Simeon Brown has told various Government-owned companies they must explain why they are failing to deliver their cost of equity and how they will improve their returns.

The Minister for State Owned Enterprises told several of the SOEs - including NZ Post and Landcorp - that they've been underperforming over the last few years.

Landcorp was also singled out because its CEO's pay climbed from $760,000 in 2021/22 to $927,000 in 2023/24, but company’s profit nearly halved to $36.3 million dollars during that time.

Landcorp's Chief Operating Officer Will Burrett says the company's had to go back to basics - and they're not the only agricultural entity that's had to scale back. 

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Simeon Brown has told various Government-owned companies they must explain why they are failing to deliver their cost of equity and how they will improve their returns.
The Minister for State Owned Enterprises told several of the SOEs - including NZ Post and Landcorp - that they've been underperforming over the last few years.
Landcorp was also singled out because its CEO's pay climbed from $760,000 in 2021/22 to $927,000 in 2023/24, but company’s profit nearly halved to $36.3 million dollars during that time.
Landcorp's Chief Operating Officer Will Burrett says the company's had to go back to basics - and they're not the only agricultural entity that's had to scale back.&nbsp;
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Will Burrett: Landcorp Chief Operating Officer on the Government zeroing in on the company's performance

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/0d6058e5-daa9-4430-ab18-b30f007de34c/transcript