Chair Update - 27 February 2026

Murray Irrigation Limited (Company) held its annual strategy session in Yarrawonga on Tuesday 24 and Wednesday 25 February. This was followed by the first Board meeting of 2026 on Thursday 26 February.
 
Strategy session 24 – 25 February 2026
 
The first day of the strategy session was dedicated to management providing the Board with an update on key projects including new regulatory updates, Restoring Murray Waterways, the ICT Transformation, Asset Management, shareholder and customer engagement, Water Solutions and External Water Policy. These updates focused on how these projects interact with the Company’s overarching strategy and underpin our region, company and shareholders.
 
The second day of the strategy session was focused on a review of the Company’s structural fees and pricing mechanisms. This review is in direct response to customer feedback on the challenges of the Delivery Entitlement (DE) as a revenue mechanism. Since commencing this review during 2025, the management team has explored a number of potential pricing structures for Board review, input and feedback. One of our guiding principles was a need to promote equity within the customer base. A key theme to emerge from the discussions in this session was the importance of engaging with customers prior to the Board making a decision on a possible change to the Company’s fees and pricing structure. Customers can expect further information on engagement opportunities during late March and April, with the Board scheduled to make a decision on if a new pricing structure should be implemented prior to the commencement of the new financial year. Customers will have opportunities to engage with the Company on this matter through a number of mechanisms. Details of how and when this will occur will be shared as soon as practicable in the coming weeks.
 
These annual strategy sessions are a really important part of the Board planning process. I thank the management team and staff for their efforts involved in preparing such detailed information for the Board and their open and honest discussions on the projects.
 
Board Meeting 26 February 2026
 
After two days of strategy discussions, Directors met for the first official Board meeting of 2026. While many important matters had been discussed and decided upon over the previous two days, there were a few important items up for discussion and approval on the agenda.
 
As many of you would be aware, the Basin Plan Review Discussion Paper was released earlier this month. The quick and transparent response from the Company was impressive. There is a lot of work being done to prepare the Company’s submission in response to this Discussion Paper. It will be considered and provide practical solutions that don’t require more water recovery under any future Basin Plan. Shareholders can have trust that the Company is working closely with a range of stakeholders, including by attending the first series of Roundtable events held by the Murray-Darling Basin Authority (MDBA) in Sydney last week. I know the Company’s Water Policy Coordinator, Linda Christesen will continue to keep you updated as we work through the submission process.
 
The Board was also provided with an update on the year to date financial performance of the Company. I am pleased to report that the Company is seeing a strong financial performance year to date thanks to tight cost management, the introduction of Water Solutions and the positive investment performance of the Company’s Investment Fund.
 
Closure
 
In closing, I would like to thank all Directors for their thoughtful, respectful and positive contribution to the last few days. The Company has come a long way since privatisation. We are incredibly lucky to have the broad range of complimentary skill sets within the Boardroom. The stability of the Company in recent years has enabled the Board and management to focus on addressing critical issues affecting all of us. The resulting performance of the Company for its shareholders and customers has been remarkable and ongoing stability is vital for this to continue for all of our benefit. The approach taken to the potential adjustment of the DE fee mechanism is a prime example of how some of the tough decisions the Board has made over the past few years has established a strong foundation to understand, investigate and address internal and external challenges.
 
I encourage you all to look out for and engage with the Company in the coming weeks to understand the challenge in adjusting the current fee and pricing mechanisms and more importantly, how a change to this structure could have an effect on your farm businesses. Your constructive and considered feedback through this process will allow the Board to make informed and measured decisions. 

The Board will be meeting again in March and April to review the outcomes from the engagement process, and I look forward to reporting back to you all after the April Board 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

MIL – your trusted business partner

Delivering for our farmers, community and environment