Chair Update - 1 August 2024

Murray Irrigation Board Meeting, Wednesday 31 July 2024

Murray Irrigation held a Board meeting yesterday, Wednesday 31 July 2024. 

It was a full agenda, with a focus on new initiatives to support our customers, defining our new shareholder engagement strategy and our ongoing focus on dealing with the complexity of buybacks. 

The Board was given the first look at financial results for last year and is pleased to note that we exceeded budget with on farm water deliveries and investment returns. On farm water deliveries are key for Murray Irrigation and our community.

The board approved the following:

Sustainability finance product

The Board approved a new product to support our customers in funding their water requirements. Customers who participate in the sustainability product will be offered financing terms up to a maximum of 10 months. Further information on how customers can participate in this will be provided in the coming weeks. 

Updates on committee charters

The Board is reviewing and has approved changes to committee charters to ensure they are relevant and fit for purpose. 

Appointment of an external Chair to our ICT transformation project control group 

The Board is pleased to advise that it has approved the appointment of an external chair to oversee the ICT transformation project control group (PCG). The role of the PCG is a governance body that oversees the management and progress of a construction or capital project. Comprising key stakeholders, the PCG ensures that the project stays on track, within budget, and meets its scope and timeline requirements. The PCG plays a critical role in project oversight, risk management, and decision-making.

Discussion points

The Board continues to work through the planning for Murray Irrigation’s Shareholder meetings to understand your sentiment around the recent legislation changes and how we can work together to minimise the impact on your business going forward. These meetings are expected to be held in September. Other discussion points in the meeting included WaterNSW proposed 2025 pricing structure and our 2024 Annual General Meeting. I look forward to sharing further information on these topics with you in due course. 

The Board also welcomed Murray Irrigation’s new Corporate Strategy Manager Henry Delves to the meeting. We look forward to working with Henry in his new capacity with the company. 

The official meeting proceedings were followed by a detailed presentation from Jacqui Hickey and Joe Davis from the Murray Darling Basin Authority. This presentation reinforced the ongoing importance of collaboration for both organisations and Murray Irrigation Shareholders. We thank Jacqui and Joe for taking the time to make the presentation.

As Winter Works is coming to a close and channels are filling, I would like to wish everyone all the best for the year ahead.

The Board will be meeting again at the end of August, and I look forward to providing you with another update post that meeting.

If shareholders have any questions, please contact the Company Secretary on:

T. 1300 138 265

E. companysecretary@murrayirrigation.com.au

Phil Snowden

Murray Irrigation Chair

M: 0427 839 217

Delivering for our farmers, community and environment