A NEW director was elected to Meat & Livestock Australia’s board and a resolution to increase the aggregate amount of remuneration payable to directors was passed with the support of director proxy votes at the MLA annual general meeting in Bendigo last week.
The retiring directors at yesterday’s AGM were northern cattle producer Russell Lethbridge and southern sheep producer Andrew Michael.
Mr Lethbridge stood again for re-election and New South Wales prime lamb and trade beef cattle producer Lucinda Hogan stood for the position vacated by the retirement of Andrew Michael, with both put forward by the MLA board selection committee.
MLA members voted to re-elect Russell Lethbridge with 94.79 percent votes in favour, and to elect Lucinda Hogan with 91.54pc votes in favour.
MLA members also voted to elect representatives to the MLA Director Selection Committee.
Two candidates stood for the position of cattle producer member of the selection committee, Bryce Camm and Trent Radel.
Members voted in favour of electing Trent Radel (74.8pc votes in favour).
Members also voted to elect Michael Craig as a sheep producer member (97.49pc votes in favour) and Tony Fitzgerald as a lot feeder member (99.88pc votes in favour).
Resolution to raise cap on director’s remuneration
A resolution was also put to members to vote to increase the limit on the aggregate amount of remuneration payable to Directors (excluding the remuneration payable to the managing director of the company) from $750,000 to $850,000 per year.
Chair Allan Beckett told the AGM the limit on directors’ fees was an overall cap.
“This is only a cap, it is not what they get paid on an annual basis, it is the cap that we can pay.
“It hasn’t been increased since 2008, or 15 years.
“And while it is not required just at moment, we have got eight directors at moment, we’re entitled to have 15 if we need the skills.
“And we just think it is appropriate at this stage to actually increase the cap to give us some room should we need it going down the track.
“And that is what this is about. It is not about increasing our remuneration as it stands.”
According to the results announced at the AGM, the resolution was carried, 721,174 votes were cast for the resolution, along with directors’ proxy discretion of 392,625 votes in favour, and 986,045 against (carried with 55.74pc in favour).
MLA chair Alan Beckett thanked the Members for participation in the 2023 AGM and welcomed Ms Hogan as a new MLA director.
“On behalf of the MLA board, I also extend my thanks to Andrew Michael, who concluded his tenure at the AGM,” Mr Beckett said.
“Andrew has been on the board since 2017 and we have highly valued his insights and contributions to MLA.”
Mr Beckett also provided the AGM with an overview of the industry over the last 12 months – a period of both challenges and opportunities.
“After three years of intense stock rebuilding, re-stocker demand has eased considerably in 2023 and the number of finished animals is considerably higher now that has been the case for several years,” he said.
“As we head towards 2024, the supply of goats, sheep, lambs, and cattle are all increasing as the national rebuild stabilises. This will translate into record volumes of Australian goat and lamb meat being slaughtered.
“With an El Nino declared, there is no disputing that conditions have become more challenging. However, our industry has exciting opportunities and is well positioned to take advantage of the global demand for protein.”