Options include buying back the Fonterra Shareholders' Fund, which has been capped in the meantime.
The co-op's chief financial officer, Marc Rivers, says the board will get feedback from farmers around the country from next week.
He says the aim is to decide on a preferred option that can be voted on at the Annual General Meeting in November.
Any restructure would require 75 percent support from farmers and unit holders and need a law change.
