November

FOSFA INTERNATIONAL – ANNUAL GENERAL MEETING
MINUTES
of the Forty-fourth Annual General Meeting of FOSFA International
held at The Four Seasons Hotel Istanbul at the Bosphorus, Istanbul, Turkey
on Friday 8 November 2013
Mr M P Farrow (President): in the chair
The meeting was attended by 17 members, and one member of the Federation's staff.
1.
NOTICE OF MEETING
The Notice of Meeting was taken as read, having been previously circulated to the
membership.
2.
PRESIDENT'S REPORT
The President presented the following report “Ladies and Gentlemen, good morning.
Thank you for attending our Annual General Meeting here in Turkey. Following the
success of last night's Dinner and reflecting on the fact that we have launched and
executed that particular important occasion in another destination demonstrates, to me
certainly, that aspirations are being achieved. No doubt members would like me to say now
where the Dinner is to be held in 2015? That is yet to be decided and London will be the
venue next year for sure. It is however worthy of note that our Dinners have been held in
six European cities - Paris, Geneva, Budapest, Barcelona, Milan and now Istanbul since
1993, and of course in London, and historically Liverpool between 1970 and 1995.
The record shows that we have focused on Turkey at various times with conference
attendance, seminars and now of course the Dinner; a recognition of its growing market
share and importance.
My address last night and the President’s Review, set out in the recently circulated
Financial Statements, tells much of the story associated with FOSFA’s achievements.
I would therefore like to say a few words on our on-going review, at Council level. Markets,
geography and engagement are at the heart of the Council's thinking in that review
process. We have identified some priorities, but also need to expand upon the work that
has been on-going - educational outreach, projection of FOSFA's role and services,
maintenance of contract terms and practices as to their relevance to today's, and
tomorrow's market needs, emerging markets and trends, and also continuing to monitor the
political and regulatory arena. That itself is no easy task.
We have however re-endorsed the concept that it is not FOSFA's role to dictate to parties
or regions or the trade generally; and we must be free of a set agenda. As much as the
trade must remain flexible, so too must our London based office and we on the Council
representing ultimately the members’ interests. In the main the membership can have no
complaints about the work of our Secretariat, I would suggest.
A balance must be struck between implementing, for instance contract changes, only after
dialogue and finding consensus amongst the buyers and sellers, or producers and shippers,
receivers and end-users. That too of course is not an easy task and needs careful facilitation,
and representative participation. That can be lacking on occasion and we need to look once
again at that aspect of the work of FOSFA.
China has been identified as an area worthy of our attention, as the demands of that vast
market place grow and broaden. The approach to adopt is itself under consideration and
we will share our thoughts, as Council, in due course. But we expect to build on the
education platform, with greater involvement in programmes there and other Asian
countries and develop open networks for exchanges and mutual development of
undertakings.
An improved website, planned for launch in the spring of next year, should go some way to
achieve a better Secretariat-members interface.
I express my thanks on behalf of the members to our London based staff, and my own
further thanks to my Council colleagues for their active and responsive sharing of decision
making. It is a privilege to captain the ship and have a committed crew. I end on that
nautical note, here overlooking the Bosphorus; a sea passage widely used in our business.
Thank you.”
3.
ANNUAL ACCOUNTS TO 31 MARCH 2013
The accounts for the year ended 31 March 2013 were adopted.
4.
COUNCIL
The Chief Executive reported that the membership of the Council for 2013/14 would be President, Deputy President, and Immediate Past President,
Chairman and Vice Chairman of the Oilseeds Committee,
Chairman and Vice Chairman of the Oils and Fats Committee,
Chairman of the Contracts Committee,
A NOFOTA representative in an ex-officio capacity.
The Chairmen of the Arbitrations and Appeals Committee and the Technical Committee act
as advisers to the Council. In the absence of both the Chairman and Vice Chairman of the
Oils and Fats and Oilseeds Section Committees, a designated alternate will be invited to
attend Council meetings on behalf of the Committee, and to hold one vote.
5.
AUDITORS
It was proposed, seconded and resolved unanimously that Crowe Clark Whitehill be reappointed auditors of the Federation.
6.
AUDITOR'S REMUNERATION
It was proposed, seconded and resolved unanimously that the Council be empowered to fix
the Auditors’ remuneration.
THERE BEING NO OTHER BUSINESS, the President declared the meeting closed.
2
All Members
CIRCULAR
29 November 2013
FOSFA CONTRACTS
The following amendment proposals and new Contracts have been endorsed by Council and will
become effective on and from 1 January 2014.
Contract No 9A for UK Linseed in Bulk
The reference to AIC arbitrators and their appointment under the rules in Clause 21 “Arbitration”
has been amended to reflect changes in revised AIC arbitration rules.
“In any case where the dispute involves a member of the Agricultural Industries
Confederation or of the National Farmers’ Union of England and Wales or of the National
Farmers’ Union of Scotland, a party may appoint an Agricultural Industries Confederation
listed arbitrator. In the case of an appeal against an arbitration award on this contract, the
Agricultural Industries Confederation, the National Farmers’ Union of England and Wales,
or the National Farmers’ Union of Scotland shall have the right to appoint an Agricultural
Industries Confederation listed arbitrator as a member of the Board of Appeal to consider
the dispute.”
