A shareholder relations committee has begun the board renewal process at Maple Leaf Foods , which includes seeking input from large investors and recruiting a search firm that will hire new board members.
The meat processing company said the process began after the Ontario Teachers' Pension Plan sold more than half of its shares in the company, and Teachers representatives resigned.
Maple Leaf said committee members will meet with large shareholders to get their opinions, as the investor profile of the company has changed "considerably."
"We are looking forward to engaging with our shareholders, and making changes that further strengthen our ability to provide oversight to ensure this company maximizes sustainable return to shareholder," James Hankinson, chair of the committee said in a statement.
Maple Leaf shares were up two cents to $11.10 in morning trading on the Toronto Stock Exchange.
Last month, the Teachers group, which was the largest shareholder of Maple Leaf, sold off its holdings for $220.5-million.
The sale reduced the Teachers' stake to 9.9 per cent from 25.2 per cent. Until August, the pension plan had about 37 per cent of the equity in Maple Leaf.
Teachers, one of the country's biggest asset managers, had been rethinking its position at Maple Leaf Foods after the board members resigned. It wanted amendments to minutes of a board meeting to show their support for a $755-million restructuring plan was subject to conditions.
Teachers previously sold, at a significant discount, a 10 per cent stake in the food processor to activist hedge fund West Face Capital Inc.
Toronto-based Maple Leaf Foods has been squeezed by competition, high input costs and a Listeriosis outbreak that left at least four people dead and led to a major recall two years ago.
Maple Leaf said this fall that it plans a major reorganization, running through 2013. Maple Leaf, which is also Canada's largest baker through its Canada Bread subsidiary, employs about 23,500 people at operations across Canada, the U.S., the U.K. and Asia.