All eligible AWB Limited shareholders have been mailed a Notice of Meeting and voting forms for AWB’s Annual General Meeting (AGM) to be held in Melbourne on Thursday 13th March.
AWB Limited’s Chairman, Mr Brendan Stewart, said A Class shareholders will be eligible to vote on director elections in their region.
AWB shareholders will find information on all candidates and AWB Limited’s AGM in the Notice of Meeting 2003 that has been mailed to all shareholders.
"The Board has a responsibility to provide guidance to shareholders regarding Director elections by putting forward recommended candidates," said Mr Stewart.
"The Nomination Committee commissioned Spencer Stuart, an international executive search firm with substantial experience in Board searches and in agribusiness, to professionally assess the candidates.
"In recommending candidates, the Board sought the advice of its own Nomination Committee, and that of Spencer Stuart in determining the best mix of skills and experience for the Board.
"It should be noted that no director has participated in deciding any matter - including Director elections - where they have a personal interest," said Mr Stewart.
The AWB Limited Board’s election recommendations are as follows:
1. AWB Limited - Election of A Class Director by NSW and ACT A Class shareholders
The candidates are Xavier Martin, Bruce Golding, Ian Cush and Richard Clark. The Board recommends that shareholders vote for either Ian Cush or Richard Clark. While both candidates would serve the Board and shareholders well, open proxies given to the Chairman will be voted in favour of Ian Cush.
2. AWB Limited - Election of A Class Director by South Australian A Class shareholders
The candidates are Brendon Smart, Brendan Fitzgerald and Michael Shanahan. The Board recommends that shareholders vote for either Brendon Smart or Michael Shanahan. While both candidates would serve the Board and shareholders well, open proxies given to the Chairman will be voted in favour of Brendon Smart.
3. AWB Limited - Election of A Class Director by Queensland and Northern Territory A Class shareholders
While this election is not being contested the Board recommends shareholders vote for the re-election of Brendan Stewart.
4. AWB (International) Limited - Election of A Class Director by Western Australian A Class shareholders.
While this election is not being contested the Board recommends shareholders vote for the re-election of Wayne Gibson.
The details on all candidates for all Director elections are outlined in the Explanatory Notes of the Notice of Meeting.
AWB is encouraging all eligible shareholders to vote either by attending the AGM on Thursday 13th March 2003 at the Auditorium, Level 2, Melbourne Exhibition Centre, 2 Clarendon Street, Southbank, Victoria, or through the postal voting or proxy forms contained in the Notice of Meeting.
"I urge all eligible shareholders to participate in the voting either at the AGM, or for those who do not anticipate attending the AGM, by using the postal or proxy voting forms contained in the mail out," said Mr Stewart.
AWB’s corporate structure consists of A Class and B Class shares. A Class shares can only be owned by current wheat growers and specifically exclude dividends. However, they confer on A Class shareholders a number of rights, including the ability to elect a majority of the Board of Directors. In contrast, B class shares can be owned by either wheat growers or non-growers. B Class shares carry rights to receive dividends and the right to elect a minority of the Board of Directors.
If shareholders have any questions they should ring the AWB Shareholder Service Centre on 1800 810 032.