Contract No 26A for UK Rapeseed in Bulk
Clause 4 “Allowances, Premiums, Rejections” wording has been amended to give clarity to
“Erucic Acid and FFA” and “Glucosinolates” requirements with regards to the right to reject.
“Erucic Acid and FFA – Buyers have the right to reject if a parcel contains erucic acid or
FFA in excess of 2% of oil in seed. If the right to reject is not exercised, the allowances to
be agreed amicably or by arbitration.
Glucosinolates – If the glucosinolate content of the rapeseed exceeds 35 micromoles
max Buyers have the right to reject. Buyers’ claim to reject shall be notified to Sellers
immediately on arrival of the goods and when the option to reject is not exercised
settlement of allowances to Buyers shall be agreed amicably or by arbitration.”
And, the reference to AIC arbitrators and their appointment under the rules in Clause 21
“Arbitration” has also been amended to reflect changes in revised AIC arbitration rules, as per
Contract No 9A above.
Contract No 72 for Edible Tallow
After re-introducing Contract No 70 in January 2012 for inedible tallow to conform to EU
Regulation 1069/09, the Oils and Fats Committee has developed a separate Contract, No 72, for
edible tallow in accordance with EU Regulation 853/04.
The new contract, endorsed by Council, is for edible dripping/lard/poultry oil in bulk, by tank
car/tank barge delivered/ex works.
FEDERATION OF OILS, SEEDS AND FATS ASSOCIATIONS LIMITED 20 St Dunstan’s Hill London EC3R 8NQ United Kingdom
Tel: +44(0)20 7283 5511 Fax: +44 (0)20 7623 1310 E-mail: [email protected] www.fosfa.org
Contracts No 91 and 93 for EU Acid Oil and EU Feed Fat
Contracts No 91 and 93 for UK produced acid oil and UK delivered feed fat respectively have
been revised and amended to widen their scopes to become EU Contracts and to reference
European Legislation accordingly. Their scopes have also been extended to cover “ex works
terms” together with “delivered terms”.
Contract No 91 for EU Delivered/Ex-Works Acid Oil in Bulk by Tank Car
Contract No 93 for EU Delivered/Ex-Works Feed Fat in Bulk by Tank Car
NEW PUBLICATIONS
Subscribers to the Contract Manual Amendment Service will automatically receive copies of the
revised/new Contracts.
As usual, the website will be updated on the date of implementation.
Any member wishing to order copies of these complete publications may do so via e-mail to
[email protected], or by completion of the Order Form available on the website.
R B Garay
Trade Policy Manager
Manual Amendment Service Subscribers
CIRCULAR
29 November 2013
FOSFA INTERNATIONAL MANUAL AMENDMENT SERVICE - SERIES 2R
We enclose a set of amended and new FOSFA Contracts, and a copy of the updated Manual
Contents Page.
1.
MANUAL CONTENTS PAGE
The Contents Page has been amended to reflect the introduction of Contract No 72 and
the amendment of Contracts No 91 and 93.
2.
CONTRACT NO 9A – ARBITRATION CLAUSE
The Arbitration Clause has been amended to reflect changes in revised AIC Arbitration
Rules.
3.
CONTRACT NO 26A – ALLOWANCE, PREMIUMS, REJECTIONS AND
ARBITRATION CLAUSES
The right to reject wording in the “Erucic Acid and FFA” and the “Glucosinolates”
requirements in Clause 4 “Allowances, Premiums, Rejections” has been amended to
clarify the Clause. Clause 21 “Arbitration” has also been amended to reflect the changes
in revised AIC Arbitration Rules.
4.
NEW/AMENDED CONTRACTS FOR EDIBLE TALLOW, ACID OIL AND FEED FAT
One contract has been introduced and two contracts have been amended to facilitate the
edible tallow, acid oil and feed fat trade accordingly within Europe in accordance with
European Legislation.
Contract No 72
Edible Dripping/Lard/Poultry Oil in Bulk by Tank Car/Tank Barge
Delivered/Ex Works
Contract No 91
EU Delivered/Ex Works Acid Oil in Bulk by Tank Car
Contract No 93
EU Delivered/Ex Works Feed Fat in Bulk by Tank Car
The revised Manual Contents Page and the new/amended contracts should be inserted into the
Manual and the current versions archived for future reference as they may still be relevant for
current and/or forward shipment transactions/disputes.
R B Garay
Trade Policy Manager
Encls.
FEDERATION OF OILS, SEEDS AND FATS ASSOCIATIONS LIMITED 20 St Dunstan’s Hill London EC3R 8NQ United Kingdom
Tel: +44(0)20 7283 5511 Fax: +44 (0)20 7623 1310 E-mail: [email protected] www.fosfa.org
Oils and Fats Section
All
27 Members
June 2003
CIRCULAR
29 November 2013
NON-FULFILMENT OF ARBITRATION AWARD
It is with regret that I have to tell you that the Council has decided to post the following company for
non-fulfilment of Arbitration Award No 4282 concerning a contract for Soyabeans -
TRADECENTER CORPORATION
50th Street, Global Plaza Tower
19th Floor Suite H
Panama City
Republic of Panama
S R Logan
Chief Executive
FEDERATION OF OILS, SEEDS AND FATS ASSOCIATIONS LIMITED 20 St Dunstan’s Hill London EC3R 8NQ United Kingdom
Tel: +44(0)20 7283 5511 Fax: +44 (0)20 7623 1310 E-mail: [email protected] www.fosfa.org

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