Chair Update - 23 October 2025

Murray Irrigation Limited (Company) held a Board meeting yesterday, Wednesday 22 October 2025.
 
There was a full agenda, with a focus on the Annual General Meeting (AGM) and strategic planning for the coming years ahead. Notable items have been summarised below.
 
Water Risk Committee – Appointment of Independent Expert
 
As part of the Company’s new Water Solutions initiative launched in July 2025, a Water Risk Committee has been appointed to ensure there is a strong governance framework. Water Solutions continues to operate within the risk framework that has been developed. To manage conflicts of interest, this committee comprises the Company’s two independent Directors, the CEO and an independent expert.
 
On the latter point, I am pleased to announce the appointment of Sam Tainsh to this committee. Sam, who is originally from the Deniliquin area, has a wealth of experience in the grains and oilseeds sector, and possesses a deep understanding of financial risk management and governance. On behalf of the Board, I welcome Sam to the team. I am confident he will bring valuable insight and oversight to Water Solutions. Further information about Sam and his qualifications will be shared later this week.
 
2025 AGM and Annual Report. 
 
The Company’s Annual General Meeting (AGM) will be held on Thursday 27 November 2025 at the Deniliquin RSL Club, 72 End Street, and online from 10.00 am.
 
In preparation for the AGM, the Company’s 2025 Annual Report has been reviewed and approved by the Board during yesterday’s meeting. This report will be made available online at the end of October, together with Notice of Meeting for the AGM and detailed information about how shareholders can participate, both in person and online.
 
Member Resolutions
 
In late September, the Company received a number of notices proposing three shareholder resolutions to be put forward at the AGM. To ensure appropriate governance and legal requirements are satisfied, the Company has undertaken the required due diligence process to determine the validity of these resolutions. In addition, the Company has obtained advice on the legal bounds of the powers of shareholders relating to the business of the Company at an AGM, including the validity of resolutions based on their nature. This relates to the roles and responsibilities of the Board of directors and the shareholders in a general meeting, as governed by the Company’s constitution, the Corporations Act 2001(Cth), and common law.
 
In this regard, it has been determined that the proposed shareholder resolutions do not meet the detailed legal requirements, are beyond the legal powers of shareholders to propose for consideration at a general meeting and are therefore invalid. In addition, the Board has resolved that these resolutions are not in the best interests of the Company, and will not be proposing them for consideration at the AGM.
 
Further information on this matter is available for consideration in a fact sheet available here. This information has been prepared to assist shareholders to understand the process undertaken, and the permitted nature of shareholder resolutions as per the Company’s constitution, common law and the Corporations Act 2001 (Cth).
 
Strategic Initiatives and Road Map
 
As a continuation of the Company’s updated strategic plan, Management has placed a considerable amount of time and effort into developing measurable targets and strategic initiatives to support this plan. While further work is to be undertaken in this space, I am pleased to see the level of commitment from the Board and Management in working through multiple opportunities to achieve the strategies outcomes and focus areas. This will be further discussed at the Board strategy session to be held in February next year. I look forward to communicating more with shareholders on this matter at that time.
 
Closure
 
Before I close, I would like to thank shareholders for participating in last month's Member Director Election. Lachlan Marshall and myself are pleased to be appointed to the Board for another term, and I welcome the opportunity to work with my fellow Directors, Management and shareholders on delivering the outcomes of the new company strategy. I would also like to thank the other two candidates, Brendan Barry and Michael Clarke, for their time, effort and commitment in standing for the election.
 
The Board will be meeting again immediately after the AGM in November, and I look forward to providing you with an update post that meeting.

If shareholders have any questions in the meantime, please contact the Company Secretary on:

T. 1300 138 265

E. companysecretary@murrayirrigation.com.au

Phil Snowden

Murray Irrigation Chair

M: 0427 839 217

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