for people to travel will start with a self-isolation pilot, COVID-19 Response Minister Chris Hipkins confirmed today. “As part of the Reconnecting New Zealanders plan announced in August, the self-isolation pilot will look at self-isolation for vaccinated travellers who ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Poroporoaki: Waka Joseph Nathan
    E Waka e, kei hea ra koe, kua ngaro nei i te iwi e, E kawe nei i ngā rongo, i ngā mahara mōu, i ngā wawata i hua mai i a koe. E Waka e, haere ra, kei te tuahu koe o te ati a toa, Kei poho tonu ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Canterbury school students get hands-on with food and fibre careers
    Secondary school students in Canterbury will have the breadth of food and fibre careers showcased to them thanks to a new initiative launched today, Agriculture Minister Damien O’Connor said. Secondary School Employer Partnerships (SSEP) Canterbury is a collaboration between the Ministry for Primary Industries and SmartNZ, a charitable trust that connects ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Tuvalu language revival and COVID-19
    Te Vaiaso o te Gana Tuvalu 2021 - Tuvalu Language Week moves online due to the uncertainty around COVID-19 said the Minister for Pacific Peoples Aupito William Sio.  “However it is a timely reminder of the power of embracing both traditional and new ways of doing things. It has been ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Strengthened reporting will improve abortion and sterilisation services
    Associate Minister of Health Dr Ayesha Verrall has announced new data and reporting regulations which will help improve abortion and sterilisation services in New Zealand, by painting a clearer picture of the need in our communities. “The Government is committed to ensuring everyone who needs to access abortion services can, ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • United Nations General Assembly: 76th General Debate Statement
    E ngā Mana, e ngā Reo, Rau Rangatira mā o tēnei Whare Nui o te Ao Prestigious people, Speakers of note, Chiefs one and all of this General Assembly Ngā mihi mahana ki o koutou katoa, mai i toku Whenua o Aotearoa Warm greetings to you all from my home ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • APEC 2021 Women and the Economy Forum prioritises women’s economic empowerment
    Minister for Women Jan Tinetti today chaired the virtual APEC 2021 Women and the Economy Forum, which is working to address outstanding issues for women and girls across the region as it recovers from the COVID-19 pandemic. The forum brought together Ministers and representatives from 21 economies to discuss gender ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government invests in restoring iconic South Canterbury river valleys
    The Government is investing up to $18.4 million over four years to create jobs and help restore braided river valleys, alpine and pastoral lands in the South Island as part of its Jobs for Nature programme Land Information Minister, Damien O’Connor announced. Toitū Te Whenua Land Information New Zealand (LINZ) ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Upper Hauraki to move to Alert Level 2
    Upper Hauraki will move to Alert Level 2 from 11:59pm tomorrow, 25 September, COVID-19 Response Minister Chris Hipkins confirmed today. After positive cases were detected in the Upper Hauraki area on Sunday, extra Alert Level restrictions were put in place to immediately prevent any wider transmission of the virus.  “We’ve ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Report into Aotearoa New Zealand’s export controls system released
    Foreign Affairs Minister Nanaia Mahuta today welcomed the findings of an independent review into Aotearoa New Zealand’s export controls system, which regulates the export of goods to foreign militaries, police forces or paramilitaries. Produced by David Smol, a former Chief Executive of the Ministry of Business, Innovation and Employment, the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New District Court Judge appointed
    Attorney-General David Parker has announced the appointment of Brett Crowley of Wellington as a District Court Judge.  He is currently the Wellington Public Defender and started his career as a staff solicitor working in a range of litigation including criminal defence work. He went to the bar in 1999 specialising ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Mental health stocktake shows strong progress
    The first report of the Government’s Implementation Unit has found strong progress has been made since the Mental Health and Addictions Package was announced in 2019. “The report notes most initiatives funded in the Budget 2019 package are on track to deliver what is expected by 2023/24,” Grant Robertson said. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Working together to grow the West Coast
    A project that has been crucial in allowing businesses to continue during the tourism downturn is among a number of initiatives to receive a boost from the Government’s Jobs For Nature programme, Conservation Minister Kiri Allan says. Sustaining South Westland is an extension of an initiative set up last year ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Next steps to improve safety in wake of Whakaari White Island tragedy
