An independent dairy company that's been campaigning against Fonterra's proposed share trading scheme, says it will continue to voice its concerns.
Almost 90% of Fonterra's farmer shareholders who voted on the scheme last week, backed the move.
It will allow farmers to trade shares with each other, instead of having to buy shares from the co-operative and sell them back when they leave.
One of Fonterra's smaller competitors, Open Country Dairy, publicly opposes the plan.
Open Country says it could stifle competition by inhibiting the ability of the co-op's suppliers to leave it and sell their milk to someone else, especially if the share value falls.
Fonterra has rejected that.
Open Country chairman Laurie Margrain says it accepts that Fonterra's shareholders have made their decision.
He says the company wanted to ensure there was robust discussion and debate over issues which are important to the dairy industry.
Mr Margrain says the company still feels that the restructuring proposal is not in sync with having a competitive environment.
He says Open Country Dairy will be argue that point again, when Parliament considers a change of legislation to allow share trading.
