“This year, for the first time in a number of years, CBH shareholders will have no doubt whatsoever about what their board candidates stand for,” said Mr McGill.

Mr McGill said his election campaign will be an unambiguous and unashamed platform about the need to make changes to CBH’s co-operative structure and adopt a corporate commercial entity.

“What I would like to be able to do if elected to the board, and hopefully there would be a majority of other board members who feel the same, is to develop a program for shareholder approval to demutualise the co-operative,” Mr McGill said.

He said he would then have the group listed on the Australian Stock Exchange as a one-class shareholder corporate entity, with current shareholders receiving an allocated share holding commensurate with their level of activity within the company over previous years.

“This is an appropriate formula for the company to make the transition from a co-operative to a corporate entity.”

Mr McGill referred to when the board had a similar proposal in 2000.

“This would have the advantage of firstly placing the company in a far more competitive position at a time of continuing rationalisation and reform,” he said.

“I maintain that CBH as a co-operative will be unable to respond properly and adjust to the competitive influences of today and into the future.

“Secondly and most importantly, this proposal allows for a realisation of real and tangible equity for current shareholders.

“In this alone, I believe they are the two very important and serious reasons why the company needs to take this direction.”

He said currently shareholders had a $2 share in the company, which can be realised only when they left.

Shareholders now recognise that there was significant value available to them if only it could be unlocked, according to Mr McGill.

“This program allows that to happen,” he said.