It offered "class A" shares to those who met its definition of growers and who had the ability to elect the majority of its board and chairperson,[1] and from August 2001, 'class B' were publicly traded on the Australian Securities Exchange.

Despite resistance from several wheat lobbies and industry groups, it consolidated ownership of AWB into one type of share, giving growers no special consideration.

[6] Previously a low profile organisation, the AWB made headlines in late 2005 when it was alleged that it had knowingly paid kickbacks to the Iraq Government, in violation of United Nations sanctions and Australian law.

[citation needed] Despite this, at the insistence of the Iraq government of dictator Saddam Hussein, the AWB agreed to pay "transportation fees" of around $A$290 million.

The government-sanctioned Cole Inquiry into the company's role in the scandal has been completed and was tabled by Attorney-General Philip Ruddock on 27 November 2006.

[7] The report found that, from mid-1999, AWB had knowingly entered into an arrangement that involved paying kickbacks to the Iraqi government, in order to retain its business.

On 11 July 2006, North American farmers claimed $1 billion in damages from AWB at Washington DC, alleging the Australian wheat exporter used bribery and other corrupt activities to corner grain markets.

The growers claimed that AWB used the same techniques to secure grain sales in other markets in Asia and other countries in the Middle East.

[12] In August 2009, the Australian Federal Police dropped their investigation into any criminal actions undertaken by AWB and others in this matter.

[20] Following the publication of the Cole Inquiry, a new management team was installed under the leadership of Gordon Davis who was recruited from Orica in August 2006.

In 2006, AWB's US subsidiary attempted to pay an Iranian transport company approximately $1 million, in clear breach of the US sanctions.

[25] This did not proceed, after Agrium made a successful takeover offer that was completed in December 2010, with the company delisted from the Australian Securities Exchange.