Fonterra's biggest shareholder Colin Armer says he's taken his long-simmering worries about the company's books to the Financial Markets Authority because he's angry.

He's angry on behalf of the dairy cooperative's 10,000-odd shareholders, who he says have had $4 billion wiped off their balance sheets in recent years.

He's angry with the "inept" Fonterra Shareholders' Council, which should have held the company, its directors and "out of control" management to account.

And he's angry at auditor PwC, which he's told the FMA, has "badly let down" shareholders.

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Armer said he decided to make the complaint to the FMA following a

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