He fears that could stop some from voting on the third and final stage of the capital restructuring proposal later this month, with some shareholders just wanting the board to implement it.
Only 47% of shareholders voted on the first two stages of capital restructuring last year, and despite that low response, Sir Henry is urging shareholders to vote on June 30.
"It has been a long haul, but in saying that, any big step for a co-operative takes a while," he said in an interview.
Some North Island shareholders had commented their vote was not relevant because their farms were small.
Sir Henry said 17% of Fonterra shareholders produced less than 50,000kg milk solids, 50% less than 100,000 kg/ms and 84% less than 200,000 kg/ms.
"The key thing is every vote does count and that they do participate," he said.
Fonterra is certainly making it easy for its 10,000 shareholders to vote.
They can do it by post, fax or the internet, and on June 30 the company plans a seven-venue electronic link-up which shareholders can attend at Whangarei, Hamilton, Palmerston North, Hawera, Ashburton and Invercargill.
Sir Henry said farmers had spoken favourably about how the proposal removed redemption risk from Fonterra's balance sheet, the financial flexibility for shareholders and the three years' grace during which farmers can accumulate or dispose of their shares.
Once Fonterra has removed the redemption risk, Sir Henry said the company could focus on growing the business.
