Murray Goulburn's (MG) four new directors said they would back a review of the board structure at the company's annual general meeting in Melbourne on Friday.
But under questioning from Stephen Mayne, from the Australian Shareholders Association, most said they supported a continuation a majority of farmer suppliers on the board.
They also called for increased transparency and improved communication, but all spoke strongly about the importance of MG.
New board member Bullaharre dairy farmer Craig Dwyer said he did not underestimate the challenges MG faced now.
He said the company had big decisions to make – some were not easy but were necessary to take "this great company forward".
Mr Dwyer refused to be drawn on the question of whether he had confidence in the chair Phil Tracy, saying the question of the chair and vice chair would be decided at a vote following the meeting.
The newly elected Western Victorian board members brought good diversity to the board, he said.
New board member Hawkesdale farmer Lisa Dwyer (no relation) said MG was unique in that it was a farmer-controlled co-operative.
She said he success of the co-op was inextricably linked to the success or failure of shareholders.
She said for suppliers, it was not just about the economics but the surety their milk would be collected.
"This company is our company, its success or failure rests in our hands and together we can ensure it is performing," she said.
She acknowledged Mr Tracy's comment that he would resign but said it was important to have the right person in place before this happened.
Mrs Dwyer said as a co-op the board needed to have suitably qualified farmer directors.
When pressed on the question of how farmer board members who wanted to maximise the milk price would also look after the interests of unitholders, she said the unique nature of a co-op with external investors meant this was a vexed question.
She said getting the balance right was challenging at times but was achievable with strong and good governance.
After the meeting, Mrs Dwyer said she was “realistic about the weight of responsibility” of her new role.
“But I’m very much looking forward to rolling up my sleeves to make the most positive contribution I possibly can,” she said.
She said despite the challenges of the past six months, there was an “unflinching commitment to the co-operative” at the AGM.
New board member Koroit farmer Harper Kilpatrick said MG had significant challenges ahead.
But it was vital that the co-operative survived as it set the farmgate price for all farmers.
Even this year this was evident as demonstrated by Fonterra announcing a step up on Thursday just hours after MG announced one.
He said all the major dairy exporting regions in the world featured strong co-operatives.
Mr Kilpatrick said the succession process of a new chair for the board needed to be managed.
He said the directors had a fiduciary duty to act in the best interests of both shareholders and unitholders and "if we get it right it works for both".
They were joined by Kelvin Jackson, Welshpool, who will stay on as the Gippsland supplier director, after he replaced the late Max Jelbart.
Mr Jackson said the future of the Australian dairy industry hinged on the success of MG.
"If we look around the world and companies that drive the success of their industries – there is always co-op behind that," he said.
He backed the need to restructure the business.
"We need to rebuild confidence with our suppliers and we need to build confidence with our unitholders," he said.
He said as a $3 billion business, it was essential to get the right balance between farmer representatives and skills on the board.
