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A Shareholders Council will be established to provide a voice and feedback mechanism for grower shareholders of Wool Partners Co-operative Limited.
The council will also provide a forum and sounding board for the directors of the strong wool co-operative to consult on matters that impact on the future direction of the business and the returns growers are likely to receive.
Wool Partners Co-operative Chairman Jeff Grant says the Shareholders Council will formalise a process similar to the Grower Advisory Team (GAT) which has been working with directors on aspects of the launch of the business and, in particular, the raising of the initial capital from growers.
The GAT has done exceptional work in contacting growers and helping to get the co-operative launched and road testing some of the options as the prospectus float has proceeded. The aim now is to create a recognised group that can assist in promoting an understanding of how the co-operative works and provide an effective two-way communications channel between growers and directors.
The GAT will help establish the Council and its future working model. One of the first tasks for the Council will be to assist the Board in setting up Grower Pools for strong wool growers to participate in.
The Council will be grower driven. Neither the directors, or the current GAT, envisage the Council being an expensive additional burden on the Co-operative or the returns to growers, Mr Grant says.
We see the Council as a means for growers to actively participate in the operations of the Co-operative which as growers they will own. It will be a fundamental change for many growers who have not been involved in processing and marketing of their wool after it has left the farm.
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