Its been a good year for dairy giant Fonterra's Chief Financial Officer Jonathan Mason.

Hot on the heels of a potential $10 billion payout for dairy farmers he has been named CFO of the Year.

Described by the 2011 CFO award judges as "a passionate, strategic thinker whose prudent financial management during a period of market volatility has Fonterra extremely well-placed", Jonathan Mason was recognised for his ground-breaking approach to changing the milk co-operative's capital structure.

Jonathan Mason oversaw the design of the capital restructuring which took Fonterra's management and board almost a year to gain approval from its farmer shareholders.