Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Departures, explanations and an update at Sanford AGM

Departures, explanations and a trading update for Sanford shareholders

Jan 30 (BusinessDesk) – Sanford has informed shareholders of the retirement of its managing director and an experienced board member, and explained how it has fixed things after copping a multi-million-dollar fine from a US court.

The fishing company also said it has made a positive start to the new financial year and disclosed a deal with the New Zealand Shareholders’ Association that will hold the total fees paid to directors at $500,000 for another year.

Revenue for the first three months of the year is up 10 percent, helped by increased sales of salmon to the New Zealand market.

Chairman Jeff Todd said the board had accepted notice of managing director Eric Barratt’s retirement after 15 years in the job.

He will continue in the role, and subsequently as an independent adviser if necessary, until Dec 31 at the latest.

“I am sorry to inform you that our long-standing and respected director David Anderson has decided not to seek re-election at today’s annual meeting which marks the end of his current term,” Todd said.

Anderson joined the board in 1982 and served as managing director from 1991 to 1997. He took on industry roles, including deputy chair of the New Zealand Fishing Industry Board and president of the New Zealand Fishing Industry Association.

At last year’s meeting shareholders endorsed an increase in directors’ fees to a total of $550,000 per annum, but the board agreed to only pay $500,000 out in recognition of the company’s less than satisfactory performance in 2011.

“Given the 2012 results, the board now confirms to shareholders their intention to hold total fees payable in the current year to the same level, $500,000,” Todd said.

Chairman of the New Zealand Shareholders’ Association, John Hawkins, had confirmed the association was comfortable with this arrangement.

It was left to Barratt to explain that a judge in the US District Court in Washington DC fined Sanford US$1.9 million and ordered it to pay US$500,000 to a fishing foundation after its tuna fishing vessel, the San Nikunau, breached rules for discharging waste in international waters.

Barratt said the verdicts and sentence indicated there had been a pattern aboard this vessel of not following required protocols for bilges and bilge waste.

This was acknowledged by a Filipino relief engineer who never followed required rules on this or any other US or foreign flagged tuna vessel that he ever worked on. The regular chief engineer claimed he did but the court found otherwise.

“Sanford has been held vicariously liable for the actions of the engineers and other crew and we must accept responsibility for not detecting that these practices were occurring,” Barratt said.

“One aspect of our defence was that the vessel and its records had been regularly inspected by New Zealand and US government officials many times during the period of the offences and these issues were not detected at the time.”

“I could spend some time detailing the many arguments and counter arguments raised in this case but it is time to move on and to ensure that with our actions and responses we are never faced with this situation again.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Sweet Health: Sugary Drinks Banned From Hospitals And Health Boards

All hospitals and DHBs are expected to kick sugary drinks out of their premises. University of Auckland researcher, Dr Gerhard Sundborn who also heads public health advocacy group “FIZZ”, says he welcomes the initiative. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news