More than 30 shareholders participated in the meeting, both in person and online.
There was just one resolution put to the vote during the AGM, which related to the cancellation of shares resulting from applications by shareholders.
This resolution was carried with a more than 80 per cent majority (71 votes for, 17 against).
Directors-clect Phil Snowden and Lachlan Marshall, who were returned to the board in this year's director election, were also confirmed during the formal proceedings.
Following the AGM formalities, Murray Irrigation CEO Ron McCalman presented shareholders with a comprehensive summary of the company's activities and achievements for the 2024/25 financial year, including financial and operational performance.
In this regard, Mr McCalman reported that Murray Irrigation achieved a stronger than expected financial outcome for the 2024/25 period, with a net profit totalling $17.05 million.
This positive result, which was $16 million ahead of budget, was largely driven by the company's diversified revenue model.
Furthermore, the business delivered 895 gigalitres of water on-farm during this 12-month period, and a combined 203GL for river operations (167GL) and to the environment (36GL).
"Importantly, we continued to deliver quality services throughout the year, with water delivered on time and in full for 98 per cent of the orders," Mr McCalman noted.
Mr McCalman also outlined the extensive work Murray Irrigation is undertaking to address future challenges facing the company, and irrigators more broadly, including ageing infrastructure, increasing government charges and general rising costs across the board, the forecasted increase in flood events, and water buybacks.
"Murray Irrigation continues to proactively plan and prepare for challenges that are predicted to emerge in the coming years, while focusing on continuing to deliver stakeholder value and honouring commitments made to both our shareholders and customers," he said.
A copy of the CEO’s presentation, together with a short video summarising the financial year’s achievements, can be found at https://www.murrayirrigation.com.au/AGM.
At the conclusion of the AGM, the board held its final meeting for the year, with the first item on the agenda being the appointment of chair, deputy chair and committee chairs.
These appointments remain unchanged and are as follows:
Chair: Phil Snowden
Deputy Chair: Geoff McLeod
Remunerations and Nominations Committee Chair: Trisha Gorman
Audit and Risk Management Committee Chair: Robert Burbury
Water Policy and Management Committee Chair: Geoff McLeod
Water Risk Committee Chair: Robert Burbury
National Irrigators’ Council delegate: Gabrielle Coupland
“These committees and delegations are an important element of the company’s governance structure”, Mr Snowden said.
“They ensure 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.
“I congratulate these directors on their re-appointments as committee chairs and delegates, and am confident their skill sets will continue to bring value to the committees and, in turn, the board.”
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