Mr Stewart said the adoption of a commercial constitution marked the start of a new era for AWB, which now has to compete with other Australian and multinational companies in the deregulated wheat market.

"The new constitution will ensure that those who own the company also control the company and will substantially reduce complexity in the business and streamline governance processes," Mr Stewart said.

"Shareholder support for governance reform demonstrates that the company has fundamentally changed for the better over the last few years.

"Our aim is to build on the heritage and competitive advantages of the old AWB."

Mr Stewart said these competitive advantages included:

• a loyal grower network right across the wheat belt of Australia;

• a long-standing international customer base;

• extensive experience in the domestic accumulation, storage and handling of grain;

• Australia's leading rural services and financial services business – Landmark; and

• a footprint in growing global agricultural commodity markets in Europe, Brazil and India.

"That is the platform that I am proud to hand over to Peter Polson as the new chairman of AWB," Mr Stewart said.

Mr Polson said Mr Stewart had left AWB in good shape for the future.

"By pursing a strategic diversification strategy and constitutional reform Brendan has left the company in better shape then when he became chairman and ensured it is in an excellent condition to thrive and prosper in the future," Mr Polson said.

The new constitution contains three special provisions, which:

• provide that one of company’s objects is to be involved in grain trading;

• specify that at least two directors must be directly or indirectly involved in agricultural production on a commercial scale as determined by the directors; and

• include a 10pc shareholding limit, for a transition period of three years.

Former A class directors – Steve Chamarette from WA and Brendan Fitzgerald from SA - were re-elected for a transitional period to ensure the company meets its commitment to have two directors who are directly or indirectly involved in agricultural production.

They must retire from office at AWB's next annual general meeting in February 2009.

Mr Polson said this would give the new board sufficient time to complete its search for new directors that can complement the existing skill base of the current board.