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NEW FONTERRA chief executive Theo Spierings says the co-op is looking at the viability of a custodian to hold shares under TAF.
Answering shareholder questions at Fonterra's annual meeting in Whangarei last week, Spierings acknowledged "the genuine concern" on the legal title of shares resting with the custodian, known as the locked box plan.
"The question is who holds the key to this locked box," says Spierings. "Do we need that? We are looking at how the legal title can be returned to farmer ownership."
Spierings says Fonterra management is looking at options and will go back to farmers in the middle of next month.
"Before Christmas we will have an answer for you on the other options."
Spierings says it is new for him to see the co-op's capital base unprotected.
"We have to protect out capital base."
On his vision for Fonterra, Spierings talked about the 'two Vs – volume and value'. While the co-op aims to add value to New Zealand milk, he says it has to also look at milk pools around the world. Apart from New Zealand, Fonterra sources milk from China, Latin America and Australia.
According to Spierings, world milk production will jump from 700 billion litres this year to 860 billion litres by 2020. At the same time, New Zealand's milk supply will grow by 3 billion litres.
"This means we have to look at milk pools around the world."
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