Australia: ABB proposes new structure for greater independence
ABB Grain has proposed changes to the board structure of its wholly owned export subsidiary, ABB Grain Export, following the recent SAFF barley single desk ballot, according to the statement released on the 20th of April, 2006.
Under ABB’s proposed changes, to be agreed upon in consultation with SAFF Grains Council, the ABB Grain Export Board will comprise current ABB Grain Export chairman Trevor Day, recently elected ABB Grain A-Class directors Andrew Barr and Paul Daniel, and up to two new independent directors.
ABB Grain Export is the body responsible for the legislated South Australian Barley Single Desk, with responsibilities that include: maximising net pool returns for growers, ensuring pool to cash transactions are monitored, and ensuring the provision of efficient services to the pool.
“This suggested restructure is designed to strengthen the independence of the ABB Grain Export Board,” said Mr. Day.
“The recent SAFF ballot clearly highlighted that growers wanted to retain the single desk but at the same time growers indicated they wanted a more independent desk as well, which we acknowledge.
“We understand that it’s up to SAFF Grains Council to work out the next steps following their ballot, however, we wanted to show that we’re not sitting on our hands and therefore prepared to put forward solutions as well.
“The proposed changes to the ABB Grain Export Board builds on other recent initiatives designed to increase the openness of the single desk’s operations.”
This includes the establishment of the South Australian Barley Single Desk Transparency Committee, which was formed last year and includes James Rackham, Chair (SAFF Grains Council member), Garry Hanson (SAFF Grains Council member), Peter Treloar (Eyre Peninsula grower and former SAFF Grains Council member), as well as three ABB Grain Export Directors: Trevor Day, Paul Daniel and Andrew Barr.
The South Australian Barley Single Desk Transparency Committee recently concluded its first quarterly review of the 2005/06 South Australian legislated barley pool and found no adverse results. The independent review, conducted by auditors Ernst & Young, was undertaken in accordance with Australian Auditing Standards applicable to the procedures agreed upon by the Committee.
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