CBH Group shareholders were told an additional $45 million of capital and $10m of maintenance funds would be committed to improving WA’s grain network performance within the next 12 months following the State’s 2013/14 record-breaking harvest at yesterday’s AGM.
At the AGM, CBH chairman Neil Wandel announced a total network expenditure budget (including capital and maintenance) of $185m would be allocated for 2014.
The meeting was told in the last financial year CBH invested $155m to enhance the network which included throughput projects that greatly improved the business’s ability to take in a fast and large harvest with minimum disruption.
Mr Wandel said this year’s additional funding allocated would only increase that potential.
CBH chief executive officer Dr Andy Crane said the group achieved retained earnings of $131.7m for the 2012/13 financial year which would help to strengthen the supply chain to market and growers’ long term viability.
District two director Vern Dempster and district four director Wally Newman were both welcomed back to the co-op’s board following their unopposed re-elections.
Rod Madden was also welcomed to the board as a representative for district one after he beat former director Clancy Michael in the grower voting.
After the AGM independent director Samantha Tough was also welcomed to the board following Diane Smith-Gander’s retirement.
For more on CBH’s 2014 AGM see next week’s Farm Weekly.