Fonterra's former chief executive Theo Spierings is in line for another payout under an historic incentive scheme, despite the co-operative racking up huge financial losses since his departure.

This is another dollop of salt into the wound for shareholders, who have witnessed billions of dollars of their capital wasted over the past decade.

According to Fonterra's last annual report there's still a portion outstanding from a scheme tied to a transformation programme called Velocity that covered Fonterra's 2016 and 2017 financial years when Spierings was at the helm.


Dutch-born Spierings left Fonterra in late 2018 after a seven-year stint