Chair Update - 21 May 2024

Murray Irrigation’s new fully constituted Board of Directors held its first Board meeting yesterday, 20 May.

Prior to the Board meeting, an information sharing session was held with the management team to provide new Directors the opportunity to ask questions and gain an in-depth understanding of the company and its overall strategy.

I’m pleased to report the Board meeting was very productive with a number of key business decisions made.

Chair and Deputy Chair appointments

I have been reelected as Chair of the Board and I would like to congratulate Lachlan Marshall for being reelected as Deputy Chair.

Committee Chair appointments

I would like to congratulate Trisha Gorman on being reappointed as the Chair of REMCO (Remuneration and Nominations Committee), Robert Burbury on being reappointed as the Chair of ARMCO (Audit and Risk Management Committee) and Geoff McLeod on his appointment as the Chair of the Water Policy and Management Committee.

CEO appointment

I am pleased to share that Ron McCalman has accepted an offer from the Board to continue in his role as CEO after 30 June 2024.

2025 financial year budget

The 2025 financial year budget was approved with the key components noted below.

As promised during last year’s business modernisation review, fees and prices increases are capped at CPI, which is 3.5%, aside from government pass-through charges.
The Board has approved $7 million in temporary water sales for the 2025 financial year. This reduction on the targeted $10.8M, which was announced during the business review last year, is due to the strong investment and business performance returns achieved during the 2024 financial year. The reduction in water sales for the coming financial year will still allow the company to achieve its investment fund growth of $54M over five years, a key tool in our intergenerational strategy.

Resource Management Strategy

The Board has capped temporary water sales at 80GL on an annual basis. Further information on the 2025 Sustainability Product will be provided to customers early in the irrigation season.

Capital Expenditure

The Board approved a Capital expenditure budget of $8.5M for the 2025 financial year. This aligns with the targets set for capital investment as part of the business review and will ensure the company delivers on its commitment to extend asset life and invest where required.

I’d like to thank all Murray Irrigation staff for their focus over the last few months and for ensuring the smooth delivery of water for our customers in one of the best seasons in a long time.

There is still a lot of work for the Board to do over the coming months and I look forward to keeping shareholders updated after our next Board meeting which is scheduled for late June.

If shareholders have any questions, please contact the Company Secretary on:
T. 1300 138 265
E. companysecretary@murrayirrigat i on.com.au