Dairy co-operative Fonterra is freezing the pay of its top paid staff for the next 12 months.
Chief executive Miles Hurrell has emailed staff that all salaried employees on individual contracts earning more than $100,000 a year will get neither bonuses nor pay rises in the year ahead.
"This has been a tough call, but it's also the right one," he said in the email.
"Together as a co-operative we must do what's right, working together to reset our business and get us back to a position where we can be proud of our financial performance."
Fonterra has more than 6000 staff earning $100,000 or more, according to its most recent annual report.
Recently Fonterra slashed the value of its business by writing down the value of its operations by up to $860 million.
It releases its annual result next week and has forecast a loss of between $590m and $675m.