Australian Wool Innovation (AWI) shareholders are now entitled to vote on the resolutions to be put the company’s Annual General Meeting following today’s despatch of the formal Notice of Meeting (NOM) and proxy forms.
As part of the distribution of the NOM, all AWI shareholders have been provided with a copy of the independent Board Nomination Committee’s (BNC) Recommendations to Shareholders report, which details the selection process for director candidates and the committee’s recommendations. The BNC assessed each candidate against the required skill set identified in AWI’s Statutory Funding Agreement.
As previously foreshadowed, the NOM includes disclosure of the Chairman’s intentions regarding undirected proxies from shareholders. The AWI board has determined that undirected proxy votes will be shared equally between the following three candidates, listed in alphabetical order: new candidate Dr Michelle Humphries, existing AWI director Mr Wal Merriman and existing AWI director Mr David Webster.
Although the BNC recommended four candidates for elections to the board, the AWI Constitution stipulates that proxies can only be directed towards a number of candidates equal to the number of vacant board positions – in this case, three.
AWI Chairman Ms Colette Garnsey said she believed the three director candidates had the optimal skills and experience to serve on the board of the company.
“Consistent with the BNC’s independent recommendations, these three candidates will provide the appropriate and necessary balance of skills required by the AWI board and will allow for appropriate succession planning and a harmonious transition of skills on the board,” Ms Garnsey said.
“A board composition that is diverse in both experience and outlook is what is required to enable the company to fulfil its responsibilities to shareholders and stakeholders and to deliver the outcomes of the 2021 Strategic Plan.
“This is a democratic process and provides all AWI shareholders the right to have their say.”
AWI shareholders are entitled to vote for any of the eight director candidates who are standing for election to the board at the AGM. The three candidates with the most votes from shareholders, in person and by proxy, will be elected to the three vacant director positions.
There is again a resolution on the AGM agenda to restrict the size of the board to seven persons, and the commentary here about a three candidate vote is on the assumption that this resolution is passed.
To vote by proxy, shareholders must complete the online or hardcopy appointment of a proxy form by selecting their proxy in section A on the form and then following the voting directions on the form. They must complete parts D and E to ensure their proxy will be properly directed.
All completed proxies must be received by AWI no later than 10:00am (AEDT) on Wednesday November 20, 2019.
For shareholders who wish to vote in person, this can be done by voting at the company’s AGM on Friday 22 November 2019.
The role of all AWI directors is to represent their shareholders – the woolgrowers of Australia – and their interests. Decisions are taken on how and where to invest growers’ funds in research, development and marketing, with an objective of increasing the long-term profitability of wool growing for Australian woolgrowers.
About AWI’s 2019 AGM
AWI will hold its 2019 Annual General Meeting at 10 am on Friday 22 November 2019 at Amora Hotel Jamison Whiteley Ballroom, 11 Jamison Street, Sydney NSW.
More details regarding the Annual General Meeting, including the Notice of Meeting and the procedure for the election of directors, are available from AWI’s website at www.wool.com/agm.