A departing Fonterra executive has pipped CEO Andrew Ferrier's take-home salary, receiving total payments of up to $3.72 million.

Fonterra's highest-paid employee - likely to be chief executive Andrew Ferrier - appears to have taken a pay cut of up to $360,000.

Fonterra chairman Sir Henry van der Heyden says the dairy co-operative will step up investment within Asia because of the Malaysian free trade deal.

Fonterra's directors said today a vote on changes to the co-operative's capital structure will be held at the annual meeting on November 18.

New Zealand's largest exporter, Fonterra, says it will receive no protection under planned changes to the emissions trading scheme.

Fonterra farmers keen to get an early start on share trading will have to wait a while yet.

Bidding in Fonterra's latest monthly online auction of whole milkpowder early today saw a lift in prices.

Inspectors have begun urgent checks on the welfare of livestock at farms owned by the Crafar family, amid concerns that publicity over alleged cruelty could harm New Zealand's reputation.

Agriculture Minister David Carter says 'dirty dairy farmer' Allan Crafar could do huge damage to New Zealand's reputation.

New Zealand's biggest privately held dairying operation allowed dozens of calves to slowly dehydrate to death.

Don't expect dairy farmers to be hitting the tractor stores or real estate offices anytime soon, despite the upgrade in their payout.