Fonterra has reopened the capital structure debate but appears to be adopting a different approach to its earlier proposal that failed.
Fonterra shareholders' council has called for comments from farmers ahead of a fresh review of options to change the dairy giant's capital structure.
It has signalled that there would not be a "big bang" approach to resolve all Fonterra's concerns as was attempted last time.
Fonterra has been seeking changes to its capital structure to address three issues - redemption risk, capital for growth and farmer choice.
Shareholders' council chairman Blue Read said in a letter to shareholders that the council felt meeting all three objectives with one solution was not necessary or possible.
"A 'big bang' approach is not the only way to make progress. Many co-operatives have successfully adapted to changing circumstances by making successive incremental changes."
This is a change of approach by Fonterra, which in the face of opposition earlier this year abandoned plans to split its business in two and partially float one of the entities.
The council and the Fonterra board have, in meetings since February, narrowed down the discussion points to: the need for capital; the case for business integration to be demonstrated to farmers; farmer acceptability of capital structure options and acceptance that one size would not fit all.
Mr Read said shareholders wanted more detail about Fonterra's growth plans, how much capital might be required, and how it would be used.
They also wanted to know what returns were expected on those investments.
Some of this information would be released in Fonterra's business plan in November.
Farmers also wanted more details about the value of integrating its business, with an undertaking that any options investigated had the support of farmers, he said.
"The council and board have agreed that farmer acceptability will be included as criteria for evaluating all potential capital structure options prior to substantive work being undertaken.
"As the shareholders' elective representatives, the council will provide a litmus test for prospective options as they are developed."
On another contentious issue, Fonterra would present its new milk pricing model at November's annual meeting.
The shareholders' council had not seen all the information and had not yet taken a stance, but Mr Read said they were "encouraged by the direction" of the initiative.
