[19 April/The Country]

A review of Silver Fern Farms constitution will include looking at the tenure of directors on the board, the board size and the ratio of elected to independent directors. Silver Fern Farms Chairman, Rob Hewett, said the review was underway and that governance was the key focus. He added there was a desire to increase the size of the board. The aim was to develop incoming directors so they could hit the ground running when they were required to take a seat on the board of the operating company. He noted there was a lot of flexibility provided when the co-operative’s constitution was last reviewed in 2010, which meant a lot did not need to be changed despite the co-operative entering into its partnership with Shanghai Maling. Mr Hewett said a good working relationship had been built with Shanghai Maling that would continue to grow and evolve. The balance sheet was strong as at December 31 with no debt and $16.6 million cash on hand. Mr Hewett paid tribute to former Chief Executive, Dean Hamilton, who recently stepped down.