As Fonterra prepares this month to welcome its new Dutch chief executive, Theo Spierings, the body representing its farmer shareholders has warned against any attempt to reduce ownership or control.
The farmer co-operative is planning a capital structure change - which was given 89.85 per cent support by farmers - aimed at removing redemption risk and providing permanent share capital, with farmers buying and selling shares among themselves rather than with the company.
Farmers would also be able to place shares with a new Fonterra Shareholders' Fund, which would pay them for the rights to dividends and the change in market value, while the farmer retained the milk payment and voting rights.
The trading among farmers proposal does not require another farmer vote but does need final approval from the Fonterra Shareholders' Council.
The council said there had been discussion in some quarters that trading among farmers was a threat to farmer ownership and control.