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MIL reform continues

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April 13, 2018

Waander van Beek, Murray Irrigation CEO Michael Renehan and Phil Snowden.

Murray Irrigation will continue to pursue its program of board reform with five member directors and three independents.

With nominations for three member director positions closing today, eligible candidates are encouraged to lodge their nomination as a matter of urgency.

Murray Irrigation chairman Phil Snowden said a board comprising five member directors had received strong support, both in shareholder engagement sessions and online surveys held throughout the company’s operational footprint.

Eighty percent of those surveyed at the company’s meetings also indicated their preference for either four or five member directors.

Under the constitution, the board could comprise up to six member directors.

Mr Snowden said the interim board chose five in acknowledgement of the recent extraordinary general meeting when a proposal for four member directors attracted 66 percent of the vote, but not the 75 percent required to amend the constitution.

‘‘Armed with that level of endorsement, the interim board is confident that it is reflecting the wishes of a great majority of shareholders by calling an election on that basis,’’ Mr Snowden said.

‘‘The interim board called on the advice of grower groups and landholder associations and gained the support of Southern Riverina Irrigators for the process it was following.’’

The actual ballot to appoint directors will be held from April 27 to May 28 and the three new directors will end their term of appointment at the AGM in November 2019, after which time they are able to stand again.

Current directors Waander Van Beek and Chairman Phil Snowden will complete their four year term at the AGM in November 2021.

‘‘This voting sequence achieves continuity in the short term and then staggers appointments in the longer term,’’ Mr Snowden said.

The selection of three independent directors and their period of appointment will be finalised by the new board, but all three independent directors will be subject to re-election by members at the 2018 annual general meeting.

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