Fonterra Shareholders' Fund growth threat to farmer control even if they can't vote: Chairman 12 May, 2021 05:35 AM 5 minutes to read Fonterra board aiming for November shareholder vote on capital restructure. Photo / File The Fonterra Shareholders' Fund does not have voting rights in New Zealand's biggest business, but it does have influence, which is a form of control, says chairman Peter McBride. "The greater the size of the fund, the greater the level of influence it can bring to bear on the co-operative's leadership." Fonterra farmer-shareholders and unitholders had different ideas about risk and value, he said. Read More McBride was responding to an argument against axing or capping the $500 million Fonterra Shareholders' Fund, in which the non-farming public can invest through buying units in farmer shares.