Chair Update - 24 October 2024

Murray Irrigation held a Board meeting yesterday, Wednesday 23 October 2024.
 
It was a full agenda, supported by committee meeting updates from the Water Policy and Management Committee (WPMC), Remunerations and Nominations Committee (REMCO) and Audit and Risk Management Committee (ARMCO), all which were held over the last two weeks in the lead up to the Board meeting.
 
WPMC, REMCO and ARMCO are an important element of Murray Irrigation’s governance structure, ensuring that key initiatives and processes have been discussed and are understood at a committee level prior to coming to the Board for discussion and approval.
 
Annual General Meeting (AGM)
 
Details for this year’s AGM, including the Annual Report and Notice of Meeting, are in the final stages of approval by the Board and will be distributed to shareholders at the beginning of November; ready for the AGM on 27 November. Like last year, the 2024 AGM will be held as a hybrid meeting, allowing shareholders to attend either in person or online.
 
I encourage all shareholders to read the material, once distributed, and participate in the AGM by casting your vote on the six resolutions being put forward to shareholders this year. These include:

• The ratification of new Member Directors Gabrielle Coupland, Noel Graham AM, Geoff McLeod and Leanne Small who filled the casual vacancies which were a result of the General Meeting held in April 2024.
• The appointment of Robert Burbury for a second term as an Independent Director.
• An increase in the Directors remuneration cap (which was set in 2013). 

 
Shareholder engagement
 
General feedback from September’s Shareholder discussion groups was overall very positive, and the findings from the meetings have given the Board confidence in pursuing company initiatives such as:

• Government feasibility study (if funding is granted),
• Continued commercial discussions with the Commonwealth Environmental Water Office (CEWO) and Murray-Darling Basin Authority (MDBA),
• Exploration and further research into new water market-based initiatives or products to assist in retaining irrigation water within the Murray Irrigation footprint.

 
A report detailing the above initiatives will be distributed to shareholders at the beginning of November via a shareholder update (email and SMS), Talking Water and the company website.
 
With harvest getting underway in the area, I wish you all a successful season, and hope to see as many shareholders as possible attending the AGM at the end of November, both online or in person.
 
The Board will be meeting again in November after the AGM, and I look forward to providing you with an update post that meeting.

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

T. 1300 138 265

E. companysecretary@murrayirrigation.com.au

Regards

Phil Snowden

Murray Irrigation Chair

M: 0427 839 217

Delivering for our farmers, community and environment