Nufarm chairman John Gillam says the future of manufacturing in Australia is brighter than many realise under the Albanese government.
Nufarm chairman John Gillam has praised moves by the Albanese government to protect and bolster onshore manufacturing, saying it has already provided more support than recent Labor and Coalition predecessors.extend anti-dumping measures aimed at China by five yearsMr Gillam, credited with building Bunnings into an earnings powerhouse during his time at Wesfarmers, told the Nufarm annual meeting on Wednesday that the future of manufacturing in Australia was now brighter.
Mr Gillam said the government was showing some “very strong intents” as it engaged with Nufarm, on what the company described as sovereign capability, and had also provided strong support on anti-dumping.The comments from Mr Gillam, and backed by Nufarm managing director Greg Hunt, indicate the government could be considering some form of co-investment after the company toldin the same way it is emphasising non-China supply chains in battery minerals.
“The point I would make is that if you are trying to grow a crop in Australia, there are essentially four things that you need: you need seed, you need fertiliser, you need fuel, and you need crop protection products,” he said. In the days before Christmas, Industry and Science Minister Ed Husic signed off on a five-year extension to anti-dumping measures against Chinese manufacturers of 2,4-D, a widely used herbicide produced at Laverton.
Nufarm suffered a first strike on its remuneration report and a rejection of a rights issue to Mr Hunt at Wednesday’s meeting amid a shareholder backlash led by proxy advisers. “Our management team is key to delivering on our exciting growth agenda. Your board places great importance on being able to attract and retain global talent. Having a globally competitive remuneration plan is vital to achieving our strategic objectives and delivering value for shareholders.
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