Fonterra's shareholder watchdog says it's not expecting any more bad news from the big dairy company before next month's annual results.

This week's shock news that New Zealand's biggest company expects to report a loss of $590-$675 million this year and asset writedowns totalling $820-$860m has people wondering what other grim finds have yet to surface from its internal business review. The expected loss represents a 37-42c loss per share.

But Fonterra Shareholders' Council chairman Duncan Coull says he's not expecting "a whole lot more bad news next month in terms of last year's financial performance".

"The headlines dealing with

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