Johan Andreassen will remain in a dual management and board role at land-based salmon producer Atlantic Saphhire despite a recommendation from the Norwegian Corporate Governance Committee (NUES) that the move is not advisable as the company prepares to list on Oslo Bors' main stock market.

Andreassen is the founder and principal owner of Atlantic Sapphire, which has production in Denmark and is currently building the world's largest land-based salmon farm in the United States. He is also currently chairman and CEO.

He will, however, shift to become CEO of the company's US operations -- by far the largest part of the group - rather than the holding company, since its move from the alternative Merkur Market to a main listing transforms Atlantic Sapphire into a public liability company, where chair and CEO are not allowed to be the same person.

Karl Oystein Oyehaug, who is CFO and investor liaison for the company, will step in as the new CEO of the holding company as well as existing in his current roles.

A solution that is not recommended

The Oslo Stock Exchange recommends that companies listed there follow the guidelines that NUES has drawn up, one of which is that it is not recommended that the management and the board of a company consist of the same people. But it is not one Atlantic Sapphire wishes to adhere to.

"At this point shareholders want to make an exception, as it is desirable that Johan both manage the operational operations in the United States and continue to hold the position of chairman," Oyehaug told IntraFish.

"As the company has six other directors who are independent of management and have varied experience, we believe that the board has all the prerequisites to be able to control and manage the administration satisfactorily."

A requirement of the public listing also demands a certain percentage of women on the board, so the board has been re-shuffled to consist of Andreassen as chair, alongside Andre Skarbo, Runar Water, Alexander Reus, Patrice Anne Flanagan, Tone Bjørnov, Ellen Marie Saetre and Peter Show.

In addition, the company will set up an election committee of Bjorn-Vegard Lovik (leader), Peter Show and Kjell Bjordal.

People

Atlantic Sapphire brushes off Oslo Bors advice in retaining Andreassen in dual role