MLA's financial position and new directors: 2023 AGM

Northern Queensland's Russell Lethbridge, who with his family runs Werrington Cattle Company, a commercial beef cattle, breeding, growing and fattening enterprise, was re-elected at the organisation's annual general meeting in Bendigo, Victoria, last week.

Mr Lethbridge has been on the board since 2019.

Ms Hogan also works in a range of agriculture research organisations.

The MLA board is skills-based, with directors having complementary competencies.

New representatives to the director selection committee were also elected. Trent Radel was voted in as a cattle producer member of the committee; Michael Craig as a sheep producer member and Tony Fitzgerald as a lot feeder member.

MLA members also voted in favour of increasing the aggregate limit on director remuneration fees from $750,000 to $850,000.

MLA returned a deficit of $20.2 million in 2022-23, which reduced it's retained surplus, as at 30 June 2023, to $44.8m.

Total income of $287.9m for the past financial year was $283,000 or 0.1 per cent lower than the previous corresponding period.

MLA's annual report said income had been weakened by subdued grassfed levies and lower research and development contribution receipts, reflecting the decrease in the gross value of production of the industry throughout the year.

Total investment decreased by 0.9pc in 2022-23 to $308 million. Research and development investment was $9.3 million or 4.5pc lower than the previous corresponding period.

That was largely offset by an uplift in the marketing portfolio. Marketing, market access and insights investment of $111.4 million increased by $6.6 million or 6.3pc. The increase was partially driven by additional State Government grants secured during the year in the international markets program.

MLA chair Alan Beckett told the AGM the company was in a strong financial position.

Managing director Jason Strong, in the annual report and at the AGM forum, acknowledged the challenging conditions being experienced by many producers and said MLA continued to focus its efforts on investments and activities that would drive meaningful outcomes.

He outlined how over the past 12 months the red meat and livestock industry had built further momentum towards its carbon neutral by 2030 - or CN30 - target.

He said boosting efficiency in the red meat industry fit hand-in-glove with meeting environmental responsibilities, making it a sensible path to follow.

"We should be proud of the regard in which we are held by our fellow Australians," he said.

Mr Beckett told those at Bendigo the supply of goats, sheep, lambs, and cattle were all increasing heading into 2024.

"With an El Nino declared, there is no disputing that conditions have become more challenging. However, our industry has exciting opportunities and is well positioned to take advantage of the global demand for protein," he said.

The AGM was held both in-person and online, with the physical event accompanied by the annual MLA Updates forum, which attracted more than 300 people.