Shareholders voting on TAF scheme today

Fonterra shareholders meet across the country today to vote on the controversial Trading Amongst Farmer scheme.

It would allow non-farmers to invest in New Zealand's largest company, but without voting rights.

Primary Industries Minister David Carter had hoped the Dairy Industry Restructuring Bill would be passed before today's vote.

That's been held up by delays getting the asset sales legislation through.

The bill allows for the enactment of TAF if the vote is successful, as well as greater scrutiny of Fonterra's milk price setting.

It's hoped to get to committee stage this week, and Mr Carter says he's satisfied with that progress.

New Zealand Farmers' Weekly writer Hugh Stringleman doubts Fonterra will get the 90 percent support it got in the first vote almost two years ago.

He says 75 percent approval is more likely but not guaranteed.

"If they can't get the 75 percent then I suspect that they'll have to go around again and devise some other method of treating shareholders' capital."

Mr Stringleman says in the past few months, there's been a lot of emotion around the issue.