The Securities and Exchange Commission has launched a formal probe of payments made to certain officers and directors at Tyson Foods Inc., including former senior chairman Don Tyson and current chairman and chief executive officer John Tyson.
According to the beef and poultry processor, the investigation involves the disclosure of perquisites provided to the individuals.
Tyson pointed out that based on a review by independent members of the board of directors, “the company does not believe that the amounts involved are material to the company’s financial position or results of operations.” The company added that it has been cooperating fully with the SEC and will continue to do so.
Tyson’s purchasing practices have been closely scrutinized of late. In February, a jury found that Tyson manipulated the cattle market, according to Reuters.