Chair Update - 28 June 2024

Murray Irrigation held a Board meeting yesterday, Thursday 27 June 2024. 

It was a constructive day, with the below key elements discussed and decided upon. 

Areas of focus and discussion

The Board spent time discussing the company’s investment fund performance, a structure to continuously improve the good oversight and management of the fund to ensure it is performing and continuing to add value to shareholders. 

Another strategic area of focus is the Escapes Agreement with Water NSW and the Murray Darling Basin Authority (MDBA). Management provided the Board with an update on the work being done in this area, in line with the company strategy, to ensure all water agreement fee structures are on parity with irrigators. 

We look forward to sharing the outcomes of these discussions in the coming weeks. 

Sustainability product

The Board reviewed a proposal from management to develop a finance product to offer to customers to assist in sustainability product purchases.

More information on this product and how customers can participate will be provided with the sustainability product release in the new water year. 

Appointment of Assistant Company Secretary

I would like to congratulate Cherie Vetesi on her appointment as assistant company secretary. Cherie has been working closely with the Board and our company secretary Nathan Holahan. 

Noel Graham, transition to Independent Director 

Noel Graham, who was appointed as a Member Director on May 13 2024, will no longer be a Shareholder of Murray Irrigation from 1 July 2024 after passing his farm and subsequent Murray Irrigation shares to his son. 

The Board has made the decision to retain Noel on the Board as an Independent Director. 

As per the company constitution, shareholders will be given the opportunity to ratify this appointment at the Annual General Meeting, to be held in November 2024. 

Strategic matters

On the conclusion of the official Board meeting, the Board and members of the management team spent the afternoon discussing strategic matters, with a strong focus on the recent legislation changes which will see government commence buying water out of Irrigation Infrastructure Operators (IIOs) in February 2025. 

Discussions focused on the collaborative working relationship developed with Murrumbidgee Irrigation and Coleambally Irrigation and how the three IIOs are working together with government to minimise the impact on irrigators following water buybacks.

We will be engaging with you to understand your sentiment around the recent legislation changes and how we work together to minimise the impact on your business going forward. Details of how this engagement will be conducted will be communicated in the coming months. 

The Board will be meeting again in late July, 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