Fonterra’s shareholders not obliged to save the country

Recent articles on Fonterra’s capital restructuring proposal have suggested shareholders are missing a big opportunity by retaining complete control of their co-operative. Opinions in the NZ Herald and Sunday Star Times include Brian Gaynor who reckons 51% of a well capitalised company provides more certainty than 100% of a more highly leveraged one, Rod Oram who considers farmers are short-changing themselves, their co-op and the country, and Deborah Hill Cone who thinks a listed Fonterra would be sexier than a farmer-owned co-operative.

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