Dairy co-operative Fonterra is freezing the pay of its top paid staff for the next 12 months.
Miles Hurrell Photo: RNZ / Dan Cook
Chief executive Miles Hurrell has emailed staff that all salaried employees on individual contracts earning more than $100,000 a year will get neither bonuses nor pay rises in the year ahead.
"This has been a tough call, but it's also the right one," he said in the email.
"Together as a co-operative we must do what's right, working together to reset our business and get us back to a position where we can be proud of our financial performance."
Fonterra has more than 6000 staff earning $100,000 or more, according to its most recent annual report.
Recently Fonterra slashed the value of its business by writing down the value of its operations by up to $860 million.
It releases its annual result next week and has forecast a loss of between $590m and $675m.