Former PGG Wrightson managing director Tim Miles received a $3m payment when he unexpectedly left the company last year, according to the company's annual report.

Fonterra farmers are again warning that any change which may reduce their ownership or control of the co-operative sill be rejected.

Landcorp Farming, New Zealand's biggest farm business, expects Fonterra's payout to slip next year and its own earnings from beef exports to fall, reflecting the high kiwi dollar.