The Fonterra Shareholders' Council, which safeguards the interests of Fonterra's 10,500 farmer shareholders, said it supports the Fonterra Board's decision to hold a special meeting of shareholders in late June to discuss the detail of TAF and give shareholders a final vote.

Shareholders' Council Chair, Simon Couper said Monday's announcement was an important and proactive one given the questions being raised in some parts of the shareholder base.

"This is the most important decision in the 10-year history of our Co-op and it is only right that the concerns of our shareholders are heard and respected.

"Maintaining the Co-op's unity is vital and, as such, shareholders must feel comfortable with the direction their Co-op will travel."

Mr Couper said this would be an opportunity for shareholders to engage with the TAF capital structure option in a constructive manner.

"There has been a lot of talk recently about ownership and control of the Co-op, voting is our key control right and we must take responsibility and use it.

"I urge all farmers to demonstrate your rights and have your say in the future of Fonterra."