Deputy Chair Update - 19 September 2025

Murray Irrigation held a Board meeting yesterday, Thursday 18 September 2025.
 
The meeting was governance and administration focused. Notable items have been summarised below.
 
2025 Member Director Election
 
The Board was provided with an update on the progress of voting participation in the Member Director Election, which is open for another 10 days.

Voting numbers are unfortunately very low, sitting at 22.9% as of 5:00pm Wednesday 17 September. I cannot emphasise enough how important it is for shareholders to participate and vote for your preferred candidates. It is your opportunity to help shape the future direction of Murray Irrigation.

By voting, you ensure that your voice is heard in choosing leaders who will best represent your interests and values.

If shareholders need assistance in casting their vote, contact Vero Voting on 1300 702 898 (between 11.00am and 7.00pm AEST). Alternatively, shareholders are welcome to drop into our Deniliquin or Finley offices between 8.30am and 5.00pm, Monday to Friday to vote confidentially on a computer set up specifically for this purpose.
 
AGM Notice of Meeting
 
Murray Irrigation’s Annual General Meeting (AGM) will be held on Thursday 27 November 2025 at the Deniliquin RSL Club, 72 End Street, Deniliquin, NSW 2710 and online from 10.00 am. Items for the Notice of Meeting have been approved and will be distributed along with Murray Irrigation’s 2025 Annual Report at the end of October.
 
Accounting standards
 
The Audit and Risk Management Committee brought forward a number of finance papers relating to accounting standards for Board approval. These primarily related to detail in procedural matters to ensure Murray Irrigation’s finance and account processes are fit for purpose and operating at best practice standards.
 
The Board received a detailed analysis of Murray Irrigation’s financial position and can confirm that the business is in a stable financial position and is operating as a going concern. This analysis confirmed that the financial position of Murray Irrigation has continued to improve and is placing Murray Irrigation on a strong path to continue to meet its intergenerational infrastructure needs. This will allow Murray Irrigation to continue to support its customers and shareholders. The audited financial accounts will be provided in the 2025 Annual Report, and we look forward to discussing this with you at the AGM in November.
 
Water Market Intermediaries Code
 
The Board was provided an updated on the Water Market Intermediaries Code, and the internal compliance measures being undertaken to meet the code when the second phase of legislative changes come into effect on 1 October 2025. This code details requirements the company must comply with regarding the operation of the Water Exchange and annual sales from Water Solutions. The Board was also updated in respect of proposed additional legislative changes coming into effect in the next financial year.
 
There is an ongoing widening of the legislative framework which Murray Irrigation must comply with. I am pleased to report that we are currently meeting all of our new obligations and will continue to comply with these requirements as they arise.
 
Resource Distribution
 
The Board also noted the 1% Resource Distribution earlier this week, and confirms a further 1% will be distributed once General Security water allocations reach 20%.
 
The Board will be meeting again in October, 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
 
Geoff McLeod
Murray Irrigation Deputy Chair