Flexible Shareholding

Your options explained

Associated Shareholders

This section gives a quick overview for Sharemilkers and Contract Milkers of what’s involved in being an Associated Shareholder. For a full overview so you can make an informed decision, remember you’ll need to read Part A of the Rules for Shareholding.  If you’re a Farm Lessor, click the link below.


You can apply to hold shares as an Associated Shareholder if:

  • you’re a Sharemilker or Contract Milker on a farm where there is a shareholder supplying milk to us;
  • you have a sharemilking agreement, contract milking agreement or similar document with this Supplying Shareholder; and
  • Fonterra is paying you directly for milk supplied from the farm.

The maximum number of shares all Associated Shareholders for a single farm may own is equal to 1x the Share Standard for milk supplied from the farm. This excludes any shares still held by anyone who has stopped being an Associated Shareholder of the farm. 

There’s no minimum shareholding requirement. 

No, because they do not supply milk to the Co-op.

Application process

Once the Flexible Shareholding structure comes into effect, you’ll be able to apply to become an Associated Shareholder via an online application form.
Check back here for a link to the application form once Flexible Shareholding is in place. 


Case Study

You have a current sharemilking agreement on a farm with an average supply of 200,000 kgMS per season. This means the owner (Supplying Shareholder) can hold up to 800,000 or as few as 66,000 shares. 

The owner is keen for you to take up your opportunity to invest in the Co-op. Based on the continued average supply of 200,000 kgMS per season, you could invest in Co-op shares as an Associated Shareholder in the following way:

1st season 8,000 shares  
2nd season 12,000 shares No voting rights on these shares
3rd season 16,000 shares  

They would have the option to continue to invest to hold up to 200,000 shares over time (assuming there are no other Associated Shareholders on the farm). 

Where can I find more information?

Take a look at the Rules for Shareholding.