In 1915, during World War 1, an Australian wheat pooling scheme was created to assist wheat growers. This pool was administered by an Australian Wheat Board, comprising the prime minister and a minister from each of the wheat growing states. In 1921 the wheat board ceased to operate, as it was always intended that the pooling scheme would end after the war.
The Australian Wheat Board was established as a statutory authority by Wheat Acquisition Regulations contained in the National Security Act 1939. It continued in existence as a Government controlled marketing authority under successive legislation.
In 1989, the Government established the Wheat Industry Fund, imposing compulsory levies on wheat sales. This fund was held and managed by the Australian Wheat Board and by July 1999 was approximately $600 million.
In 1992 the Commonwealth Government, with bipartisan support, decided to cease the Government guarantees on borrowings, and therefore an alternative structure was required to finance borrowings. Four years later the Minister for Primary Industries and Energy, John Anderson, indicated that the statutory arrangements could not continue and that growers would be responsible for their own financing from July 1999.
A Working Group was subsequently formed to facilitate growers' input into the restructuring process, with representation through the Grains Council of Australia, the Australian Wheat Board and the Department of Primary industries and Energy. After detailed examination, the Working Group agreed that the best model for the new Australian Wheat Board would be a dual-class share structure, called the "Grower Corporate Model". The Government's broad agreement to the new recommended structure was announced in April 1997.
In June 1998, the assets and liabilities of the statutory authority (other than the Wheat Industry Fund) were transferred to AWB Limited and AWB (International) Limited, then wholly owned subsidiaries of the statutory authority.
In July 1999, the Wheat Industry Fund was transferred to AWB Limited and B Class shares were issued to the holders of units in that fund. A Class Shares were issued to persons who met the definition of “growers” in AWB Limited’s constitution. Upon the issue of these A Class and B Class shares, AWB Limited became a grower-owned and controlled company.
In August 2001, AWB Limited was publicly floated with B-Class shares listed on the Australian Securities Exchange.
On 29 August 2003, the AWB Group acquired Landmark from Wesfarmers Limited.
On 3 September 2008, shareholders approved amendments to the previous constitution. The effect of the amendments was that the A class shares (which could only be held by wheat growers and had the right to elect a majority of the directors) were immediately redeemed.
On 22 October 2008, shareholders approved the adoption of a new constitution.
Following the introduction of the wheat export accreditation scheme under the Wheat Export Marketing Act 2008, AWB Limited subsidiaries AWB Harvest Finance Limited ("AWBHF") and AWB (Australia) Limited received accreditation by Wheat Exports Australia for the bulk export of Australian wheat.
With the repeal of the Wheat Marketing Act 1989, the monopoly bulk wheat marketing arrangements were opened to greater competition and the status of AWB International Limited ("AWBI") as the company nominated to manage those arrangements was concluded. The temporary export accreditation for AWBI expired on 30 September 2008 and on 1 October 2008 AWBHF replaced AWBI as the trustee for the National Pool.
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