Tom Rideout, Minister of Fisheries and Aquaculture, today announced that the amendments to the FPI Act will ensure adherence to the original spirit and intent of the act. Minister Rideout said, �FPI Limited is a company that was created first and foremost for the benefit of Newfoundlanders and Labradorians. As a government we are ensuring it will continue to serve the interest of the people of this province.�

Changes to the act will ensure there will be broad and effective representation on the board of directors. The amendments will also bring clarity and certainly for all stakeholders and the future of the seafood processing industry in Newfoundland and Labrador.

Minister Rideout said, �By bringing these amendments forward, government is ensuring compliance with the original objectives of the company. We are also striking a balance by doing this in a manner that will allow the company to operate in a competitive environment.�

The amendments will provide for a governance structure that is highly consistent with good governance practices for publicly traded companies.

Amendments to the FPI will be brought forward in the House of Assembly on Tuesday, May 23, 2006.

Media contact: Lori Lee Oates, ABC, Communications, (709) 729-3733, 690-8403

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An Act to Amend the Fishery Products International Limited Act (PDF)

2006 05 20            4:30 p.m.