The Country 25/06/25: Todd Charteris talks to Jamie Mackay

Rabobank's chief executive on the bank's latest report on farm succession, Changing the Guard, which has found over half of all New Zealand farm and orchard owners will reach the age of 65 in the next decade.

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Episode Transcript

Speaker 1 (00:00):
But this man, Todd charteris chief executive of Rabobank. Regular
on the Country Diamond sponsor Here Todd. Yesterday the team
at Rabobank released the Changing of the Guard report, and
this is about farm succession. Approximately seventeen thousand farmers and
growers will reach the age of sixty five in the

(00:22):
next decade, is it. So we've got a huge succession
issue and you're saying it's a conservative estimate. Is one
hundred and fifty billion in farming assets will depend on
a successful succession process. And there's no easy way with
farm succession. How are we going to get through this?

Speaker 2 (00:40):
Thank you, Good afternoon, Jamie. Look, no, there is no
easy way, but I think it all starts with starting
the conversation and starting the process and our big numbers,
as you say, and which is the research has shown.
But I think the other piece of interesting research that
Sharn there's around about a third of farmers surveyed have

(01:00):
a plan around succession. There's about seventeen percent that have
talked about it, but about that leaves about fifty that
actually haven't started yet. And so I think that's the
opportunity here is to start because we see that challenge
coming ahead of us. So the sooner we start, sooner
we can find solutions.

Speaker 1 (01:16):
Brady Vibicus, who's coming up, said, and she can tell
her story. But she did tell me this morning that
in her family's case, they got and basically someone from
the outside and who knew nothing about their family, you know,
an independent arbitrator. Is that the way to go?

Speaker 2 (01:33):
Oh, look, I think it's case by case and situation
by situation. But that's a very common approach and very successful.
I would say we heard the same from a couple
of families yesterday that we had a breakfast here who
have been through that process, and they've used external help
to help. You independent someone that can probably ask those

(01:53):
tough questions and bring some of those issues out and
let all the voices be heard. So it's a good approach.

Speaker 1 (02:01):
So hypothetically, so you've got and Bridey's case, I think
it's three kids in their family, and maybe one of
them wants to go farming, the other two wants some
capital out of the farm eventually, obviously to set up
their own lives. Is it almost impossible to treat siblings
fairly if one or two of them want to carry
on farming.

Speaker 2 (02:20):
Well, yeah, as I said earlier, I mean every situation
is different. I think sometimes we get hung up on
equal versus equitable, and that's not the same. But it
really depends on the overall family situation we are seeing,
and we highlighted in the white paper some of these
sort of hybrid ownership models where some family members can

(02:42):
perhaps exit other external investors come in, but it's a
way that the family can actually keep a connection to
the land in a different ownership structure.

Speaker 1 (02:51):
We've got less and less farmers in this country because
farms are getting bigger and bigger, and that's just the
way of the world. But with those bigger farms come
price tags, which makes it even more difficult.

Speaker 2 (03:02):
That's right. The numbers are bigger, but also the complexity
of the businesses are different as well. Because they're bigger,
they're employing more people. So there's a whole lot of
challenges that need to be worked through. And I think that,
I guess is the motivation to bring this white paper
forward is to start the conversations and to help work
through those solutions case by case. Because he is around

(03:22):
about seventeen thousand, as you said, that need to occur
in the next ten years or so. That's a big number.
And the sooner we start, the sooner we can help
to solve for it.

Speaker 1 (03:31):
Now. I was trying to get a hold of you
last night after the awards to catch up for a
bear you went missing an action. I got stuck with
the EU Ambassador's in New Zealand, Lawrence Meredith. What a
hard case he is. I left them in the rock
Pool bar with some farmers from the Horror for Noua region.
He was going all guns blazing.

Speaker 2 (03:49):
No look at first of all the awards did. It
was a great night and you did well. Did a
good job, Jamie, and it was great to celebrate those awards.
In full credit to all of them. It was fantastic.

Speaker 1 (03:58):
Lucky I didn't pick on you for your Who would
be your doppelganger?

Speaker 2 (04:02):
I've got no idea. I haven't considered it, and I
don't need to either. I don't think.

Speaker 1 (04:06):
I think, Michelle, Are you going to Michelle's going to Yes,
you can. You can before the end of the hour.

Speaker 2 (04:10):
You can.

Speaker 1 (04:11):
You haven't got a microphone, but just look up who
Todd's doppelganger might be. I'm interested to know anyhow, So Hey,
thank you very much. Thanks to Rabobank for being the
Diamond sponsor in association with Federated Farmers who do a
bloody good job excuse my language, when it comes to
this event. It's the who's who of New Zealand agriculture
and the primary industry and for those of us who

(04:32):
are right in amongst it, you just can't beat this
for a networking opportunity.

Speaker 2 (04:36):
Now, I agree, Jamien. Look we're proud to be associated
with it in well under Federated Farmers and it's been
a great agenda this year I think, and lots of
really good conversation out of it. So thanks for your
part two.

Speaker 1 (04:46):
Good on you. Todd Charter as Chief executive of Rabobank