The Seaward Enterprises Association—or SEA-NL—says any new formula used to set fish prices can’t guarantee a fair market share for harvesters unless processing companies are made to show their market receipts.

Executive Director Ryan Cleary says any fish price formula must based on the selling price of fish in the market.

Cleary told VOCM Open Line with Paddy Daly that without those receipts, any price set would be a “magic formula.”

SEA-NL is making the move from a not-for-profit advocate for inshore harvesters to a for-profit co-operative.