Saving Seafood

Thai Union Chairman Kraisorn Chansiri resigns following insider trading fine

April 18, 2022 — Thai Union Founder and Chairman Kraisorn Chansiri has resigned after receiving civil sanctions from Thailand’s Security and Exchange Commission for alleged insider trading.

In an 18 April, 2022, letter to the Stock Exchange of Thailand, where the company’s stock is traded, Thai Union said Chansiri and Thai Union Executive Director Chuan Tangchansiri will resign “in order to show their sincerity and prevent any negative impacts on the company.”

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Thai Union Chairman Kraisorn Chansiri, eight others fined for insider trading

April 1, 2022 — Nine individuals, including the founder and chairman of Thai Union, have been issued civil sanctions by Thailand’s Security and Exchange Commission after an investigation revealed they engaged in insider trading of the company’s stock.

Bangkok, Thailand-based Thai Union was founded by Kraisorn Chansiri in 1977, and has grown to become one of the world’s largest seafood companies, with USD 4.2 billion (EUR 3.8 billion) and USD 200 million (EUR 181.2 million) in net profit in 2020. Its shares are traded publicly on the Stock Exchange of Thailand.

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Thai Union joins Ocean Disclosure Project

May 4, 2021 — Thai Union has announced its participation in the Ocean Disclosure Project, a global initiative where seafood businesses publicly share details on the sourcing of their seafood.

In a statement, Thai Union said its involvement is part of its efforts to realize its global sustainability strategy, SeaChange, as well as traceability and transparency commitments in its business operations.

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Chicken of the Sea nearing two price-fixing settlements

April 19, 2021 — Chicken of the Sea is nearing two settlements in civil litigation launched against it in relation to its role in fixing the prices of canned tuna.

The El Segundo, California, U.S.A.-based company and its parent firm, Thai Union, have agreed in principle on two separate agreements with those who claim to have overpaid for tuna it sold between 2011 and 2015 – allegations that stem from a criminal case in which Chicken of the Sea served as a whistleblower.

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GAA partnering with Thai Union, Devi Seafoods on traceability data-sharing project

February 26, 2021 — The Global Aquaculture Alliance’s (GAA) Best Aquaculture Practices (BAP) certification program is collaborating with seafood companies Thai Union and Devi Seafoods – along with traceability firms Wholechain and Legit Fish – to promote traceability in supply chains.

Their partnership is developing real-time digital solutions that will facilitate direct transfer of data from BAP-certified facilities to BAP’s internal data systems to support tracing of products in companies’ supply chains. This integration program is expected to meet traceability data requirements from seafood companies, the marketplace, regulators, and BAP itself, BAP said in a statement.

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Thai Union scored record profits in 2020, despite Red Lobster losses

February 22, 2021 — Bangkok, Thailand-based seafood giant Thai Union earned a record profit last year despite losses from its Red Lobster affiliate, the company said in its Q4 results report, released 22 February.

The company’s net income in the fourth quarter rose 38 percent year-on-year to THB 1.46 billion (USD 48.6 million, EUR 40 million) on the back of strong core business results. The company’s net profit reached THB 6.25 billion (USD 208 million, EUR 17.2 million) last year, an increase of 64 percent from 2019. Thai Union said this is the first time that its net profit has surpassed THB 6 billion (USD 200 million, EUR 164.7 million).

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ISSF adds social and labor standards to membership requirements

November 24, 2020 — The International Seafood Sustainability Foundation (ISSF) has added new labor and social standards to its requirements for member companies, which include tuna processors, traders, importers, transporters, marketers, and more.

The new standard – Conservation Measure 9.1 Public Policy on Social and Labor Standards – will require any business associated with ISSF to develop, and publish, social and labor standards and/or a sourcing policy that applies to the entire supply chain, which addresses forced labor; child labor; freedom of association; wages, benefits, and employment contracts; working hours; health and safety; discrimination, harassment, and abuse; and grievance mechanisms. The policy must be public – meaning it must be at a minimum available to the general public.

Read the full story at Seafood Source