Saskatoon, Saskatchewan
December 18, 2002

The Saskatchewan Legislative Assembly today proclaimed Bill 304, which amends The Saskatchewan Wheat Pool Act, 1995 to give the company greater flexibility and enhance its governance structure.

The amendments in the Bill move provisions for the election of directors and restrictions on Class B share ownership out of the legislation and into the company's Bylaws. This allows the company to make changes to those provisions internally.

"In today's fast-changing and increasingly competitive environment, we need to take ownership of such important decisions," Pool President Marvin Wiens said. "We are seeing increasing expectations regarding the accountability and expertise of board members, greater emphasis on best-practice governance models and a need to respond quickly and creatively to trends and movement in the industry."

The Proclamation takes effect immediately for the provision regarding the process for electing directors. The movement of the ownership cap provision must be approved by two-thirds of Class B shareholders before taking effect. The company expects to seek that approval in the coming months. No actual change in the company's structure will occur without further deliberation by Pool delegates.

"The Pool is Saskatchewan's largest employer and an important contributor to the economic well-being of our province," Wiens said. "We take that responsibility very seriously and are pleased that the government has shown its support for the work we do by expediting the passage of this Bill and fulfilling the wishes of our democratically elected representatives." 

Carolyn Jones sponsored the Private Members Bill that was introduced in the House on December 9, 2002.

Saskatchewan Wheat Pool is a publicly traded agribusiness headquartered in Regina, Saskatchewan. Anchored by a prairie-wide grain handling and agri-products marketing network, the Pool channels prairie production to end-use markets in North America and around the world. These operations are complemented by value-added businesses and strategic alliances, which allow the Pool to leverage its pivotal position between prairie farmers and destination customers. The Pool's Class B shares are listed on the Toronto Stock Exchange under the symbol SWP.B.