AWB and Oil for Food Inquiry: Managing Director resigns and corporate governance to be reviewed

The Board of AWB Limited has announced that the Managing Director of AWB Limited, Mr Andrew Lindberg, has tendered his resignation, which has been accepted by the Board, to be effective on April 30, 2006. (ABC News)

The Board has also announced a number of initiatives including:

• The establishment of two sub-committees of the Board to assist with the management of the Company, a stakeholder management committee and a governance committee.

• The Board of AWB Limited has commissioned its internal auditors, PricewaterhouseCoopers, to conduct a special review of the design and operation of internal controls around current wheat export sales. The objective of the review is to assist the Board to assess the Company’s systems of control and, where necessary, implement improvements.

• KPMG has been asked to consider the current governance, internal reporting structures and practices of the Company generally, and their practical application.