Chairperson John Monaghan says the companies earnings are not where they need to be.
He says it needs to deliver a respectable return to farmers.
And part of that involves a full strategic review, which includes a review of the dividend policy.
But the payout for dairy producers has increased - based on increasing Asian demand.
The dairy processor now expects to pay $6.30-6.60 per kilogram of milk solids in the current season - up 30 cents from the original forecast.