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Livestock Improvement Corporation (LIC) is accurately characterized as a New Zealand multinational farmer-owned co-operative with an operational history spanning more than a century.
Answer: True
Explanation: The Livestock Improvement Corporation (LIC) is indeed a New Zealand multinational farmer-owned co-operative, and its history dates back over 100 years, having been founded in 1909.
The primary mission of Livestock Improvement Corporation is to expand its global market share by acquiring smaller agricultural technology companies.
Answer: False
Explanation: LIC's primary mission is focused on improving the prosperity and productivity of farmers, rather than solely on market expansion through acquisitions.
Livestock Improvement Corporation primarily operates within the aquaculture industry, focusing on marine life genetics.
Answer: False
Explanation: Livestock Improvement Corporation primarily operates within the agribusiness industry, with a focus on dairy farming, not aquaculture.
The main headquarters of Livestock Improvement Corporation is located in Auckland, New Zealand.
Answer: False
Explanation: The main headquarters of Livestock Improvement Corporation is located in Newstead, near Hamilton, New Zealand, not Auckland.
David Chin currently serves as the Chief Executive Officer (CEO) of Livestock Improvement Corporation, overseeing its strategic direction.
Answer: True
Explanation: David Chin is identified as the CEO of Livestock Improvement Corporation, responsible for the company's overall operations and strategic direction.
The overarching goal of LIC's services is to enhance the prosperity and productivity of farmers.
Answer: True
Explanation: The overarching goal of LIC's services is indeed to improve the prosperity and productivity of farmers, helping them achieve greater economic success and more efficient agricultural output.
In LIC's context, 'productivity' refers to increasing milk yield per cow and optimizing resource utilization.
Answer: True
Explanation: Within LIC's objectives for farmers, 'productivity' specifically encompasses the efficiency and output of dairy farm operations, including increasing milk yield per cow and optimizing resource use.
What is the full corporate designation of the organization commonly abbreviated as LIC?
Answer: Livestock Improvement Corporation
Explanation: The full name of the organization commonly abbreviated as LIC is Livestock Improvement Corporation.
What is the primary mission of Livestock Improvement Corporation (LIC)?
Answer: To improve the prosperity and productivity of farmers.
Explanation: LIC's primary mission is focused on enhancing the prosperity and productivity of farmers by providing genetics expertise, information, and technology to the dairy sector.
Within which industry does Livestock Improvement Corporation primarily operate?
Answer: Agribusiness
Explanation: Livestock Improvement Corporation primarily operates within the agribusiness industry, which encompasses various businesses involved in agricultural production, processing, and distribution.
Where is the principal headquarters of Livestock Improvement Corporation situated?
Answer: Newstead, near Hamilton, New Zealand
Explanation: The main headquarters of Livestock Improvement Corporation is located in Newstead, a locality near Hamilton, New Zealand.
Who is identified as the Chief Executive Officer (CEO) of Livestock Improvement Corporation?
Answer: David Chin
Explanation: David Chin is identified as the CEO of Livestock Improvement Corporation, holding the highest executive position responsible for the company's strategic direction.
What is the overarching objective of LIC's services for farmers?
Answer: To improve the prosperity and productivity of farmers.
Explanation: The overarching goal of LIC's services is to improve the prosperity and productivity of farmers, helping them achieve greater economic success and more efficient agricultural output.
In the context of LIC's objectives for farmers, what does 'productivity' specifically refer to?
Answer: The efficiency and output of dairy farm operations.
Explanation: In the context of LIC's goals, 'productivity' specifically refers to the efficiency and output of dairy farm operations, including increasing milk yield per cow and optimizing resource use.
LIC was founded in 1909, a year that coincided with the establishment of the first organized routine herd testing service in New Zealand.
Answer: True
Explanation: LIC's origins are indeed rooted in 1909, directly linked to the first organized routine herd testing service for New Zealand dairy farmers, which was supported by the New Zealand Department of Agriculture.
The New Zealand Department of Agriculture opposed the initial organized routine herd testing service in 1909, thereby hindering LIC's early development.
Answer: False
Explanation: The New Zealand Department of Agriculture actually supported the first organized routine herd testing service in 1909, which was foundational to LIC's establishment.
Herd testing involves evaluating the performance of individual animals within a dairy herd, a practice directly linked to LIC's origins.
