Fonterra is struggling to quell a revolt among farmers concerned share trading proposals could open the door to corporate control of the group.
The co-operative is facing concerns from some of its 10,000 shareholders over a scheme to allow investors to buy farmers future dividends.
But South Canterbury farmer John Gregan says new details are making farmers nervous the legal title to shares may eventually end up in the hands of investors.
He says some are worried outside investors buying into the fund could find a way of gaining some influence in the company, through that arrangement.
But fund chair Simon Couper has reiterated that it won't let through anything that would put 100% farmer control at risk.
Fifty farmer meetings around the country last week were used to douse concerns about the share proposals which were overwhelming supported by farmers in 2010.
Fonterra chairman Sir Henry van der Heyden says the proposals are still a work in progress and that calls for a new vote on the issue are premature.
Fonterra's share trading plan still is to be signed off by the Shareholders Council, which has yet to see a detailed blueprint.
