FOR IMMEDIATE RELEASE
May 22, 2007

CONTACT:
Dave Bard
202.486.4426

Cermaq Ignores Shareholder Resolution, Refuses to Clean Up Its Act

Norwegian State Opposes an Independent Review of Cermaq's Global Salmon Farming Practices

Oslo, Norway — Cermaq's board of directors today announced defeat of the shareholder resolution filed by the Pure Salmon Campaign. With this announcement, the board confirmed that Cermaq and Norway's Ministry of Trade & Industry will not agree to a third-party audit of the company's salmon farming practices in accordance with the Ethical Guidelines of the Government Pension Fund — Global. 

Cermaq is the world's second-largest salmon farming company — of which the Norwegian Ministry of Trade & Industry holds roughly 42 million shares. The resolution was essentially defeated by the Norwegian government. Roughly 52 million shares were voted. Everyone voted for the resolution except for the Norwegian state.

The Pure Salmon Campaign filed its shareholder resolution and supporting statement in April 2007.

"Considering the weight of evidence indicating environmental pollution and labor problems, this independent review of Cermaq's operations in Chile, Canada and Scotland is clearly the commonsense approach," said Andrea Kavanagh, director, Pure Salmon Campaign. "We're encouraged that the state declares that this is an important issue, but disappointed that they refused an independent audit, especially since Cermaq has already expressed its support for sustainable aquaculture and respect for its workers."

Prior to today's meeting, members of the Pure Salmon Campaign, British Columbian tourism operators, shareholder representatives and environmental organizations recently met with high-profile government officials and Norwegian labor advocates to discuss the day-to-day salmon farming practices that have detrimental impacts on the workers, artisanal fishers, coastal communities and the environment.

To read the shareholder resolution and supporting statement submitted by the Pure Salmon Campaign, go to http://www.puresalmon.org/norway.html.

###