About the loss of MG

“We are stealing from the graves of our founding fathers and the cribs of our children,” were the words of former co-op chairman Ian MacAulay after the vote in favour of MG’s partial float was passed.

History has proven him right and it’s a travesty for our industry.

I’m not going to dwell here on how it feels because I’m sure that, by now, you’ve heard from plenty of others and my story is by no means unique.

All I can offer you is a list of questions for MG to help explain what comes next and the implications of the agreement it’s signed with Saputo. I’ve been assured they will respond but, understandably, it might take a little time.

4 thoughts on “About the loss of MG

  1. The former co-op chairmanof MG Ian MacAulay was right – opening the co-operative to external shareholders was the beginning of the end. The Co-operative federation of Victoria Ltd introduced the UK co-operative College to Australia to provide co-operative education for Australia’s co-operatives. MG was always a reluctant participant in subsequent co-operative education programs and did not embrace them in a way that the WA Capricorn Society did. It was a clear indication that the board and management did not recognise and accept the critical importance of an ongoing co-operative education program to the renewal of co-operative philosophy and principles within a co-operative – to do so would have challenged a pattern of anti-co-operative decisions by the board and management over recent years. David Griffiths, Former secretary, Co-operative Federation of Victoria Ltd

  2. This is so wrong on so many levels it makes me sick they way the board has gone about this it has just given away the co-op once again. The board has taken the easy option and screwed the co-op members just liked they did with the MSSP same lack of understanding and thinking. The idea of floating MG on the stock exchange in partnership with the unit holders has to and must be put out there for people to think about. It would reward both parties over time far more than what is now being offered. It needs to be put out there as an option remember MG is paying for the step up and government needs to know farmers want to do this as a commercial solution build another Bega. The udv needs to help put this out there as a workable solution that doesn’t destroy share holder value, Keeps it Australian start a conversation put some pressure back onto MG to come up with a better solution not the easy solution. This is workable and doable

  3. Well said Marion, it really seems that Murray Goulburn borrowed heavily from Bonlac’s bsiness model without reading the last page!!

  4. Another multi-national corporation takes the last big slice of the Australian dairy processing market and the farmers wonder why they can’t get fair contracts that have a price and aren’t exclusive. The only co-op of significant scale left in the country is little old Norco – who pay the highest farmgate price in the country.
    Does the silence from ADF/DA mean acceptance?

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