The Country 29/10/25: Todd Charteris talks to Jamie Mackay

Rabobank’s chief executive comments on tomorrow’s Fonterra shareholder vote, the adverse weather, and his upcoming trip to the Windy City - Chicago, as opposed to Invercargill. 

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Episode Transcript

Speaker 1 (00:00):
This man is the chief executive of Rabobank. We're going
to talk about what the banks are up to in
terms of helping farmers out, especially in the Deep South
and Canterbury at the moment. But before we do, Todd charteris,
I want to talk about tomorrow's big vote, the Fonterra
vote on the divestment of the consumer brands business. This
is an absolute given.

Speaker 2 (00:20):
What are you hearing, I'll good afternoon, Jamie. Yeah, look, yeah, look,
I think the vote will go through, that's what we're
hearing for sure. And look, I think Fronterira have run
a really good process here. I think I've engaged with
the shareholders really well. And yeah, I would expect that
vote to go through, but it's not done until it's done.
But we look forward to the announcement and due course.

(00:42):
But look, it'll be good for the wider in New
Zealand economy too. I think you know, farmers will reinvest
some of that money, they'll pay some debt, but I
think you could it could lead you to a number
of succession discussions, a whole lot of things, and I
think that's that's the really key and that businesses need
to make.

Speaker 1 (01:01):
Put the house on a yes, folk there, Now you're
in the business of lending money, it's not necessarily in
your best interests if the farmers use and I think
the averages payout is going to be four or five
hundred grand to pay down debt won't suit you, Todd.

Speaker 2 (01:16):
Look, I think I think, you know, there'll be a
whole range of actions that people will take. Businesses will take,
you know, they'll strength and balance sheets. You know. We're
talking to many farmers though that are looking for investment opportunities.
As I said earlier, I think it'll kick start some
succession discussions, a whole lot of things. But you know,
but every situation will be different, and I think it

(01:37):
will be positive overall. For sure.

Speaker 1 (01:39):
What can the banks do to help out farmers who
have been smacked by the weather in the past week.

Speaker 2 (01:44):
I look at terrific, isn't it? And I really feel
for everyone down there. It could catch up with some
of the team yesterday. And yeah, certainly we've deferred any
scheduled principle repayments, any short term working capital that's required
as all just you know, signed all that off. Any
loan reviews you know, always push out, so we'll do
what we can, but it's about supporting those communities and

(02:08):
really proud of the efforts that our client council down
there actually kicking in, led by Craig Whiteside, who's a
farmer from South Otago and he leads that client council
for Ravo. And yeah, they are out in the community
and our teams are supporting them as much as they can.
But it's going to take quite some time to recover,
and it's really just getting people through, you know, emotionally

(02:30):
it's really tough. And yeah, it's just we're just helping
people and helping our employees. It's tough for them, you know,
many of their personal situations have been impacted as well,
and so yeah, it's a really tough situation.

Speaker 1 (02:46):
Southland's been very, very windy, as has Canterbury recently. You're
going to a windy place this weekend, the Windy City
Todd Chicago, to see the All Blacks take on Ireland.
I hope they'd go better than they did in twenty
sixteen when they lost. Now I could tongue in chik
say is this a rabobank junket? But I know what
you like. I can't even convince you to come to

(03:07):
Dunedin for a junket for a Test match, So I
assume this is coming out of your back pocket.

Speaker 2 (03:12):
Yeah, no, this is definitely not a junket Jamie. And
there's a group of guys I went to university with
thirty odd years ago and so we've been putting money
aside for about the last twenty So yeah, this is
a fully paid trip, but it's been paid for over
the last few years. So I'm really looking forward to
it will be the exciting time to catch up with
some mates and hopefully see a great all black victory.

(03:34):
We own the one in that city, so you're looking
forward to it.

Speaker 1 (03:38):
Have you been to Chicago before? It's one of my
favorite cities. New York's my favorite US city. I think
Chicago might be second.

Speaker 2 (03:45):
Yeah, I've been a couple of times. I went ten
years ago when Neil Blacks played the US it was
the first time, and then I've been back actually with
rather Evank looking at a few dairy operations over there.
So yeah, it's a pretty impressive place. It's just great
to get into that Midwest and see some of that
big country that we were able to a few years ago.

Speaker 1 (04:05):
Well, make sure you get to the top of Willis Tower.
Sears Tower used to be the tallest building in the
world at one stage. Now it's only third tallest in
the US. Hey Todd, thanks for your time and enjoy
your travels. Go the ABS.

Speaker 2 (04:17):
Here you go the ABS. Thanks Jamie. Cheers,