Former Fonterra chief executive Andrew Ferrier looks to have taken a small pay cut this year but still earned up to $5 million. The dairy co-operative's 2011 annual report lists the top paid employee - likely to be Ferrier - for the year ended July 31 was in a range with an upper limit of $5 million compared with $5.1 million the previous year.

Ferrier finished at the company on September 23.