Former AWB grower director Xavier Martin made the allegations last week after AWB’s annual report revealed one-off ex-gratia retirement payments to the three grower directors who supported structural change, former chairman Brendan Stewart, Brendan Fitzgerald and Steve Chamarette.

Mr Martin was initially for restructuring the company’s dual-share structure, but then changed his stance, siding with those against the reform on the grounds that it would alienate growers from the company.

AWB spokesman Ian Desborough said the company had referred the matter to ASIC and was waiting to hear back from them.

“We reported the matter to ASIC, as soon as they opened on Monday, now the ball is in their court as to what they choose to do.”

“If such a thing occurred, we’d like to know too, we have no knowledge of such an event.”

Mr Martin, a Mullaley farmer who represented NSW on the AWB board, stood by his claims this week.

“I am more than happy to co-operate with ASIC in their inquiries into any of the matters that have been raised.”

However, Mr Fitzgerald, a former SA grower director, said he had supported the normalisation on commercial principles.

“It’s an insult to suggest that I have been bought.

“I have been a director on various boards over the years, and from a commercial viewpoint it was clear AWB had to have one share structure.

“There was a sunset clause on the dual-class share structure and I felt it was something that had to be achieved in the company’s best interests.”

Mr Fitzgerald said he had been through a similar process as a director with former SA bulk handler Ausbulk and that he believed it was a sound business decision.

He said he knew nothing of the retirement payment until new chairman Peter Polson contacted him after one of the first meetings of the new board following AWB’s February 2009 AGM to let him know the board had approved the retirement bonus of a year’s salary.