Answer: True
Explanation: Herd testing, which systematically evaluates individual animal performance, is directly linked to LIC's origins in 1909 with the first organized routine herd testing service in New Zealand.
LIC's long history, spanning over 100 years, indicates a consistent role in providing genetics expertise and technology to the dairy sector.
Answer: True
Explanation: LIC's history of over 100 years reflects its enduring role as a consistent provider of genetics expertise, information, and technology to the dairy sector, demonstrating a deep-rooted commitment.
In what year was Livestock Improvement Corporation founded?
Answer: 1909
Explanation: Livestock Improvement Corporation was founded in 1909, marking the beginning of its long-standing presence in the agricultural sector.
What role did the New Zealand Department of Agriculture play in the early development of LIC?
Answer: It supported the first organized routine herd testing service in 1909.
Explanation: The New Zealand Department of Agriculture supported the first organized routine herd testing service in 1909, which was foundational to LIC's establishment and early operations.
How does LIC's extensive history, spanning over 100 years, reflect its role in the dairy sector?
Answer: It reflects an enduring role as a consistent provider of expertise, information, and technology.
Explanation: LIC's history of over 100 years signifies its enduring role as a consistent provider of genetics expertise, information, and technology to the dairy sector, demonstrating a deep-rooted commitment and continuous adaptation.
LIC is a public company whose shareholding is open to any investor on the New Zealand Exchange.
Answer: False
Explanation: While LIC is a public company listed on the New Zealand Exchange (NZX), its shareholding is specifically restricted to farmers, maintaining its farmer-owned co-operative structure.
Livestock Improvement Corporation is listed on the Australian Securities Exchange (ASX) under the ticker symbol LIC.
Answer: False
Explanation: Livestock Improvement Corporation is listed on the New Zealand Exchange (NZX), not the Australian Securities Exchange (ASX).
Livestock Improvement Corporation has approximately 5,000 New Zealand dairy farmer shareholders.
Answer: False
Explanation: Livestock Improvement Corporation has 11,000 New Zealand dairy farmer shareholders, not approximately 5,000.
Being a 'farmer-owned co-operative' implies that LIC primarily focuses on maximizing profits for external shareholders.
Answer: False
Explanation: As a farmer-owned co-operative, LIC's operational focus is aligned with the interests of its farmer shareholders, prioritizing member benefits and industry development over external shareholder profits.
LIC's listing on the New Zealand stock exchange contradicts its co-operative nature by opening shareholding to all investors.
Answer: False
Explanation: LIC's listing on the NZX is structured to allow capital raising while maintaining its farmer-owned co-operative model, where shareholding remains restricted to farmers, thus aligning with its co-operative nature rather than contradicting it.
What is a distinctive characteristic of Livestock Improvement Corporation's shareholding structure?
Answer: Shareholding is restricted to farmers, functioning as a farmer-owned co-operative.
Explanation: Livestock Improvement Corporation operates as a farmer-owned co-operative, meaning its shareholding is restricted to farmers, aligning its ownership and governance with the farmers it serves.
On which stock exchange is Livestock Improvement Corporation listed?
Answer: New Zealand Exchange (NZX)
Explanation: Livestock Improvement Corporation is listed on the New Zealand Exchange (NZX) under the ticker symbol LIC.
How many New Zealand dairy farmer shareholders does Livestock Improvement Corporation currently have?
Answer: 11,000
Explanation: Livestock Improvement Corporation has 11,000 New Zealand dairy farmer shareholders, reflecting its co-operative ownership model.
What is the significance of LIC being a 'farmer-owned co-operative' in terms of its operational focus?
Answer: Its operational focus is inherently aligned with the interests of its dairy farmer shareholders.
Explanation: As a farmer-owned co-operative, LIC's operational focus is inherently aligned with the interests of its 11,000 dairy farmer shareholders, prioritizing member benefits and industry development over external shareholder profits.
How does LIC's listing on the New Zealand stock exchange align with its co-operative nature?
Answer: It enables the company to raise capital while maintaining farmer-restricted shareholding.
Explanation: LIC's listing on the New Zealand stock exchange is designed to allow the company to raise capital while preserving its farmer-owned structure, where shareholding remains restricted to farmers, thus aligning with its co-operative nature.
LIC's product and service offerings are limited exclusively to quality bull semen and artificial insemination services.
