Urban Barns Foods (URBF.OB), Urban Barns is a leading-edge provider of fresh produce that uses proprietary technology to grow organic food in an indoor environment. Urban farming is a trend that has grown in recent years and we are seeking to establish a firm footprint in the health conscious urban market. Our focus is to ensure optimum quality of produce at a cost effective ratio and aggressively gain brand recognition.
Urban Barns, announced today that the board of directors has established corporate governance policies by the adoption of the following manuals and charters:
Mr. Dan Meikleham, Chairman and CEO of Urban Barns, stated “Now we have completed our first financing agreement we have adopted corporate governance policies. While the Board delegates authority to the company's management to handle the company’s operations, the Board retains the ultimate fiduciary responsibility to shareholders to sustain and enhance value.” “We had already identified the senior executive team to handle the business affairs at Urban Barns however, prior hiring the human capital to run our operations, we have adopted best practices to empower the senior management to run the business within defined parameters to ensure that all business objectives are met.” The Chairman added, “Prior to our planned international expansion, to maintain overall responsibility, we believe it is important to set the corporate governance rules for directing and controlling the operational activity at Urban Barns Foods in the interest of all stakeholders.
On the adoption of the Corporate Governance Manual, Mr. Cesar Montilla, Chairman of the Governance Committee stated, “The Board has a vital responsibility to provide clear directions and boundaries in which the company's Executive Management must operate. This involves setting out a clear vision, objectives and strategy for the company and defining the delegations that will be allowed to manage and the policies and boundaries in which they are permitted to operate.”