Port News & Information Mediterranean, Black & Caspian Seas
Free read

Nueva Pescanova ranks high in index, enmity to octopus farming

Posted on

Vigo, Spain (Ports Europe) April 21, 2024 – The Nueva Pescanova Group has been ranked as the first fishing company in the world and second overall in the global seafood sector for its contribution to a sustainable and responsible seafood industry, according to the Seafood Stewardship Index 2023. It is the only Spanish company to be included in this ranking. However, the company also faces opposition to octopus farming.

The index presents an overall ranking based on the results in four measurement areas. These areas reflect where stakeholders expect corporate action, pinpointing where companies can have the most impact.

According to the total score, the top company was the Thai Union group. However, regarding “traceability”, the Nueva Pescanova Group was in first place. “Traceability” addresses how seafood companies commit to and implement robust traceability systems and mitigate risks of illegal, unreported and unregulated fisheries. It also assesses whether companies are transparent about the source of their seafood products and fishing activities.

Nueva Pescanova Group

The Nueva Pescanova Group is a leading multinational company specialized in the fishing, farming, processing and commercialization of seafood products. It is owned by ABANCA Corporación Bancaria, S.A., a Spanish bank based in Galicia, Northern Spain. The company has had mixed experiences in recent years.

Company changes

In January 2023, the shareholders of the Nueva Pescanova Group approved a capital contribution of 70 million euros. This operation is aimed at strengthening the company’s equity and reinforcing the execution of its strategic plan.

In June 2023, Canada’s Cooke Seafood had to deny media reports that it had revised its offer to acquire a major stake in the Spanish seafood business Nueva Pescanova. It was rumoured to be seeking an 80% equity stake. Later, Cooke had to issue an unusual statement saying it had not completed its due diligence investigation of Nueva Pescanova, S. L., nor had it delivered a revised offer to ABANCA.

ABANCA had been seeking an experienced investor for Nueva Pescanova for some time.

In September last year, the Board of Directors appointed Jorge Escudero Hurtado as Chief Executive Officer of the Group. His new job was to lead and enhance the company’s growth and profitability.

Opposition to octopus farming

Earlier this month, Compassion in Farming, a global campaigning and lobbying animal welfare organisation, issued a press release calling on Nueva Pescanova to scrap plans to build the world’s first octopus farm in Las Palmas, Spain.

Ports Europe: Port of Las Palmas to host world’s first farm dedicated to the cultivation of octopus

It claims the command failed to consider the significant threats the farm would pose to wildlife, the environment and public health. Additionally, it says the farm contradicts its own corporate sustainability claims. Euronews and the BBC have recently highlighted this issue.

Copyright (C) Ports Europe. All Rights Reserved. 2024.

Subscribe to weekly news

We keep you informed on the top European port news.