Moves by Sanford to raise the pay of its directors, despite falling profits and allegations of pollution, have caused outrage among the fishing company's shareholders.
The proposed increase to the pay pool from $400,000 to $550,000 a year, to be backdated to October 1, 2011, is listed as the last resolution on the notice of annual meeting of shareholders. That meeting is to be held on January 25.
It has not been an easy year for the company. Net profit has dropped from $25 million in 2009-10 to $22.3 million in 2010-11, while competitors have reported increased profits.
Sanford was also indicted in the US on pollution charges after its vessel San Nikunau, which routinely delivers tuna to a cannery in American Samoa, was accused of discharging oily bilge waste into the sea.
Shareholder Mike Daniel said he was disappointed with the move, not only because he thought the company's performance did not warrant it, but because of what he perceived to be an attempt to hide the increase as the last item on the resolution list, which was sent just before Christmas, on December 20.