These changes might address the objectives of the Dairy Industry Restructuring Act 2001, which was now under review.
For example TAF provided a more liquid market for Fonterra shares and facilitated entry and exit to and from the co-operative.
The operation of the Milk Price Manual also constrained Fonterra’s conduct at the farmgate, it said.
The commission should also consider the strategic drivers of international investors entering the New Zealand market, including securing access to milk supply.
That comment appeared to be a reference to the growing Chinese ownership of supply and processing.
Fonterra also wanted the commission to put the DIRA review in context of increased global demand for dairy products and trade liberalisation.
Fonterra’s first submission to the review was more about the terms of reference and methodology than specifics about the operation of DIRA and its possible removal.
It was expected to comment on matters raised by its competitors in the next round of submissions.
