Chilean law firm Grasty Quintana Majlis, in association with global law firm Clyde & Co, advised Pesquera Friosur SpA, one of Chile's largest seafood companies, in a recent transaction which saw it assign a 20% stake in the company to its workers.
The company, which is owned by founder José Luis del Río Goudie and Icelandic seafood company Brim hf, owns a fish processing plant located in the small town of Puerto Chacabuco in the south of Chile. Following the transaction, its 250 workers are organised into a cooperative with a 20% stake in the company and one representative on its board of directors. While environmental sustainability and protecting the natural resources of Puerto Chacabuco has long been a priority for the business, it believes that its new structure, which provides its workers and members of the community with greater influence through its representation on the board, will place greater emphasis on sustainability within the company.
Grasty Quintana Majlis acted as counsel to the controllers of Pesquera Friosur SpA and worked on the design and implementation of the transaction over a period of four years. The team comprised partners Alejandro Quintana and Juan Turner, counsel Jorge Burgos and associates Alejandro Quintana Vicuña and Josefa Valdivieso.
Juan Turner, Managing Partner of Grasty Quintana Majlis says: "This is a landmark transaction for the Chilean market and an example of a company making real progress with regard to corporate social responsibility and developing a socially and environmentally sustainable company for the future. In times of social unrest and increased focus on inequality, initiatives like these are welcomed by the community and we expect a trend to emerge in the coming years with a number of companies moving in a similar direction."
Grasty Quintana Majlis announced that it was entering into an association with Clyde & Co in January. The association sees the firms work together, refer work to one another, and provide an integrated service for existing clients in the Americas and globally across key sectors such as insurance, construction and infrastructure, trade and commodities, and natural resources.