Former Canterbury University accountancy senior lecturer Alan Robb also said farmers could be pressured into listing the co-op by consultants hoping to earn fat advisory fees.

But his words drew a quickfire response from Fonterra chairman Henry van der Heyden, who accused Robb of grandstanding.

"Alan Robb loves to get his name in the headlines and this is just another example of that," he said.

Robb's warning came at the Dairy Farmers of New Zealand conference in Auckland yesterday.

Only suppliers can hold shares in Fonterra, and its payout is generally at a standard level for all farmers.

Robb said benefits promised to members of demutualised businesses rarely happened.

Source: The New Zealand Herald