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2010-11: a strong year at Australian Wool Innovation
18
Nov '11
Australian Wool Innovation (AWI) reported on a year of gains across wool research, development and marketing.

Chairman Wal Merriman told the AGM how the 2010-11 financial year, while unsettled in global economic terms, had generally been positive for the company, as it had been for the woolgrower shareholders it serves.

“It has been a very busy year at AWI and the first to be covered by the current three-year Strategic Plan woolgrowers endorsed at WoolPoll in 2009. As we continue to work to achieve the best outcome for woolgrowers it is pleasing to see the national flock slowly beginning to rebuild, seasons permitting.”

For the 2010-11 financial year, the AWI project spend increased by $7million to $24.3 million as stated in the 2010/11 Operating Plan. With an income of $72.6 million the operating surplus increased to $24.3 million.

CEO Stuart McCullough explained how the human and financial resources of AWI were reallocated to increase demand for the natural fibre and improve the profitability of growing wool as per the Strategic Plan of the company.

“I am proud to say we have met and in many cases exceeded the tasks set for the company and in most instances this has been delivered under budget and on time.”

Ongoing global marketing campaigns the HRH Campaign for Wool, No Finer Feeling and Woolmark Gold all began in the 2010-11 financial year and all have demonstrated gains in demand for wool across key wool consuming markets.

At the AGM and according to the Corporations Act, shareholders voted to limit the board to seven Directors, with 151,797 votes in favour of the resolution. Subsequently the results of the election of Directors are as follows:

Candidate Votes for
Colette Garnsey 122,680
Brian van Rooyen 118,735
David Webster 118,506
Robert McBride 65,037
Alix Turner 27,236

Therefore Colette Garnsey, Brian van Rooyen and David Webster have been elected to the Board of AWI. The complete Board now comprise of these candidates along with Wal Merriman, Roger Fletcher, Meredith Sheil and George Falkiner.

The new Board met immediately following the AGM and re-elected Wal Merriman as Chairman and Roger Fletcher as Deputy Chairman.

The resolution to change the Constitution to allow the Board Nomination Committee more time to complete its function in future elections required a vote of 75% in favour. The resulting vote in favour of the change was 87.62%.

Australian Wool Innovation Limited


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