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 Silver Fern Farms' Shareholders Vote for ChangeThu, 30/07/2009 10:42:00 a.m. Shareholders of Silver Fern Farms took a critical step in the implementation of the company's market led strategy today (30 July 2009) by voting in favour of important constitutional changes, with 76.46% support. 42.24%% of eligible voters cast their vote. Eoin Garden, chairman of Silver Fern Farms says the result was a clear endorsement of the need to revamp the company's capital and governance structure in support of its long term strategy, designed to ensure the co-operative's longevity for future generations of NZ farmers. Mr Garden says the outcome demonstrates that farmers want new thinking, new ideas and are prepared for change – providing they get the opportunity to do so. "Our restructuring is entirely consistent with the MAF Meat: The Future, analysis which we wholeheartedly endorse and accept. It is a credit to our shareholders that they understand the need for change by demonstrating real leadership and commitment to the progressive strategies their company is adopting." "Equally," says Mr Garden, "there is a disconcerting lack of attention, focus and action following the release of the MAF report, which demonstrates the need for industry leaders to step up, as Silver Fern Farms' shareholders have, and establish strategies to underpin the future of the pastoral sectors rather than sitting back and banking the short term gains from currency depreciation. "Silver Fern Farms is showing true leadership by introducing new marketing strategies, linking customers to farmers via long term contract supply pricing options, committing to a suite of technological innovations, and by launching a unique new brand – a brand that we believe will influence red meat consumer buying habits throughout our markets." Currently shareholders of prudent companies in this economy are stepping up to the plate and recapitalising the companies which they own, and Silver Fern Farm shareholders need to do the same. Mr Garden says that with the approval of a new Constitution, Silver Fern Farms now has the ability to introduce a modern capital structure which not only protects the company, but gives shareholders increased benefits over past structures. It also opens the way for a new governance model, and rebate system. |
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