The Fonterra shareholders' council has voted in favour of the Trading Among Farmers (TAF) share trading scheme, paving the way for the scheme's introduction before year's end.
Council chairman Ian Brown said in a statement there was 97 per cent support for the resolution.
"We are confident that the protections contained within TAF will preserve 100 per cent farmer shareholder ownership and control and that the TAF model before us will provide the co-operative with stability for years to come," he said.
The Fonterra shareholders' council represents the interests of Fonterra farmers to the board of the co-operative.
There are 35 members who are all shareholders elected by their fellow farmers in wards across New Zealand.