Simon Couper has resigned as chairman of the Fonterra Shareholders Council, citing his lack of comfort with some aspects of the Trading Among Farmers (TAF) scheme.
Fonterra shareholders will vote on a special resolution to tighten controls on the controversial Trading Among Farmers (TAF) scheme.
Dairy farmers are being warned to be cautious about spending after Fonterra cut its forecast payout range for the current season by 30c - representing an estimated $500 million drop in revenue for the New Zealand economy.
Fonterra is not investigating options to build a milk-processing plant in Central Otago, the company says, despite indications from Central Otago Mayor Tony Lepper that could be the case.
Fonterra will hold a special meeting of shareholders on June 25 to give them a final vote on its controversial Trading Among Farmers scheme and "unify the co-operative".
Fonterra is investing in a blending and packing plant in Indonesia to help support the country's increasing demand for dairy products, forecast to grow by about 50% in the next eight years.
A suggestion demutualisation of dairy giant Fonterra could result from changes to the Dairy Industry Restructuring Amendment Bill has been slammed by Primary Industries Minister David Carter.
Fonterra has no plans to build a new milk-processing plant in Otago or Southland to meet increasing milk supply, with its $500 million Darfield plant still to become fully operational.
Record volumes of milk have helped diary giant Fonterra increase its half-year net profit by 18% to $346 million - raising the prospect of hitting $20 billion in revenue this year.
Fonterra's "trading among farmers" plan is one step closer to its proposed November launch with the introduction of the Dairy Industry Restructuring Amendment Bill.
Farmer owned-milk cooperative Fonterra said it had revised its payout forecast for the 2011/12 season to $6.75 to 6.85 per kg of milk solids, down 15 cents from is previous forecast, due to declining commodity prices and the stronger New Zealand dollar.
The biggest silo made in a New Zealand workshop and transported in one piece has rolled out of Christchurch.
Fonterra's announcement last week of a 15c reduction in its payout forecast for the 2011-12 season might not be the only revision for the season, Federated Farmers dairy chairman Willy Leferink says.
Fonterra has reduced its payout forecast for the 2011-12 season by 15c, citing the strength in the New Zealand dollar, higher levels of global milk production and uncertainties in international markets.
Any change to the Dairy Industry Restructuring Act (Dira) for Fonterra's proposed Trading Among Farmers (Taf) must hinge on supplier-shareholder endorsement, Federated Farmers says.
Fonterra's board has backed a farmer trust custodian for its shareholder fund as part of Trading Among Farmers (TAF).
Fonterra says it has identified some "practical" changes to the raw milk regulations that will help deliver genuine competition for New Zealand milk.
Fonterra has recalled two of its butter products and is investigating, after two customers each found metal objects in their butter.
The Labour Party says government proposals to change raw milk regulations are a "kick in the guts" for Fonterra farmers but will make life easier for foreign investors.