Silver Fern Farms today strongly rejected the claims made by Mr Peters under parliamentary privilege yesterday as being completely without basis.

Chief Executive Dean Hamilton says “the company regarded Mr Peter’s inflammatory and baseless comments as a serious abuse of parliamentary privilege.”

“It appears Mr Peter is conveniently ignoring the independent assessments from both the FMA and the Companies Office that clearly vindicate the process adopted by Silver Fern Farms.

“Both regulators undertook independent reviews of Mr Peter’s allegations and found no evidence that the Board had acted in anything other than in full compliance with its legal requirements. Further, despite Mr Peter’s claims to the contrary, the regulators also concluded that the information provided to shareholders was not misleading.

“The company continues to stand by its actions.

“Silver Fern Farms remains committed to securing a sustainable future for our shareholders and supplying farmers – an overwhelming 82% of whom voted, voted in favour of the new partnership with Shanghai Maling,” he said.

On Mr Peters’ new range of allegations in Parliament, all are without basis:

  • Mr Hamilton has been an employee since becoming Chief Executive in November 2014.
  • The Company has owned 50% of Livestock Logistics since it was formed over 6 years ago. This has been clearly disclosed in the Annual Report of Silver Fern Farms (see Note 26 in the 2015 report; Investments in Associates which shows Silver Fern Farms’ investment at 50% and a book value of $1.2m). The business co-ordinates the majority of Silver Fern Farm’s livestock transport through third party operators in New Zealand. The spend by the company varies year to year depending on livestock numbers however bares no relation to the variation that Mr Peters would appear to have made up. To naively argue Livestock Logistics is “ticket clipping” is like saying businesses such as Webjet or AirBnB are ticket clipping because they don’t own planes or hotels.