Queensland Sugar Ltd has tabled what it says is a workable solution that would retain the critical single export desk, by which the sugar marketing group currently markets more than 80pc of Australia's raw sugar into the international marketplace.
Following the rejection of amendments to the Constitution presented to a QSL annual general meeting on May 19, a range of options have been considered that would deliver a similar outcome, but which would avoid the power to subordinate a majority vote to that of a small minority as happened at the AGM.
"The prime motivation here is the clear and increasing recognition that 'common face' export marketing does provide the best capacity to control sales and logistics costs, and provides customers with certainty and confidence," Canegrowers chief executive Ian Ballantyne said.
"Canegrowers has assessed the revised proposal to ensure it not only maintains the critical long term logistics arrangements, but that it also allows financial backers to continue credit lines without interruption, and gives a stable platform for longer term raw sugar pricing and currency positions.
"It would also protect and preserve important tax arrangements, intellectual property, employment commitments and financial exposure."
According to Mr Ballantyne, the suggested changes have the effect of delivering the same outcome that was proposed last month.
Canegrowers, which represents more than 80pc of Queensland's sugarcane farmers, reports that the overwhelming majority of growers want a board skilled in marketing and international trade at the helm of the body responsible for capturing good sugar prices in the corrupted international marketplace.
"Growers and millers would continue to own the business and have final say over its performance," he said.
Under the proposal, the board would consist of four skills-based independent directors plus a CEO, as originally envisaged.
A selection panel of two grower and two miller nominees, as elected by their respective QSL Member representatives, would select the independent directors.
"It is true that the amendment is more cumbersome than that originally proposed, but under these arrangements the amendments do not alter the methodology of appointing grower directors," he said.
"It was this provision which was protected by the so-called veto vote.
"Passage of the amendments will still require a positive vote from 75pc of QSL grower representative members and 75pc of miller representative members, but will not be subject to the overriding votes."
All grower and miller representatives have been sent the revised proposal this week, and it will be put to the vote ib June 25.
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