    The Government is moving to improve safety in light of the Whakaari White Island tragedy and has released proposals to reinforce safety standards in registered adventure activities. The package of proposals includes: Strengthening requirements for how operators, landowners and the regulator manage natural hazard risks Improving how risks are monitored, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand donates more COVID-19 vaccines to COVAX and the Pacific
    Foreign Affairs Minister Hon Nanaia Mahuta and Associate Health Minister Aupito William Sio announced today that New Zealand is donating additional Pfizer vaccines to the Pacific and AstraZeneca vaccines to the COVAX Facility, to support equitable access to COVID-19 vaccines. “New Zealand is donating 708,000 doses of the AstraZeneca COVID-19 vaccine ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Speech to the Property Council of New Zealand
    Kia ora koutou katoa   Is it a pleasure to be able to speak with you today, and to be able to answer some questions you may have. I would like to acknowledge the organisers of this event, the Property Council. The theme of this year’s conference is City Shapers. Together ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Additional MIQ for Christchurch
    An additional hotel will be added to our network of managed isolation and quarantine facilities, COVID-19 Response Minister Chris Hipkins said today. “I have approved and Cabinet is in the final stages of signing off The Quality Hotel Elms in Christchurch as a new managed isolation facility,” Chris Hipkins said. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ COVID-19 response earns another major digital investment
    Minister for the Digital Economy and Communications Dr David Clark welcomes Amazon’s Web Services’ (AWS) decision to establish a Cloud Region on New Zealand shores, further boosting New Zealand’s growing digital sector, and providing a vote of confidence in the direction of New Zealand’s economic recovery. “Amazon is the second ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Zealand invests in cutting edge cancer R&D
    Scaling up the manufacture of CAR T-cell cancer therapy for clinical trials Advancing New Zealand’s biomedical manufacturing capability Supporting future international scientific collaborations Transforming cancer care with targeted, affordable solutions Research, Science and Innovation Minister Hon Dr Megan Woods has announced that the fight against COVID-19 will not stop the ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Expert group appointed to lead New Zealand’s future health system
    An outstanding group of people with extensive and wide-ranging governance and health experience have been appointed to lead the Māori Health Authority and Health New Zealand, Health Minister Andrew Little says. “This Government is building a truly national health system to provide consistent, high-quality health services right across the country. This ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Funding to help clean up contaminated sites
    The Government is supporting the clean-up of contaminated sites in Northland, Dunedin and Southland to reduce risk to people’s health and protect the environment. Environment Minister David Parker said the funding announced today, through the Contaminated Sites Remediation Fund, will help us turn previously hazardous sites into safe, usable public ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Predator Free apprenticeships open up new job opportunities
    The expansion of a predator free apprenticeship programme is an opportunity for more people to kick-start a conservation career, Conservation Minister Kiri Allan says. “The Predator Free Apprenticeship Programme is focused on increasing the number of skilled predator control operators in New Zealand through a two-year training programme. “The Trust ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Further NCEA support confirmed for Auckland students
    The number of Learning Recognition Credits for senior secondary school students will be increased for Auckland students, Education Minister Chris Hipkins confirmed today. This recognises the extended time these students will spend in Alert Levels 3 and 4. “It means students in Auckland will have a fair opportunity to attain ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Long-term pathway next step to better mental wellbeing for New Zealanders
    The Government is taking a new approach to support people who experience mental distress, Health Minister Andrew Little says. “Kia Manawanui Aotearoa – Long-term pathway to mental wellbeing (Kia Manawanui) is the first 10-year plan of its kind that targets the cause of mental distress and also sets out how ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Keeping our Police safe to keep our communities safe
    The Government is committed to keeping our frontline police officers safe, so they in turn can keep New Zealanders safe – with one of the largest investments in frontline safety announced by Police Minister Poto Williams at the Police College today.   The $45 million investment includes $15.496 million in ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Clean Vehicles Bill passes first checkpoint
