A dairy farmer representative says more discussion between Fonterra and its shareholders is needed before a major sticking point in the Trading Among Farmers proposal is resolved.
At a round of meetings last week, Fonterra detailed three new options in relation to the legal title of the tradeable shares.
Farmers are concerned the operation of a new share fund that would operate alongside the scheme would lead to a loss of farmer control of the dairy co-op to the market investors buying the shares.
The first new option is for a Fonterra custodian to hold legal title to shares, the status quo.
The second is for the creation of a farmer-trust custodian, so legal title is owned by a trust and controlled by farmers.
And the third, for farmers to retain the legal title to shares they place with the fund.
Federated Farmers dairy vice chair Robin Barkla says that while Fonterra is pitching the farmer-trust custodian as the best choice, option three would be the likely favourite and it's up to farmers to tell Fonterra what option they prefer.
