Qld Sugar restructure proposal finally succeeds

30 Jun, 2008 01:23 PM

Members of Queensland Sugar have voted overwhelmingly in favour of a restructure proposal that will result in an independent Board being appointed to oversee the company's $1.5 billion of sugar exports.

Some 92pc of grower members and 100pc of millers who voted in last week's poll supported the proposal.

The future of the company has been under a cloud since May 19 when a similar restructure proposal failed on a veto by the minority grower representative body ACFA.

Suppliers of raw sugar had insisted on an independent board as a condition of renewing their supply agreements, which expire with the marketing of the 2008 crop.

Qld Sugar Chairman Keith De Lacy said he was pleased with the result as both millers and growers would continue to receive the benefits of the company's integrated storage and marketing operations.

"Times are tough in the sugar market at present and it is great to see that millers and growers have recognised the benefits of continuing to present a single face to the international sugar market through its jointly owned marketing company," Mr De Lacy said.

Chief executive John Pollock said negotiations with milling companies regarding three-year rolling supply agreements were progressing well as there were "no major barriers to their completion now that the restructure proposal has been passed".

Mr Pollock said the outlook for sugar prices going forward is positive and it was important that all producers have the ability to capture these prices for a number of years forward.

Milling companies are looking to provide their growers with greater opportunities to manage their price risk and we are working with them to make this process easier and more transparent going forward under the new agreements.

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1/07/2008 7:05:26 AM

Goes to show how out of touch the ACFA are. The industry stakeholders wanted the change to happen, not just the milling companies. Millers and grower representatives voted themselves off the QSL Board to allow the change to independant directors.
2/07/2008 8:21:08 AM

Just goes to show what Qld Canegrowers like to give away, first it was the tarriff in order to keep the single desk, next it was our CPA's then last it was the single desk as it was. From now on there will be no say by growers over their future as it has been taken out of their hands - you only have to look at the set up of ASA to see there will be no say apart from QLD Canegrowers and Aust. Sugar Milling Council - just another sell out by our peak body.
2/07/2008 3:05:06 PM

While very happy to see Canegrower members vote of no confidence in their own grower members on the board of QSL, that does not mean there is not a position on that Board for a suitably qualified, democratically elected grower member.
Aussie Farmer
8/07/2008 7:01:27 PM

cj and Rash are right...Gecko seems to want change for the sake of it, not the RIGHT changes. What QSL Board needed was a change of policy and new board members, other than the tired old industry hacks from Canegrowers who don't seem to be able to make their own minds up. I'll bet voting PROXIES will ensure Canegrowers 'guided democracy' will decide who gets 'voted' to 'choose' the so-called 'independent directors' too. Gecko you're deluding yourself - Canegrowers is not only out of touch, they've sold the farmers out in every way possible from the top. That's what needs to change - cut out the rot and the dead wood in their own camp and get back to being run as an organisation FOR the farmers who pay their salaries and board fees. They haven't much left to destroy in the industry, it's pretty well history but they'll stay on in the mausoleum of mayhem and get paid while their growers live like paupers. Wake up Gecko you can't just change colour and hide from reality for ever.


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