Shareholder update - Company statement - Resolutions to remove Non-Member Directors - 27 February 2024

Resolutions to remove Non-Member Directors

As communicated with shareholders last week, Murray Irrigation will be proceeding to a General Meeting for shareholders to vote on resolutions brought forward by Member Directors Steven Fawns, Troy Mauger and Brendan Barry for the removal of Non-Member Directors Trisha Gorman and Robert Burbury. 
 
These resolutions are unwarranted and are not supported by the majority of the Murray Irrigation Board. 
 
The resolutions are not a reflection of the expertise or contribution of our Non-Member Directors, whose skills have been verified by an independent third party to align with the Board strategy, who have diligently contributed strong, independent corporate expertise and perspective to the Board table, and who were endorsed by shareholders just 12 months ago. 
 
This is a political play, a hostile takeover attempt to change the direction of the company. It does not have the best interest of shareholders, the company or community at its core. 
 
We have heard shareholder feedback, that you do not wish to go to a General Meeting, and for the Board to get on with the job. All efforts have been made to do this. Unfortunately, the requisitioning Directors are the only ones who can put a stop to a General Meeting, by withdrawing these resolutions to remove the Non-Member Directors. 
 
In the lead-up to the General Meeting, we expect there will be inaccuracies circulating within the community in an effort to discredit the Non-Member directors and the current Board strategy. 
 
I urge you to talk with Murray Irrigation Directors and management, and fully understand the consequences to you as shareholders, your farm businesses, the community and the future of Murray Irrigation if these resolutions are successful. I urge shareholders to have your voice heard and to vote in this general meeting. Your future is in your hands. 
 
The General Meeting is expected to be held in early April 2024. To ensure all shareholders can have their voices heard, a hybrid voting model, similar to that of last year’s Annual General Meeting, will be provided. This will give shareholders who are unable to attend on the day the ability to vote confidentially online the week prior to, and the day of the General Meeting. 
 
Formal meeting details, including resolutions, date, time and statements from Directors will be provided to shareholders as soon as possible. 

Phillip Snowden
Murray Irrigation Chair

0427 839 217

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