Chair Update - 30 March 2026

Murray Irrigation Limited (Company) held a Board meeting on Thursday 26 March. This Board meeting was administrative in nature, touching on a few important elements related to ongoing Company projects.
 
Investment Policy Statement
 
The Board was presented with the reviewed Investment Policy Statement. This policy is reviewed annually with the assistance and recommendations of an external investment advisor. The Board approved the updated policy statement, which involved a change in the target rate of return, strategic asset allocation and investment objectives based on the overall investment environment. I congratulate the Finance team for its ongoing work in managing the Company’s investment fund and its focus on continual improvement in this area.
 
Project updates
 
The Management team is highly focused on a large number of ongoing projects including Restoring Murray Waterways, the ICT Transformation and the continuation of the Water Solutions pilot. The Board was provided with an update on the progress of these initiatives. Further information relating to these projects will be released throughout the year as they commence moving into various stages of completion. 
 
Fee Structure Review
 
As announced last week, the Company has undertaken a comprehensive independent review of our fee structure in response to feedback received from customers, who have asked us for improved equity and flexibility in the way they are charged. Customer meetings focusing on this commenced last week and will continue over the next two weeks, finishing on Thursday 9 April. These meetings will provide customers an opportunity to understand the proposed change to the Company's fee structure, why this change is being considered and ask questions of Management and Directors prior to giving feedback.
 
I would like to thank customers who have taken the time to attend the meetings so far. These have been really well attended and have provided valuable insight into the proposed change. I encourage customers to view the material online and, if time permits, attend a meeting in person or an online webinar over the coming two weeks before the feedback survey opens on Friday 10 April. 
 
The Board will be meeting again at the end of April to review the customer feedback and make a decision on whether to proceed with the suggested change to the Company’s fee structure, or to maintain the status quo and stay with the current fee structure.
 
I look forward to reporting back to you with the Company’s decision as soon as practicable, following the 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

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