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The Government's proposed response to Fonterra's capital restructure

Have your say

On 9 December 2021, a majority of Fonterra shareholders voted in favour of the co-operative's capital restructure proposal.

On 27 April 2022, the Minister of Agriculture announced Cabinet policy decisions taken in response to Fonterra's proposed capital restructuring.

The Ministry for Primary Industries (MPI) is now seeking comment from interested parties on the regulatory measures proposed by Cabinet.

The purpose of this consultation is to inform the design and implementation of the regulatory measures proposed for the Dairy Industry Restructuring Act 2001 as outlined in the consultation document. We are not seeking comment on Fonterra's capital structure itself, or on whether the Government should consider a different approach or alternatives to those outlined.

This consultation commences on 27 April 2022 and the closing date for submissions is 3 June 2022.

Consultation document

Fonterra capital restructuring: Proposed Government response [PDF, 420 KB]

Related information

Details of Fonterra’s proposed capital restructuring – Fonterra

The Cabinet paper relating to the Government’s response to Fonterra's capital structure [PDF, 912 KB]

The minute recording Cabinet’s decisions [PDF, 703 KB]

Regulatory impact assessment [PDF, 7.2 MB]

Government plans to amend Dairy Industry Restructuring Act – Minister's release

Expert reports

Frontier Economics: Fonterra’s proposed capital restructure report [PDF, 2.3 MB]

Northington Partners: Fonterra Co-operative Council Capital Structure Review [PDF, 1.3 MB]

Sapere: Benefits of a strong co-operative, Kieran Murray [PDF, 1.1 MB]

Sapere: Fonterra capital structure review – competition effects [PDF, 511 KB]

Castalia: Independent analysis of Fonterra's proposed capital restructure

TDB Advisory Limited: Fonterra’s Capital Restructuring Proposal – A Financial and Economic Assessment [PDF, 1.1 MB]

Making your submission

Email your submission by 5pm on 3 June 2022 to

While we prefer email, you can post your submission to:

Animal Sector Policy
Ministry for Primary Industries
PO Box 2526
Wellington 6140.

Submissions are public information

Note that all, part, or a summary of your submission may be published on this website. Most often this happens when we issue a document that reviews the submissions received.

People can also ask for copies of submissions under the Official Information Act 1982 (OIA). The OIA says we must make the content of submissions available unless we have good reason for withholding it. Those reasons are detailed in sections 6 and 9 of the OIA.

If you think there are grounds to withhold specific information from publication, make this clear in your submission or contact us. Reasons may include that it discloses commercially sensitive or personal information. However, any decision MPI makes to withhold details can be reviewed by the Ombudsman, who may direct us to release it.

Official Information Act 1982 – NZ Legislation