Shareholders of New Zealand dairy giant Fonterra have voted in favour of implementing the firm’s controversial Trading Among Farmers scheme.

The resolution for the scheme received a 66.45% vote in support at Fonterra’s Special Meeting today (25 June), with two out of every three votes in favour.

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While the move has been approved by Fonterra’s members, there had been unease about how the scheme would be implemented.

Last month, the dairy co-operative’s chairman Sir Henry van der Heyden said the board was in a “challenging position” because while the majority of shareholders were “urging directors to get on with Trading Among Farmers”, there was a small group of shareholders who had “concerns and were particularly vocal in the New Zealand media”.

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