It includes four new member directors, who were appointed following the resignations of Steve Fawns, Troy Mauger and Brendan Barry when their motion to remove the sitting independent directors failed in April this year.
Gabrielle Coupland, Noel Graham AM, Geoff McLeod and Leanne Small were appointed to fill the casual vacancies, which are now being put forward for shareholder ratification at the AGM.
Shareholders will also be asked to vote on the appointment of Non-Member Director, Robert Burbury, for another three-year term.
The meeting will be held on Wednesday, November 27 from 10am at the Deniliquin RSL Club, with registrations to begin at 9.30am.
Similar to 2023, this will be a hybrid meeting, which will enable shareholders to attend either in person or online.
An additional resolution seeks to increase the aggregate sum of remuneration to company directors from $400,000 to $500,000, and that from July 1, 2026 it be adjusted by annual CPI.
Chair Phil Snowden said the board unanimously support all six resolutions that will be put to the vote.
Mr Snowden considers the appointment of the four member directors, and the reappointment of Mr Burbury for a second term, as crucial to maintaining stability at both board and company level.
“These five directors have all undertaken a rigorous recruitment process and have been appointed as Murray Irrigation directors due to their varied strengths and skills that complement the board,” Mr Snowden said.
"A strong, skilled board is paramount to supporting Murray Irrigation to navigating the range of external factors the industry and our community are currently facing, including water buybacks.
"For this reason, I cannot over-emphasise the importance of shareholders taking the opportunity to cast their votes at the upcoming AGM."
Mr Snowden, who has been on the board for seven years and is in his second stint as chairman, says there has been “positive change” in the company and board culture since the recruitment of the member directors through an independent selection committee (ISC) process.
He acknowledges there have been difficult times, but says even though there remain many challenges ahead, he has great confidence in the future, including the company’s long-term business viability.
“There have been some tough periods over the past 20 years with droughts and water reform, especially with the Murray-Darling Basin Plan. But MIL is equipped to cope with change,” Mr Snowden said.
“This has not always been an easy year.
“The general meeting in April was a difficult time for many people, but we have come through it and are now moving in the right direction.
“We are in a unique position, because for the first time since privatisation there has been a process for seeking member directors with the skills required to enhance the board’s capacity.”
After the April general meeting and the resignation of three directors, at least six member directors were needed to fulfil the constitutional requirement.
While the directors who remained on the board after the general meeting could constitutionally have appointed any new directors to fill the casual vacancies, they believed establishing the ISC was best practice in unprecedented circumstances.
Nominations were called and the ISC was established comprising Robbie Sefton, Chris Kelly and Jennie Grigg.
The committee conducted a thorough review process against a specified selection criteria relating to the skills required by the existing board.
After receiving recommendations from the ISC, the board conducted a series of informal interviews with Member Director candidates, before resolving to support the recommendations and appoint Mr McLeod, Mrs Coupland, Mrs Small and Mr Graham.
Finley businessman Chris Kelly, as a member of the ISC, believes there is now a diversity on the board of MIL which is consistent with many successful companies.
“The new directors have allowed a reset with a board that can still be robust, achieve consensus and most importantly carry out its purpose,” Mr Kelly said.
He said the ISC provided the rationale and reasons for its recommendations and believes the board made a wise choice with the appointments.
Mr Kelly said all reports anecdotally of MIL are positive.
“I think all MIL shareholders just want the board to function as a board.
“Communications have improved, which is of great importance as sometimes decisions can be hard to understand and are better received if conveyed with clarity.”
He highlighted the need for a diverse and effective Board as “MIL is one of the most important businesses in this region, with many businesses and people influenced by the level of its success”.
The AGM meeting agenda and all relevant documents and information can be found at www.murrayirrigation.com.au/AGM.
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