Murray Irrigation Annual General Meeting

Murray Irrigation held its postponed 2022 Annual General Meeting (AGM) last Friday 24th of February.

There were six special resolutions presented for voting on the day with the two relating to the appointment of Non-Member Directors Trisha Gorman and Robert Burbury being approved at the meeting.

Stability at a Board level is key to achieving business goals, a sentiment clearly reflected by shareholders with their votes.

The specialist skills that Trisha and Robert bring to the Board will be essential to assist the company with its modernisation goals over the next few years.

The four other special resolutions were not passed as they did not achieve the required number of votes to be carried.

You can view the final Poll Declaration from the Annual General Meeting on the company website HERE.

Although the company is disappointed by this result, we value and respect the input and opinions of our shareholders.

The primary theme of the AGM was securing a prosperous future and modernising the company, with Murray Irrigation Chair, Noel Baxter, outlining key company initiatives and his excitement for the future of the company in his Chairman’s address.

“There are some amazing initiatives in the works for Murray Irrigation over the next few years.

“One of these is the Murray Reconnected Floodplains Project, which will rehabilitate thousands of kilometres of riparian systems and wetlands through the Murray floodplain landscape, targeting at risk ecosystems. We are currently working through the grant process of securing the funding for stage four of the five stage project.

“The company is also exploring ways to minimise the risk of Murray Irrigation forfeiting carryover water from its bulk licence, maximising the utilisation of the water and enhancing revenue opportunities. As part of this we are looking into the viability of a ‘bulk licence parking product’ as part of a Snowy Hydro licence review.

“From an overall business strategy perspective, Murray Irrigation’s Board, CEO and Senior Management team have been working through a business review to develop a strategy of modernisation and corporate governance for the company that will deliver value to all stakeholders of the business, including shareholders, customers, staff, the community and the environment. Once the Board has set a clear direction, shareholders will be engaged and consulted with.

“I truly believe we have the right team in place - from ground level staff all the way to the Board - to make Murray Irrigation a company that shareholders, customers, staff and our communities are proud to say that they are a part of”, Mr Baxter said.

Shareholder participation in our Annual General Meeting has declined over the years. Shareholder participation and engagement is vital to company success and our focus leading up to the 2023 AGM will be on engaging more of the Shareholder base to increase participation, especially the younger generation. We’ve already tabled a few options internally to achieve this, and shareholders will be consulted as part of the process to ensure the company continues on the right path.

Nathan Holahan Company Secretary