Three of Fonterra's high-profile board directors - Malcolm Bailey, Mark Townshend and chairman Henry van der Heyden - are stepping down.
Only Townshend has announced he will not contest the elections to fill the three vacancies.
The other two are expected to be nominated by August 9, thelast date for nominations, said returning officer, Warwick Lampp of electionz.com.
All Fonterra shareholders, or farmers in partnerships or companies which are shareholders, are eligible to stand.
The firm's constitution requires three shareholder-elected directors to retire by rotation, each year. Retiring directors no longer have to announce before nominations open whether they will seek re-election.
In 2003, Fonterra farmers dumped two of the three sitting directors, apparently as a signal they were dissatisfied with Fonterra's performance. No such problem is expected this year - record payouts have been promised, with some picking the milksolids payment may be more than $6/kg.
Stuart Gower and Brian Hills, members of the company's directors' remuneration committee, will also retire.
Voting will run from August 28 until September 25 and results announced the next day. The single transferable vote system will be used with votes cast by internet, fax and post.
