REGINA (Staff) – A Saskatchewan Wheat Pool member opposed to the company’s reorganization plans says the membership has been betrayed.
John Burton, of Co-operating Friends of the Pool, said the board of directors’ decision to offer pool shares to outside investors will destroy the co-operative.
“As more and more shares come into the hands of non-farmers, their interests are going to come into the picture and that’s going to influence how the board of directors and leadership of the pool handles its activities,” Burton said.
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“So in future it’s going to be an investor driven organization as opposed to what it has been up to now.”
Thirty-five percent of members sold their Class B non-voting shares as of the Feb. 14 deadline .
“I think that shows the pool had no intention of stopping and, whatever the response of the membership may be, that they were determined to go ahead with this scheme,” Burton said.
Older members sell
Most offers to sell were made by older members. Of members over age 60, 12,000 offered to sell 43 percent of all the shares sold. Burton said that’s because older members want a strong voice for the farm community and the new pool will not fit that bill.
He also said the CFOP will not be disbanding. The loosely knit group of pool members formed to fight the share offering proposal after it was announced nearly two years ago.
“We’re going to have to consider our options. We’re not going to go away. We’re going to consider just what we do now.”
