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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