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Last week Fonterra not only released its full-year results but also its long-term strategy targets and updated proposal to change its Capital Structure.
Even though the co-op's long-term strategy and Capital Structure proposal are interrelated, it's still a lot of information to receive all at once.
So this week Fonterra has been on the road talking to farmers to find out what they think.
It was great to get direct feedback, Fonterra's farmer-elected Director Andy Macfarlane said.
It was also a privilege to be one of only five directors "let out of jail" for the roadshow, he joked to The Country Sport Breakfast's Brian Kelly.
Naturally, Covid-19 restrictions meant there were fewer farmers available for discussions in-person, but there was still a healthy turn-out for online meetings, Macfarlane said.
"We've had really good engagement and a lot of constructive questions, so it has been positive."
Fonterra had changed its Capital Structure based on farmer feedback, Macfarlane said.
One of those changes was the extension to exit provisions for existing shareholders - up to 15 seasons initially - before reducing annually to 10.
This would give "loyal Fonterra farmers in retirement" greater choice about how long they could retain an investment in the co-op, Macfarlane said.
Fonterra had also increased its minimum shareholding requirement to 33 per cent, and there was "another big move" in the Capital Structure proposal, McFarlane said.
"After a lot of consultation and feedback we've elected to keep the [Fonterra Shareholders] Fund, but cap it at a fixed number of shares, so that farmers know they own more than 90 per cent of the co-op - but we welcome the opportunity to allow non-dairy farmers to invest in Fonterra via the fund - so that's what we're going to keep."
Overall, farmers had been asking questions to clarify certain points and understand how the Capital Structure proposal would work for specific circumstances, which Fonterra expected at this point.
It was important farmers continued to engage in the coming weeks and months, ahead of the co-op's Annual Meeting in December.
The next step for the Capital Structure proposal was for Fonterra to continue listening to farmers, Macfarlane said.
With this in mind, the co-op will kick off a series of online discussion groups, starting next week.
"We're happy to listen to anybody who's got a view ... there are lots of opportunities for farmers to engage.
"We just want to hear from as many people as we can so that we get it right when we come back out with the final proposal."