Answer: False
Explanation: LIC offers a comprehensive range of products and services beyond just bull semen and artificial insemination, including dairy farming consultancy, computerized herd management, farm automation, herd testing, and specialist genetics expertise.
LIC's core expertise provided to the dairy sector is primarily in financial management and investment strategies.
Answer: False
Explanation: LIC specifically provides genetics expertise to the dairy sector, which is its core area of specialization, rather than financial management or investment strategies.
LIC contributes to genetic improvement primarily through the sale of dairy cattle, rather than genetic material.
Answer: False
Explanation: LIC contributes to genetic improvement in dairy farming by providing quality bull semen and artificial insemination services, which are forms of genetic material, not primarily through the sale of live dairy cattle.
LIC offers manual record-keeping solutions to dairy farmers to help them manage their herds.
Answer: False
Explanation: LIC offers computerized herd management solutions to dairy farmers, which are digital tools, not manual record-keeping systems.
Farm automation, supported by LIC, aims to increase efficiency and reduce manual labor on dairy farms.
Answer: True
Explanation: LIC supports farm automation, which involves applying technology to perform tasks automatically, thereby increasing efficiency and reducing manual labor on dairy farms.
LIC's 'specialist genetics expertise' assists farmers in making informed decisions to improve their herds' characteristics over generations.
Answer: True
Explanation: LIC's specialist genetics expertise provides farmers with in-depth knowledge and services related to genetic makeup and breeding, enabling informed decisions for generational herd improvement.
LIC's provision of 'information' to the dairy sector includes data derived from herd testing and genetic evaluations.
Answer: True
Explanation: LIC provides information to the dairy sector, which likely includes data from herd testing, genetic evaluations, and insights for improved farm management, all aimed at enhancing farmer productivity.
Computerized herd management supports modern dairy farming by providing manual data entry and paper-based tracking.
Answer: False
Explanation: Computerized herd management offers modern dairy farming the ability to efficiently track, monitor, and analyze data digitally, moving away from manual and paper-based methods.
The primary benefit of 'quality bull semen' from LIC is to reduce the need for artificial insemination services.
Answer: False
Explanation: The primary benefit of LIC's quality bull semen is to introduce superior genetic traits into herds. Artificial insemination is a method used to achieve this genetic improvement, not something reduced by the semen itself.
The core focus of LIC's technology offerings is to provide tools that enhance efficiency and management for dairy farmers.
Answer: True
Explanation: The core focus of LIC's technology offerings, such as computerized herd management and farm automation, is indeed to provide tools and systems that enhance efficiency and management for dairy farmers.
LIC's 'dairy farming consultancy' primarily focuses on providing financial loans to farmers.
Answer: False
Explanation: LIC's dairy farming consultancy provides expert advice and guidance on various aspects of dairy farm management, not primarily financial loans.
Which of the following is NOT a product or service offered by Livestock Improvement Corporation?
Answer: Commercial property development
Explanation: LIC offers dairy farming consultancy, quality bull semen, artificial insemination services, computerized herd management, farm automation, herd testing, and specialist genetics expertise. Commercial property development is not listed among its offerings.
What specific type of expertise does LIC primarily provide to the dairy sector?
Answer: Genetics expertise
Explanation: LIC specifically provides genetics expertise to the dairy sector, involving specialized knowledge in the breeding and genetic improvement of dairy livestock.
How does LIC contribute to genetic improvement in dairy farming through its products?
Answer: By providing quality bull semen and artificial insemination services.
Explanation: LIC contributes to genetic improvement in dairy farming by providing quality bull semen and artificial insemination services, which facilitate the introduction of superior genetics into dairy herds.
What type of management solutions does LIC offer to dairy farmers?
Answer: Computerized herd management
Explanation: LIC offers computerized herd management solutions to dairy farmers, which involve software and digital tools for efficient tracking, management, and optimization of dairy herds.
What does LIC's provision of 'specialist genetics expertise' primarily entail for dairy farmers?
Answer: Providing in-depth knowledge and services related to genetic makeup and breeding.
Explanation: LIC's specialist genetics expertise involves offering in-depth knowledge and services related to the genetic makeup and breeding of dairy livestock, enabling farmers to make informed decisions for herd improvement.
What specific kind of 'information' does LIC provide to the dairy sector to enhance farmer productivity?
Answer: Data from herd testing, genetic evaluations, and insights for better farm management.
