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.