MIL shareholders, I urge you to vote NO in the upcoming general meeting to end further dysfunction and get on with a concerted campaign against water buybacks that provides options for sellers and remaining irrigators before our company and local communities are further decimated.
At the last election only 42 per cent of shareholders bothered to vote.
Please this time, make sure your vote counts for the future of your community and business.
If the YES vote is carried, we will be led by director Steven Fawns who appears to be seeking retribution for past actions resulting in the investigation by ASIC for inappropriate behaviour on several occasions to female staff.
He was subsequently removed by the board from his position of chair and acting CEO.
He will be working with two new directors with only four months’ experience and whom I perceive to have limited corporate business experience.
This outcome spells trouble to me and takes MIL backwards, leading to declining investor confidence and dollar value of shareholder land and water assets.
I do not see anything of substance in the alternative proposition.
We must resist this action and take MIL and our communities forward with a positive approach.
Make no mistake, this is not about passing judgement on the performance of the two independent directors; rather, it is about the balance of power to take control of MIL by these three.
We must reinstate a shareholder majority on the board comprising additional skilled directors from our midst.
We also must have independents for advice in matters where member directors lack the expertise.
They are most important, but should not be in a position to determine policy.
If a NO vote, the existing board has the ability to enlarge the board by adding more suitable member directors immediately.
Their appointment can be ratified at the next AGM.
I strongly suggest a greater gender balance.
A lot has been said about the business review and I believe the end result is where the company needs to be in terms of reserves.
The reality is, we have gone from a low-efficiency delivery system, to a semi-automated high-tech system to match changing on-farm needs.
The new flumes and associated equipment require higher maintenance with a shorter life. The system definitely returns water, but does cost.
Meanwhile, our chair, Phil Snowden, and CEO, Ron McCalman, have been working with Canberra and other irrigation corporations on a package for remaining irrigators, which should include a buyout of DEs. This work must continue immediately.
Strong relationships have been established with government and this work must continue.
To put the issues at MIL into context, this disruption is a very poor use of the board’s time and I urge you to vote NO for stability.
Yours etc.
Kelvin Baxter
Berrigan
26°C