Three directors are seeking the removal of two independent directors on the Deniliquin-based private irrigation company.
The meeting will be held on Wednesday, April 10 at the Deniliquin RSL.
In January, member directors Steven Fawns, Troy Mauger and Brendan Barry submitted a notice of their intention to move resolutions at a general meeting for the removal of non-member directors Trisha Gorman and Robert Burbury.
MI chair Phillip Snowden has warned that in the lead-up to the general meeting, he expected there would be inaccuracies circulating within the community in an effort to discredit the non-member directors and the current board strategy.
“I urge you to talk with Murray Irrigation directors and management, and fully understand the consequences to you as shareholders, your farm businesses, the community and the future of Murray Irrigation if these resolutions are successful,” Mr Snowden said.
An external dispute specialist was called in to try to mediate a solution but this was unsuccessful.
Some irrigators have been complaining MI has failed to engage with a business review, pushed up fee increases, proposed $400 million future fund and negotiated the sale of water that they felt should be returned to shareholders.
A page has been established on MI’s website where shareholders can find the information about the general meeting, including statements released by the company and the requisitioning directors, and contact details of MI directors.
MI has resorted to publishing an on-line “fact checker” to rebut some claims about the performance of the MI Board.
Shareholders will be asked to vote on the resolutions at the general meeting.
The dissatisfied directors have accused MI of engaging in inflammatory language and personal attacks.
“This is not a ‘political play’, nor a ‘hostile takeover’, rather this is an issue of governance and business skills, but more importantly, the application of these skills, for the future of Murray Irrigation which is bright, when the strategy of the company is effectively pursued.”
Meanwhile, MI chairman Phil Snowden says the company has reminded irrigators of a $979,000 profit for the 2022-23 year which was a significant improvement on the projected $7 million loss.
“We understand the importance of maintaining infrastructure, and have a sound strategy to invest in future infrastructure maintenance and upgrades to ensure we continue to operate one of the best gravity-fed irrigation systems in the world,” Mr Snowden said.
MI chief executive officer Ron McCalman has announced he will be leaving the company mid-2024.
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