The DFMC Annual General Meeting (AGM) was held in Kiama, NSW on November 19th. This year we kicked off the day with an open forum in the morning, followed by the formalities of the AGM, and then a lunch during the presentation of the NSW South Coast quality awards.
We were privileged to hear from two highly credentialed and topical speakers during our open forum, with the head of the NSW Farmers Dairy Committee, Colin Thompson, and the recently appointed NSW Dairy Advocate, Ian Zandstra, giving us plenty to think about. Given current discussion around the Australian Dairy Plan, both were able to provide wonderful and interesting insights of their respective roles.
Chairman Andrew Burnett then led a Q & A session for members on co-operative matters. Andrew opened the AGM, presenting his Chairman’s report, highlighting the responses to the drought including Lion’s True-Blue drought fund and the Dairy Pride payment. He also reaffirmed the importance of the 3-year extension of the Milk Supply Agreement and the key points – dispute resolution, the revised aggregation fee of $300k and that the MSA is no longer exclusive.
This was followed by an operations report from Executive Officer Mark Kebbell, highlighting the drop in milk production in all regions. Finally, a finance report from Chair of the Audit and Risk Committee, John McKillop highlighted that the co-operative’s operating profit (after income tax and before dividend) was $676k for 2019. The equity portfolio continued to grow – at a little over 10% again for the financial year to $13.4m
As advised in the days leading up to the AGM, the co-operative’s Annual Report can be found on the DFMC website at http://dfmc.org.au/operation/dfmc-annual-reports/.