In a statement to the press late today, AWI said the board recently agreed to investigate how to improve the flow of veterinary medicines, including pain relief products, onto the Australian market.

"This could potentially open up competition and provide access to cheaper agricultural and veterinary products for woolgrowers," Mr Merriman said.

AWI has requested Australian Pesticides and Veterinary Medicines Authority (APVMA) to review their current species specific guidelines on setting Maximum Residue Levels (MRLs).

"The European registration process allows cross species metabolism studies between sheep and cattle," Mr Merriman said.

"If this was the case in Australia it could increase the potential for private investment in the metabolism studies, as well as from other R&D funding sources, if private sector investment cannot be secured."

AWI says the approach is similar to the project that AWI has undertaken with Cobbett Technologies with the intradermal technology.

This project was going to take 10 years, but focused investment from AWI meant these options are now being developed faster for growers.

A change in policy by the APVMA on this issue would also relate to other chemicals such as drenches and vaccines for sheep and cattle, AWI says.

Mr Merriman said he and the board were committed to transparency.

"I want to reassure grower shareholders that AWI has taken legal advice to guide the board in managing conflict and potential conflict of interest of Board members," he said.

"As is best practice, any directors with a conflict of interest absent themselves from discussions on relevant issues."