    The Land Transport (Clean Vehicles) Amendment Bill will help New Zealand drive down transport emissions by cleaning up the light vehicle fleet, Transport Minister Michael Wood says. The Bill passed its first reading today and will establish the legislative framework for key parts of the Government’s Clean Car Package, including ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Funding boost supports ongoing Māori COVID-19 response
    The Government is responding to the need by whānau Māori and Māori Health providers to support their ongoing work responding to COVID-19 and to continue increasing rates of Māori vaccination, Associate Minister for Health (Māori Health), Peeni Henare and Minister for Māori Development Willie Jackson announced today.   This increased ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Significant increase to COVID-19 penalties
    Penalties for breaches of COVID-19 orders are set to significantly increase from early November 2021 to better reflect the seriousness of any behaviour that threatens New Zealand’s response to the virus, COVID-19 Response Minister Chris Hipkins said today. “Throughout this Delta outbreak we’ve seen the overwhelming majority of people doing ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Counter-Terrorism Legislation Bill returns to Parliament
    The Counter-Terrorism Legislation Bill has returned to Parliament for its second reading in an important step towards giving enforcement agencies greater power to protect New Zealanders from terrorist activity. “The Bill addresses longstanding gaps in our counter terrorism legislation that seek to protect New Zealanders and make us safer,” Justice ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Joint Statement: New Zealand and Australian Trade Ministers
    Hon Damien O'Connor MP, New Zealand Minister for Trade and Export Growth, and Hon Dan Tehan MP, Australian Minister for Trade, Tourism and Investment, met virtually on Monday 20 September to advance trans-Tasman cooperation under the Australia-New Zealand Closer Economic Relations Trade Agreement (CER). CER is one of the most ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister’s Post Cabinet Press Conference/COVID-19 Update opening statement
    ***Please check against delivery***   E te tī, e te tā, nau mai rā [To all, I bid you welcome]   As you will have seen earlier, today there are 22 new community cases to report; three of which are in Whakatiwai in the Hauraki area, and the remainder in ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Major milestones for Māori COVID-19 vaccine rollout as new campaign launches
    Whānau Ora and Associate Health (Māori Health) Minister Peeni Henare acknowledges two major milestones in the rollout of the COVID-19 vaccination programme for Māori. “I am very pleased to announce more than 50 percent of eligible Māori have received their first dose and 25 per cent are now fully vaccinated,” ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government funding to fight infectious diseases
    $36 million for research into Covid-19 and other infectious diseases The investment will improve our readiness for future pandemics Research will focus on prevention, control, and management of infectious diseases The Government’s investing in a new Infectious Diseases Research Platform to boost Aotearoa New Zealand’s Covid-19 response and preparedness for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Quarantine-free travel with Australia to remain suspended for a further 8 weeks
    Suspension to be reviewed again mid to late November Decision brought forward to enable access from Australia to first tranche of around 3000 rooms in MIQ Air New Zealand working at pace to put on more flights from Australia from October    The suspension of quarantine-free travel (QFT) with Australia has ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Extra support for Ethnic Communities to share vaccination information
    Extra support is being made available to Ethnic Communities to help them share COVID-19 vaccination information within their communities, Minister for Diversity, Inclusion and Ethnic Communities Priyanca Radhakrishnan said. “We know we need to get every eligible person in New Zealand vaccinated. A fund being launched today will allow for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • School holidays remain unchanged for Auckland region
    School holidays in Auckland will continue to be held at the same time as the rest of the country, starting from Saturday, 2 October, Education Minister Chris Hipkins said today. “I’ve carefully considered advice on the implications of shifting the dates and concluded that on balance, maintaining the status quo ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government continues crackdown on gangs and organised crime
    Operation Tauwhiro extended until March 2022 Since it was launched in February, Operation Tauwhiro has resulted in:   987 firearms seized $4.99 million in cash seized 865 people charged with a firearms-related offence Gangs and organised crime groups will continue to be relentlessly targeted with the extension of Police’s successful ...
    BeehiveBy beehive.govt.nz
    2 weeks ago