Wilson says Fonterra is the only New Zealand multinational of its size.
Businesses in Australia and around the world tend to have boards of around 10 or 11 or bigger.
Wilson says an 11-member board is small when compared with other dairy co-ops globally.
But he says importantly it maintains 100% farmer ownership and control, as demanded by shareholders.
The original proposal from the board had five farmer directors, four independents and two 'hybrids" who could be either farmer-elected or independent.
Wilson says getting rid of the two hybrid directors was a key change."One hundred percent farmer control is fundamental; we believe a 7-4 farmer majority would provide comfort to many shareholders."
Wilson says if approved, the new governance structure will be reviewed after five years.
