New Zealand meat processing cooperative Silver Fern Farms today (2 June) unveiled the proposed composition of its new board, following an announcement that it is looking to raise capital from its existing shareholders.
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Silver Fern Farms said it would raise cash through a bonus issue, with the proceeds earmarked for “strategic initiatives” and to strengthen its balance sheet. The plans could raise as much as NZ$128m (US$81.3m), the company said.
The company said that, following shareholder approval, the board would be reduced from 12 to eight directors.
Five farmer directors, including the chairman, would be elected by transacting shareholders, while three independent directors would be chosen based on their “commercial acumen” across strategic, financial and marketing areas of the business,
The move is designed to place greater power in the hands of the Silver Fern’s farmer-shareholders.
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By GlobalDataThe company added that, “for the purposes of continuity”, the initial board would comprise five of Silver Fern Farms’ current board members – Eoin Garden, Joe Ferraby, Rob Hewett, Angus Mabin and Herstall Ulrich.
Proposed independent directors are Richard Somerville, Tony Balfour and Trevor Burt.
