Key outcomes of the meeting were Phil Snowden being re-elected as chair and Lachlan Marshall being re-elected as deputy chair.
Trisha Gorman was reappointed as chair of REMCO (Remuneration and Nominations Committee), Robert Burbury was reappointed as chair of ARMCO (Audit and Risk Management Committee) and Geoff McLeod was appointed as chair of the Water Policy and Management Committee.
Mr Snowden said Ron McCalman had accepted an offer from the board to continue in his role as chief executive officer after June 30.
Mr McCalman had previously resigned from the position.
The meeting also approved the 2025 financial year budget.
Mr Snowden said as promised during last year’s business modernisation review, fees and prices increases are capped at CPI, which is 3.5 per cent, aside from government pass-through charges.
The board has approved $7 million in temporary water sales for the 2025 financial year.
Mr Snowden said this reduction on the targeted $10.8 million, which was announced during the business review last year, is due to the strong investment and business performance returns achieved during the 2024 financial year.
“The reduction in water sales for the coming financial year will still allow the company to achieve its investment fund growth of $54 million over five years, a key tool in our intergenerational strategy,” he said.
Mr Snowden said the board had capped temporary water sales at 80 Gl on an annual basis. Further information on the 2025 Sustainability Product will be provided to customers early in the irrigation season.
The board approved a capital expenditure budget of $8.5 million for the 2025 financial year.
Mr Snowden said this aligned with the targets set for capital investment as part of the business review and will ensure the company delivers on its commitment to extend asset life and invest where required.
“I’d like to thank all Murray Irrigation staff for their focus over the last few months and for ensuring the smooth delivery of water for our customers in one of the best seasons in a long time,” he said.
“There is still a lot of work for the board to do over the coming months and I look forward to keeping shareholders updated after our next Board meeting which is scheduled for late June.”
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