Explanation: LIC provides information to the dairy sector that likely includes data from herd testing, genetic evaluations, and insights for better farm management, all aimed at improving farmer productivity.
What does 'computerized herd management' offer to contemporary dairy farming practices?
Answer: The ability to efficiently track, monitor, and analyze data for the herd.
Explanation: Computerized herd management provides modern dairy farming with the capability to efficiently track, monitor, and analyze data for individual animals and the entire herd, leading to more informed decisions.
What is the primary benefit of 'quality bull semen' provided by LIC to dairy farmers?
Answer: It allows for the introduction of superior genetic traits into herds.
Explanation: The primary benefit of LIC's quality bull semen is to enable dairy farmers to introduce superior genetic traits into their herds, leading to improved characteristics like higher milk production and better health.
What is the core focus of LIC's technology offerings for the dairy sector?
Answer: To provide tools and systems that enhance efficiency and management.
Explanation: The core focus of LIC's technology offerings for the dairy sector is to provide tools and systems, such as computerized herd management and farm automation, that enhance efficiency and management for farmers.
How does LIC's provision of 'dairy farming consultancy' support farmers?
Answer: By providing expert advice and guidance on farm management.
Explanation: LIC's dairy farming consultancy supports farmers by offering expert advice and guidance on various aspects of dairy farm management, helping them optimize practices and address challenges.
LIC is responsible for siring over 75% of all dairy cows in New Zealand, which demonstrates its significant influence within the national dairy industry.
Answer: True
Explanation: Over 75% of all dairy cows in New Zealand are sired by LIC-owned bulls, indicating LIC's substantial influence and dominant market position in the country's dairy sector.
LIC maintains international offices exclusively in Australia and the USA.
Answer: False
Explanation: In addition to Australia and the USA, LIC also has international offices in the United Kingdom and Ireland, demonstrating a broader multinational reach.
LIC's international presence is limited solely to its offices, as it does not utilize agents in other regions.
Answer: False
Explanation: LIC extends its international presence not only through its offices but also by maintaining agents in regions such as South Africa and Asia.
LIC's influence on dairy cow siring, with over 75% of New Zealand dairy cows sired by its bulls, indicates a minor market position.
Answer: False
Explanation: With over 75% of New Zealand dairy cows sired by LIC-owned bulls, LIC holds a dominant market position and is considered a major enabler and contributor to the New Zealand dairy sector.
LIC's multinational status enables it to extend its services and expertise to a broader global dairy industry.
Answer: True
Explanation: LIC's multinational status, with offices and agents in various countries, allows it to expand its services and expertise beyond New Zealand, serving a broader global dairy industry.
LIC's designation as a 'major enabler and contributor' signifies its minimal impact on the New Zealand dairy sector's growth.
Answer: False
Explanation: Being a 'major enabler and contributor' for the New Zealand dairy sector highlights LIC's crucial role in facilitating significant growth and innovation within the industry, indicating a substantial, not minimal, impact.
What approximate percentage of all dairy cows in New Zealand are sired by LIC-owned bulls?
Answer: Over 75%
Explanation: Over 75% of all dairy cows in New Zealand are sired by LIC-owned bulls, highlighting LIC's significant contribution to the national dairy sector.
In addition to New Zealand, which of the following countries hosts an international office for LIC?
Answer: Ireland
Explanation: Beyond New Zealand, LIC maintains international offices in the United Kingdom, Ireland, USA, and Australia.
In which regions does LIC maintain international agents to expand its service network?
Answer: South Africa and Asia
Explanation: LIC maintains agents in South Africa and Asia, further extending its international presence and service network beyond its direct offices.
How does LIC's influence on dairy cow siring demonstrate its market position in New Zealand?
Answer: It demonstrates a dominant market position.
Explanation: With over 75% of all dairy cows in New Zealand sired by LIC-owned bulls, LIC demonstrates a dominant market position and is a major enabler and contributor to the New Zealand dairy sector.
What is the significance of LIC being recognized as a 'major enabler and contributor' for the New Zealand dairy sector?
Answer: It highlights its crucial role in facilitating growth and innovation within the industry.
Explanation: LIC's designation as a 'major enabler and contributor' for the New Zealand dairy sector signifies its crucial role in facilitating growth and innovation within the industry, indicating its fundamental importance to the success and advancement of dairy farming in the country.