A COMPROMISE has apparently been reached in the battle for boardroom control of Kingston Wharves, with the parties agreeing to issue a joint statement today on the terms of the settlement.
A consortium of shipping interests has proposed the removal of seven of the current 12-member board and replacing them with seven nominees at Kingston Wharves' annual general meeting in Kingston on June 20.
On the other hand, Grace, Kennedy and Company, which has a 43 per cent stake in Kingston Wharves and controls the board, has filed actions in the Supreme Court seeking to prevent an overthrow of the board at the annual meeting, to be held at the Jamaica Conference Centre, downtown Kingston.
However, The Gleaner understands that both the consortium and Grace, Kennedy have now reached an understanding on the composition of the board.
Although sources said the agreement was that the board would now constitute six members each from either side, Douglas Orane, Grace, Kennedy's chief executive officer and one of the directors proposed to be removed, declined to comment "at this time", but he did say a joint statement would be issued.
Charles Johnston, a member of the consortium seeking to change the composition of Kingston Wharves' board and himself a nominee for the board, also declined to comment when contacted yesterday, but also said a joint statement would be issued on the matter.
Members of the consortium hold about 49 per cent of the shares in Kingston Wharves and, since late last year, have been seeking an extraordinary general meeting to change the structure of the board.
However, Grace, Kennedy subsidiaries, which are members of the Shipping Association of Jamaica (SAJ), have been seeking to ensure that shares held by the SAJ in Kingston Wharves are not used to vote against the interest of any member, including Grace, Kennedy.
