A motion that would impose a 10-year limit on the length of director terms on the AWI Board will be put to shareholders at the Annual General Meeting in November where it will require the support of 75 per cent of shareholders to be successful.
The Chairman’s proxy votes will be directed to supporting that motion. If the motion is successful it will take effect after the AGM.
AWI Chairman Colette Garnsey said directors resolved to support the change at the Board meeting in early March.
Consideration of director tenure is a recommendation of the 2018 EY Review of Performance of AWI.
The review recommended that AWI: “Implement maximum periods of Board Membership including the Board Chair. We recommend ten years. We also recommend a minimum roll off period of two years (period of time Directors must remain off the Board before standing for re-election).”
Ms Garnsey, who has served as a Director since 2011 and as Chairman since 2018, has signalled her intention to retire from the Board at the 2021 AGM.
“I relish my role as an AWI Director and will continue to work hard for Australian woolgrowers as long as I remain on the Board. But under the ongoing Board renewal process, this year’s AGM will be the right time for me to stand down as a Director and as Chairman,” Ms Garnsey said.
Director David Webster, who has served as a Director since 2008 and was re-elected by woolgrowers at the 2019 AGM, has confirmed he will not be standing for re-election at the 2023 AGM, when his current term expires.