Hello members,
Late last month the directors of Herefords Australia met in Armidale to hold the first board meeting of 2023. The meeting covered a wide range of topics and I am pleased to share the following update with members.
The directors reviewed the audited 2022 Financial Statements. The operating position of the company was in line with expectations, though the investment portfolio – which is subject to volatility – was less favourable than recent years. It was discussed and agreed to form an Investment Committee (comprising CEO, Company Secretary and two members of Finance, Audit & Risk Committee) to continue to work closely with external advisers to achieve short, medium, and long-term investment goals.
The directors assessed company delivery of 2022 work programs and also company progress towards the longer-term Strategic Plan goals. Key highlights were the over-achievement of targets set for marketing, communication, and member services. Targets were also achieved with respect to growth in genotype testing and collection of data for hard to measure traits. Priorities for 2023 were confirmed with both marketing and R&D (Research and Development) key areas of investment.
Much of the agenda was dedicated to the discussions around R&D with opportunities identified across sustainability (productivity and profitability), eating quality, animal health and genomic evaluation. The meeting also included a presentation from the AGBU Chief Scientist (Dr Andrew Swan) and the Managing Director of ABRI, Hugh Nivison. A decision regarding the appointment of Herefords Australia members to the R&D Advisory Group was also made. The company DNA procedures policy was reviewed with further work regarding company policy with respect to testing of genetic conditions due at the next meeting. The board looks forward to Hamish Chandler joining Herefords Australia as an RD&E specialist to progress a number of important projects.
The meeting was Lisa Sharp’s last as CEO and the board and I could not be more pleased with the smooth transition of operations to Michael Crowley. The Board also took this opportunity to acknowledge Lisa for her contribution and as an incoming director, resolved to appoint Lisa to the Finance, Audit and Risk Committee.
The directors and I will report further on the 2022 results and plans for the year ahead at the 2023 AGM (Tuesday May 9, Wodonga). The AGM will be followed by an informal social function, and I look forward to the opportunity to meet with members at this time.
Regards
Ian
