Incitec Pivot 2010 AGM Transcript

February 1, 2011

Incitec Pivot 2010 AGM

Why are you still an all blokes affair and will that be addressed?

Stephen Mayne:
I did hear the candidate speak at a dinner earlier this year encouraging women to get on boards. He made some very interesting insights, gave some excellent tips - clearly none of which have worked here.

What is the story with IPL remaining one of the Luddite companies that still is an all blokes affair, and are you actively seeking to readdress that situation given the abundance of global research which shows that getting more diversity into boardrooms actually delivers better financial results?

Chairman John Watson: Well I assume you are not suggesting that we are in the rag trade in industrialised England Stephen, so the reference to Luddites, not sure where that all comes from.

I mentioned in my address earlier on, two things particularly. The first is that the remuneration and appointments committee chaired by John Marlay, has been charged by the board with developing a policy position, and a strategy for the company going forward in relation to gender diversity at the non executive director level.

James Fazzino as the company's managing director and CEO, has been charged with the responsibility of doing a similar task within the organisation. I should say that James, for those of you who don't know him personally, is very very committted to gender diversity in the organisation and has already implemented a number of, quite innovative, changes within the organisation to assist in the progress of women through the organisation to senior ranks.

So my response I think Stephen is - thanks for the whack!

I appreciate that we don't have female non executive directors a the moment, but it is something that is in front of us. Something that each of the directors is personally committed to working towards and also our management team.

As I mentioned in my address, I am actually a mentor for a young woman presented by the institute of company directors, with the intention of participating in a program that I think will deliver some significant outcomes in terms of getting a bigger pool of women ready to go onto large public company boards.