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.

John Key says the signing of a free trade deal with Malaysia is another vital move towards a "step change" for the NZ economy.

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.

Greenpeace protesters have been arrested in New Plymouth this morning, after vandalising a ship.

Winston Peters is back with all guns blazing today in a speech slamming immigration, foreign ownership and the Government.

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.

Fonterra says it won't hesitate to take action, "including refusal to collect milk" if deliberate animal mistreatment is proven.

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