Push On With GM, Wrightson Urges

Tuesday, February 21st 2006

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Rural services giant Wrightson used the platform of its annual meeting yesterday to issue a stern edict to the Government - do not back down on lifting the GM moratorium.

In a highly political speech timed less than three weeks before the moratorium is lifted, chairman John Palmer said scaremongering and misinformation has caused the public to be woefully ill-informed on GM.

Wrightson endorsed a "proceed with caution" approach for GM, and it was not going to leave the technology alone.

The 163-year-old company, a mainstay of New Zealand agriculture, owns a 154 per cent stake in biotechnology company Genesis Research and Development.

Palmer said Wrightson did not have or intend to develop a GM capability itself, but it might develop relationships with organizations that did, perhaps in the area of seeds.

"If we have to look beyond New Zealand's shores to do that, we will. If that means that all of our research focus and capability ultimately moves from New Zealand as a result, that would be a very bad sign for the future of the country's agriculture and business."

Palmer's speech won a healthy round of applause from shareholders gathered in Wellington.

Speaking to the Business Herald later, Palmer said Wrightson's board had taken time considering whether it should strongly address the issue.

He also challenged the view that overseas markets were not ready for New Zealand to advance further down the GM road.

"At a personal level I have been at the sharp end of external marketing for 15 years in my role as chairman of Zespri and other roles. I'm well aware of what's happening."

Palmer said the key issue in external markets was food safety. That was a much bigger issue than GM itself. "What I get asked by retailers in Europe and the UK is 'how good is your sustainability, how well are you complying, and what are the food safety issues we need to be concerned about?" GM is a subset of that, not the other way around."

Wrightson delivered a satisfactory $18.5 million net profit to its shareholders for the year to June 30.

That was slightly down on the year before, but came in an environment of falling commodity prices, volatile weather and a strong dollar.

Palmer and Wrightson managing director Allan Freeth said the company had undergone considerable change to "delink" itself from commodity cycles.

But that didn't mean it could escape the clutches of the weather.

Difficult spring weather had already led to earnings before interest and tax being about 10 per cent behind last year, Palmer revealed.

Shareholders appeared unconcerned by the numbers, instead focusing questions on the company's investment in Genesis and a move on the share register late last month by former Fonterra boss Craig Norgate.

Asked what the return on the investment in Genesis would be, Palmer said in the short term it would dilute earnings but it was a risk worth taking.

"We very strongly believe investments in biotechnology will be rewarded. We cannot be sure which particular aspects of biotechnology in agriculture are going to be rewarded, but we know that is where the future opportunities in agriculture will lie."

Another shareholder asked if the move by Rural Portfolio Investments, owned by Norgate and the McConnon family of Otago, would have any effect on Wrightson.

Palmer replied that he had spoken to Norgate and as far as he knew the group was happy with the company's direction.

Source New Zealand Herald, 17 June 2004

Footnote from Ideal Health

The following products are all GM Free :

Bread Flour
Carob Powder - Organic
Chicory Coffee
Honey - Multiflora Pack
Leda Gluten Free Banana
Natracare Tampons Reg. 16's
Just Soy Protein - Chocolate
Just Soy Protein - Vanilla
Stock Cube Chicken - All Vegetable
Stock Cube Vegetable
Super Tampons with Applicator
Textured Soy Protein

Related health information can be found here:

Acid and Alkaline Forming Foods
Allergies
Antioxidants
Bad Breath
Bowel Cleanse
Immunity
Liver Problems
Parasites
The Good Health Diet
Worms

Related articles can be found here:

Aspartame - a Bitter Sweet Substitute

Doctors Alarmed by Gene-Altered Foods

Drug-Pumped Poultry Fuels Human Risk

Health-Giving Broccoli the Best of the Bunch

Organic Standards To Be Improved

U.S. Outlines Plans for More Health Claims on Food

If you need help or advice, you are welcome to email our naturopathic team with your health question.

Disclaimer: The health information presented here has been written for the New Zealand health consumer. It is of a general nature and is only intended to provide a summary of the subjects covered. The information is not intended to be comprehensive or to provide medical advice to you. While all care has been taken to ensure the accuracy of the information, no responsibility or liability is accepted, and no person should act in reliance on any statement contained in the information provided. All health ailments should be treated by a qualified health professional.

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