Murray Irrigation 2023 AGM

Murray Irrigation hosted its 2023 Annual General Meeting (AGM) on Thursday, 30 November.

Approximately 50 shareholders turned out for the event, which was held at the Deniliquin RSL. This year's hybrid format attracted a further 27 online participants. 

Three special resolutions were put to the vote during the AGM. These included two proposed modifications to the company's Constitution and a share register administrative matter. 

All three special resolutions were carried.

Two new Directors, Brendan Barry and Troy Mauger, were also confirmed to the Board during the formal proceedings. 

Outgoing Chair, Noel Baxter, provided the AGM with an overview of the company's activities over the past year. 

"2022/23 has presented Murray Irrigation a with mixture of challenges to tackle - from floods through to critical but tough financial decisions to be made and the spectre of water buybacks - as well as key achievements to celebrate," Mr Baxter said. 

“The company will continue to fight against buybacks and put forward alternative options to ensure our area is impacted as little as possible and irrigation thrives in MIL for generations to come.

“We all need to work together to achieve the best possible outcomes.”

He also spoke about the new measures that have been put in place, following a comprehensive business review undertaken during the year, to ensure the long-term financial viability of the company. 

"I acknowledge the level of change that is being implemented may be challenging for shareholders, and that not everyone agrees with the future strategy," Mr Baxter said.

"I am confident that the path the company is taking will set the foundation to achieve long term financial sustainability and reliable water delivery into the region for generations to come." 

Giving his CEO report, Ron McCalman informed the AGM that, despite a projected budget loss of $7.8 million, Murray Irrigation delivered a profit of $900k during 2022/23. 

With the Restoring Our Rivers Bill passed in the Senate, Mr McCalman said financial stability is now more critical than ever to ensure the company is in a strong position to weather the impact of a fresh round of water buybacks. 

He then went on to detail some of the forward-looking initiatives Murray Irrigation has in the pipeline, including the proposed addition of a new forward allocation product to its WaterWell suite. The company will consult with shareholders throughout December and early 2024 to seek their input into this proposed product. 

Mr McCalman also took the opportunity to welcome incoming Board Directors, Brendan Barry and Troy Mauger, and thanked departing Directors, Chair Noel Baxter and Ryan Gleeson for their service and commitment to the Board during their tenures.

He closed his presentation with the following message to shareholders:   

"Please keep the feedback coming, keep engaging and voicing your opinions, as it will take a united approach to deliver MIL and our customers safely to the other side of the structural changes we are about to face." 

Ends.