Shareholders were left wondering yesterday why they had not considered changes to Fonterra's constitution before now.
Paretai farmer Peter Glaister said allowing trading of shares between farmers was long overdue.
He also wondered how much delaying implementation of those changes had cost the co-operative.
"We have spent a lot of time giving away wealth to competitors," the South Otago farmer said in Invercargill yesterday.
He had disagreed with the 2007 partial float proposal, but said something had to be done and this was best option.
Peter Phiskie said the 79% shareholder turnout was a sign they wanted Fonterra to be successful but to also give the board and management surety and direction.
"We've given them the ability as a company to raise capital and enhance shareholder wealth," Mr Phiskie, who farms at Morton Mains, said.
Invercargill dairy farmers John Lang and Wayne Carpenter said they wanted to see the detail about how trading of shares between farmers would work.
Mr Carpenter said he would have liked to have had that detail ahead of yesterday's vote, but agreed something had to be done to lessen the risk of share redemption, saying it could have destroyed Fonterra.
Mr Lang said Fonterra's previous capital structure had hamstrung growth because farmers would be penalised if they produced more milk than they had shares.
The only farmer to publicly speak against the proposal, from Palmerston North, said company consultation had been more like indoctrination. He added that the the package had been presented as a fait accompli.
He said the changes would not enhance the value of Fonterra shares, increase company capital or help Fonterra grow.
The other eight people who spoke praised Fonterra's consultation and they sought clarification about aspects of the proposal.
