Chair Update - Murray Irrigation Board Meeting - 15 October 2026

Murray Irrigation Limited (Company) held a Board meeting on Thursday 15 October 2026.
 
Annual General Meeting (AGM) and 2026 Annual Report
 
During the Board meeting, Directors conducted a final page turn and approved the 2025-26 Annual Report. This will be published and sent to customers next week together with information regarding the 2026 AGM.
 
The AGM is being held on Thursday 19 November from 10.00am both online and in person at the Deniliquin RSL. Shareholders will receive their voting packs by both email and post next week. I encourage shareholders to read the resolutions and participate in the voting process either online or in person.
 
Ratification of Independent Directors
 
As communicated with Shareholders earlier this year, Independent Director Trisha Gorman is coming to the end of her second tenure on the Company’s Board. After careful consideration, Trisha has made the decision not to seek re-election for a third term.
 
On behalf of the Board and the Management team, I sincerely thank Trisha for her strong contribution to the Company over the past five years and wish her well on her next chapter.
 
Following an extensive Board performance and skills matrix review with independent professional advisory firm Mercer, the Company sought applications via an external recruitment firm for up to two Independent Directors during July and August of this year. During the Board meeting, Directors resolved to appoint two Independent Directors to the Board; Fiona Jolly and Sam Tainsh.
 
Both Fiona and Sam will bring an impressive skill set to the Company’s Board across agriculture, governance, IT, change management, asset management and infrastructure. 
 
Shareholders will be asked to ratify this appointment at the upcoming AGM. Further information on Fiona and Sam will be provided in your voting packs and on the Company’s AGM website next week.
 
AGM Member Resolutions
 
On 18 September 2026, the Company received a shareholder resolution proposed to be included for shareholder consideration at the upcoming 2026 AGM.
 
This resolution related to the governance and process of strategic initiatives the Company has undertaken over the past few years, including the implementation of Water Solutions in 2025 and the new fee structure that commenced on 1 July 2026.
 
The resolution was reviewed by the Company’s governance team and external legal advisors. This review has found the proposed resolution invalid on both procedural threshold requirements as well as the legal content requirements under the Company’s constitution, the Corporations Act 2001 (Cth) and the common law. As a result, the Board has resolved to not put the proposed resolution forward for shareholders to vote at the AGM.
 
However, the Board has also resolved to undertake an additional independent review by Deloitte Australia focusing on the Company’s governance of decision-making and process. The Board considers this is important to ensure shareholders are confident in the decisions the Board has made in recent years. I would like to reassure shareholders that undertaking this independent review will not result in a change to the new fees and prices structure that has been implemented from 1 July 2026. The purpose of the review is to ensure the Company is operating at best practice, and to provide shareholders with confidence that past and any future strategic changes implemented by the Company have been, and will be, conducted using best practice models. Deloitte Australia have undertaken several high-level reviews during my time on the Board and are completely removed from the Company’s day-to-day operations. The Board is confident that their review will be thorough, objective and independent. 
 
It is expected the review will be completed toward the end of March 2027, at which time an outcomes report will be distributed to shareholders. 
 
Committee updates
 
During the Board meeting, Directors were provided with updates from the Water Risk Committee and the Audit and Risk Management Committee. These committees are an important element of the Company’s governance structure and make important, decision-making recommendations to the Board, particularly in relation to the financial accounts and Water Solutions. Independent Directors are essential in this Committee process due to their unique and varying skill sets from Shareholder Directors.
 
On a related topic, I would like to congratulate Gabrielle Coupland on her appointment to the National Irrigators' Council (NIC) Board. Gabrielle has been the Company’s delegate to NIC since her appointment to the Company’s Board in 2023. During the Board meeting Gabrielle provided a detailed update on the recent NIC AGM and members meeting.
 
The Company’s next Board meeting is being held after the AGM on 19 November 2026, and I look forward to providing you with another update at that time.

If shareholders have any questions in the meantime, please contact the Company’s Shareholder Engagement Manager, Emily Small, on the details below.
 
M: 0427 839 605          
E: emily.small@murrayirrigation.com.au

Phil Snowden
Murray Irrigation Chair
M: 0427 839 217

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