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OLAM International Ltd announced on Monday that two of its board directors, Tse Po Shing Andy and Sridhar Krishnan, would be stepping down immediately after the group's 19th annual general meeting (AGM) on Oct 30, 2013, as part of its board renewal efforts.
Replacing them is Sanjiv Misra, chairman of the Asia Pacific Advisory Board for Apollo Management and president of Phoenix Advisers Ptd Ltd.
Mr Misra will be appointed as a non-executive and independent director with effect from Nov 1, 2013.
Mr Tse is currently a non-executive and independent director at Olam, and chairman of the group's risk committee. He has served on the board for ten years and nine months as at June 30, 2013.
very strong support thro..out the day.
keep it that way.
UPRR18 ( Date: 01-Oct-2013 09:18) Posted:
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The last mins surge in Olam's price could be due to this news, .....
OLAM ENDORSES THE UN GLOBAL COMPACT?S CEO WATER MANDATE
Reinforcing Olam?s ongoing commitment to water efficiency across its operations to support sustainable growth
London, September 3, 2013 ? Olam International Limited (?Olam?), a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, has signed the CEO Water Mandate. Part of the UN Global Compact, the Mandate formalises Olam?s commitment to further developing and publicly disclosing, a sustainable and effective water management framework.
As the supply, quality and reliability of water resources come under pressure and the need to adapt to the impact of climate change increases, the CEO Water Mandate is an international initiative making a real contribution to water security by engaging industry. It covers six core elements1 across direct operations, supply chain implications, collaborative initiatives and governance practices. In addition, Olam has set targets to:
? Reduce consumption of fresh water in processing its products by 10% per tonne by 2015
?
Reduce
fresh water usage for irrigation by 10% per tonne by 2020
Sunny Verghese, Group Managing Director and Chief Executive Officer, Olam, commented ?Water security is critical to global food security and the resilience of Olam?s international food supply chain. Continually improving water management is therefore not just a pressing environmental and social concern, but a business imperative. Signing the CEO Water Mandate formalises our strategy to mitigate water risk and publicly demonstrates our contribution to the UN Global Compact?s vision for global water security.?
?We?re absolutely delighted to have Olam join the now roughly 100 companies participating in our water stewardship initiative?, says CEO Water Mandate Technical Director, Jason Morrison. ?We have been spending much time in recent months delineating how companies? water stewardship practices can align with and support the UN-led process to define a post-2015 sustainable development agenda. Addressing the water-food nexus is going to be of paramount importance in achieving water sustainability globally.?
Under the Mandate?s public disclosure policy, Olam will provide annual progress updates. The agreement also commits Olam to joining the UN Global Compact within the next six months, which will align the company?s operations and strategies with the initiative?s ten principles in the areas of human rights, labour, environment and anti-corruption.
derekchong ( Date: 30-Sep-2013 17:17) Posted:
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last min. recover very fast.
still got potential.
Saga not over yet, but going to over soon. Need to cross Dec to totally defeat MW claim that Olam will fail within a year. Only by then, funds are allowed to include Olam in their investment portfolio. For now, Olam remain on their blacklists for the sake of accountability to their investors' prudency.
oh, moving up again.
very good.
Adveq, which has about $US5 billion under management, spent the past two years interviewing agricultural fund managers globally for its recently launched real assets fund of funds.
Laguna is backed by US-based Global Endowment Fund, which is advised by soft commodities guru Jim Rogers.
Sources told The Australian Financial Review Laguna won the mandate because of its ability to generate returns and ability to meet Adveq's environmental and governance processes.
Laguna will be able to fund future acquisitions through the Adveq platform.
The Zurich-behemoth's clients include pension funds, insurance companies, family offices and asset managers in Europe, North America and the Asia-Pacific region.
The main talking point in rural circles is where Laguna plans to direct its increased firepower.
One investment proposition could be the assets held by the Singaporean-based farming, processing and trading giant Olam, which became one of Victoria's biggest landholders and the single biggest water baron after swooping on the Timbercorp collapse in 2009.
Temasek Holdings-backed Olam bought 8000ha of almond groves and 41,000mL of water in a fire sale of assets.
It also owns Queensland Cotton, plus grain trading and wool broking businesses.
Olam's huge push into Australia was part of a broader agricultural asset binge that has come back to haunt it.
The company, which reported a 48 percent fall in fourth quarter profit on August 30, is slashing costs and selling assets after bowing to intense pressure from Carson Block's US hedge fund Muddy Waters.
Carson has fiercely criticised Olam for borrowing too much to pay for assets that do not generate enough returns to repay its liabilities.
It's also worth noting Olam boss Sunny Verghese confirmed his intent to sell assets and lease them back during his most recent visit to Australia in April.
At the time of confirming it would move to do more asset sales Mr Verghese said he had listened to Olam's " fiercest critics" and " most ardent advocates" .
Olam has also scrapped a sugar deal and entered sale and leaseback arrangements for its US almond orchards.
Calls to Laguna and Olam on Wednesday were not returned.
lllusion ( Date: 19-Sep-2013 10:52) Posted:
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TinyPotato ( Date: 19-Sep-2013 10:23) Posted:
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