AWB has two groups of shareholders - grower - held A  class shares and B class shares that are held by growers and investors. It is believed that about 45% of the B class shares are held by investors - including institutional investors.

For the demerger proposal to succeed at least 75% of both the A class shares and B class shares must agree. Yet, there is a competing conflict of interest between growers and investors. They have different interests because of their status as a growers (service) or investors (dividends).

Demerger will depend on agreement by both growers and investors.

This is the consequence of a hybrid structure with institutional competing conflicts of interests.  Future wheat marketing arrangements will continue the problem if a hybrid structure is maintained.