The latest news from Lower Burdekin Water

Dear Irrigators

Please find following the latest news as well as information around upcoming events:

LBW Board of Directors – Change in Board Composition

In January 2020, the Qld Government amended the board compositions of all Category Two Water Authorities within Queensland.  As a result, LBW’s composition was amended by the Qld Government and now simply reads seven directors.  Changes were also made to the Water Act 2000 (Water Act) in relation to the way directors are nominated and appointed to the Board of a Water Authority.  All previous references to elections have been removed from regulation and government approved procedures.

The Water Act specifies that the board of a water authority is responsible for the way in which the authority performs its functions and exercises its powers.  The board of Lower Burdekin Water may determine the director nomination process and the composition of the board. The appointment of suitable candidates remains subject to ministerial approval.

After considering the Qld Government amendments, the Board is proposing to amend its internal Governance Policy to continue with the current Board composition of four LBW ratepayer nominated Directors, two miller nominated Directors and one community Director nominated by Burdekin Shire Council. The Board proposes to remove the requirement to have two ratepayer nominated directors from each of the two divisions and simply replace it with a requirement to have four Directors nominated by and from LBW ratepayers.  This change to the composition of the Board will better enable LBW to present eligible nominees to the Minister for consideration, and appointment of Director positions with suitable candidates, whilst maintaining strong connections and direct links with its ratepayers.

Further information regarding these changes will be communicated to ratepayers over the coming months.  Should you wish to discuss any of the amendments made by the Qld Government, please contact the Chairman or Executive Officer. read more

Daily Sugar Price

Tuesday, 9 March 2021

The May 2021 contract settled at:  16.20 US c/lb

The Australian Dollar currently trades at:  76.50 US cents 

Forward indicative prices in Australian dollars are: 

* $465 for May Contract – 2020 season

$465 for 2020 season

$447 for 2021 season

$403 for 2022 season

$381 for 2023 season

The 2020 Target Price Contract reflects a whole-of-season weighted average in a 5:1 ratio across the remaining two contracts, and 1:2:2:1 ratio across the four applicable futures contracts 2021, 2022 and 2023 Seasons.

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Information sourced from QSL