The board of Tasmanian timber company Gunns has decreased and now has just four members following the resignation of one of its directors. Paul Teisseire resigned from the board on July 20. Source: Timberbiz
Gunns has advised the stock exchange that Mr Teisseire has left the board, but will continue as chairman of its subsidiary, Gunns Plantations Limited (GPL).
Mr Teisseire retired as a Director of Gunns Limited effective from 20 July 2012 he was appointed a director of the company in March 2008.
He was appointed as Chairman of Gunns Plantations Limited (GPL) in May 2010 and will continue in this role following his retirement from the Gunns Board.
GPL acts as the Responsible Entity of managed investment schemes for which Gunns has service and off take agreements.
According to Gunns the retirement of Mr Teisseire from the Gunns Board enhances the independence of GPL to maintain best practice corporate governance and representation of grower interests.
Gunns’ shares remains in a trading halt as the company negotiates a $400 million capital raising exercise.
