Abby Foote resigned shortly before after another Sanford director decided not to stand for re-election.
Abby Foote resigned shortly before after another Sanford director decided not to stand for re-election.
Sanford director Abby Foote says she resigned due to the “actions by significant but minority shareholders” of the NZX-listed seafood company.
Foote, who joined the board in 2018, resigned last week with immediate effect. Her comments follow another director deciding not to stand for re-election, which was announced this morning.
In a statement to the Herald, Foote said: “I am no longer aligned with the view of the majority of the board as to the best interests of the organisation in particular as it relates to actions by significant but minority shareholders which are making it increasingly difficult to govern the organisation in accordance with the expectations of the NZX Corporate Governance Code and my view as to good practice for listed companies.”
Foote did not wish to comment further.
Sanford also today announced a second director, Fiona Mackenzie, would not stand for re-election as an independent non-executive director.
Mackenzie joined the Sanford board in February 2020. She was chair of the audit, finance and risk committee and a member of the nominations committee.
Fiona Mackenzie joined the Sanford board in 2020 but won't stand for re-election. Photo / Greg Bowker
Sanford has been approached for comment. The company announces its FY23 financial results and publishes its 2023 annual report tomorrow, a spokeswoman said.
The company is 19.8 per cent owned by Ngāi Tahu Investments, an arm of the South Island tribe.
Ngāi Tahu Holdings chairman Mike Pohio said he could not, and would not, comment on Foote’s decision.
Ngāi Tahu was committed to Sanford and saw a positive future for the company, he said.
The Herald is contacting other shareholders for comment.
Ngāi Tahu Investments owns 19.8 per cent of Sanford.
The Herald has also asked the company to comment on the governance implications of Sanford director and former CEO of Ngāi Tahu Holdings and former chair of Ngāi Tahu Seafood Craig Ellison being interim chief executive of Sanford.
A former commissioner with the Treaty of Waitangi Fisheries Commission, Ellison has a long involvement in the fisheries and seafood sectors.
A Sanford spokeswoman said the company could not immediately comment on any matters relating to governance because its leaders were in an all-day meeting ahead of the annual results.
Ngai Tahu’s Pohio said it was “not unheard of or unusual” for a company director to assume an interim CEO role - especially one of Ellison’s extensive experience in the seafood industry.
The Sanford board had appointed Ellison interim CEO, he said.
Pohio was not aware of Mackenzie’s decision not to seek re-election to the board.
Mackenzie is managing director of ANZ Funds Management.
Foote is Christchurch-based with qualifications in law and accounting. She has held governance roles for 10 years.
Andrea Fox joined the Herald as a senior business journalist in 2018 and specialises in writing about the dairy industry, agribusiness, exporting and the logistics sector and supply chains.
