Complete public company election record across 85 nominations

1. AMP (33.89% of vote), May 18, 2000
First ever board tilt and very pleased with the outcome. See Mayne Report package.

2. ASX (13.52% of vote), October 23, 2000
Second best of four ASX tilts. See Mayne Report package.

3. Commonwealth Bank (39.71% of proxy vote with 89.65m proxy votes in favour and 136.1m against - have sought clarification from CBA on the final poll vote which is not on the ASX announcements platform), October 26, 2000
Did flyers out the front and polled well, with lots of support from industry funds. See Mayne Report package plus this piece in The AFR about how CBA was printing the notice of meeting before nominations closed and had to come up with an extra page to accommodate the first ever external board tilt.

4. WA News (28.41% of vote) November 2, 2000
Best result when didn't turn up - see results.

5. Westfield Holdings (0.37% of vote), November 9, 2000
A very hostile reception from Frank Lowy and tiny voting support given he owned around 40% at the time. See Mayne Report package.

6. Telstra (14.65% of vote), November 17, 2000
The earliest and best of the three tilts at the telco when some shareholders still hadn't worked out how to vote against any resolution. The nomination was designed to pressure Steve Vizard to resign given his multiple conflicts of interest and he pulled out before the AGM, so the tactic worked. See Mayne Report package and this spicey Crikey story at the time.

7. Woolworths (54.75% of proxies), November 20, 2000
The best AGM yet as was almost elected but chairman John Dahlsen declared it lost on the show of hands, despite the clear majority of directed proxies in favour. See Mayne Report package.

8. NRMA Insurance (45.59% of vote), November 28, 2000
Shafted with the proxies by chairman Nick Whitlam who urged shareholders not to number every box and then unused un-marked boxes as open proxies against me. See Mayne Report package.

9. David Jones (11.46% of vote), December 11, 2000
Alan Kohler used this tilt as basis for this story on The 7.30 Report.
See Mayne Report package.

10. National Australia Bank (9.14% of vote), December 14, 2000
Was invited to speak to the meeting at the very start of proceedings, with no prior notice from chair Mark Rayner, but failed to make double figures.
See Mayne Report package.

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2001 - 8 for the year

11. AXA (1.1% of vote) February 15, 2001
Polled poorly given French parent had a majority stake but mounted a strong argument.
See Mayne Report package.

12. ASX (10.69% of vote) October 29, 2001
Slightly less than previous year - see results.

13. Southern Cross Broadcasting (3.85% of vote) November 1, 2001
Gave chairman John Dahlsen a spray as Steve Price defamation battle rolled on.
See Mayne Report package.

14. NRMA Insurance (9.4% in the poll) November 2, 2001
Less support than previous year - see results.

15. John Fairfax (20.58% of vote) November 7, 2001
Best of three tilts at the media company - see results.

16. Spotless (6.5% of vote) November 14, 2001
This was one of the toughest notice of meetings every produced against a board tilt.
See Mayne Report package.

17. Telstra (4.76% of vote) November 16, 2001
Slightly less than previous year - see results.

18. PMP (11.24% of vote) November 19, 2001
It was good to have some competition from another external candidate at PMP in 2001.
See Mayne Report package.

11 month gap

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2002 - 2 for year

19. News Corp (12.89% of vote), October 9, 2002
Round four with Rupert and almost elected from the floor.
See Mayne Report package.

20. ASX (18.7% of vote) October 29, 2002
Best of the four ASX tilts - see results.

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6 month gap

2003 - 1 for year

21. AMP (11.41% of vote) May 15, 2003
Disappointing result after $10 billion was lost in UK.
See Mayne Report package.

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2004 - no tilts

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2.5 year gap

2005 - 2 for year

22. Gunns (14.7% of vote) October 27, 2005
Disappointing vote but had a victory when executive chairman John Gay submitted himself for election in 2006. This was the basis of the 2005 campaign.
See Mayne Report package.

23. John Fairfax (8.2% of vote) November 18, 2005
Ran for the board and the lights went out with Ron Walker conducting some of the proceedings holding a big yellow torch.
See Mayne Report package.

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7 month gap

2006 - 3 for year

24. Macquarie Bank (15.53%) July 20, 2006
Failed in board tilt but polled very well with over 21 million votes in favour.
See Mayne Report package.

25. Telstra (2.25%) November 14, 2006
Crushed by the Howard Government again - see results.

26. Woolworths (2.8%) November 24, 2006
Dramatically less than the record high 2000 vote - see results.

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1 year gap

2007 - 1 for year

27. West Australian Newspapers (14% of the vote) November 9, 2007
Really stuck it to the board but lost election.
See Mayne Report package

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5 month gap

2008 - 5 for year

28. West Australian Newspapers (14% of the vote) April 23, 2008
See Mayne Report package.

29. Alumina Ltd (6.2% of the vote) May 1, 2008
Elected to Alumina board on show of hands but defeated in poll.
See Mayne Report package.

30. ASX (5.05% in favour but total protest 24.83% when include huge abstain vote.) September 24, 2008
See Mayne Report package including this Chanticleer column at the time.

31. Centro Retail (26.7% in favour, thanks to a recommendation from proxy adviser Risk Metrics) November 27, 2008
435 million votes in favour which was 71% of the independent vote after strip out 1.1 billion shares controlled by Centro. However, formal poll outcome showed 26.7% in favour given that parent Centro Properties owned about 50%.
See Mayne Report package.

32. BHP Billiton (12.38% of the vote) November 27, 2008
The Rio Tinto takeover was abandoned on AGM day and reckon this was partly because my nomination was opposing the move and the earlier London meeting had shown 17% support, given it was a proxy for shareholders to lodge their concerns.
See Mayne Report package.

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7 month gap

2009 - 5 for year

33. Oz Minerals (7% of the vote) June 11, 2009
See Mayne Report package.

34. Fairfax Media (3% of the vote) November 10 2009
See Mayne Report package.

35. Ten Network Holdings (0.9% of vote) December 10, 2009
Second worst vote ever as board censored the platform, which was mainly around the lack of an SPP after an institutional placement, and the directors also used the no vacancy rort.

36. National Australia Bank (5.6% of proxies) December 17, 2009
Chairman Michael Chaney didn't suffer any voting backlash for SPP shafting of retail investors but was happy with my vote given two previous flops. And the board did well to publish the platform in full in the notice of meeting.

37. AWB December 23, 2009 Results of meeting - 8.6% of vote
See Mayne Report package.

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5 month gap

2010 - 2 for year

38. MAP (4.88% of the vote) May 27, 2010
See Mayne Report package.

39. Woolworths AGM (6.6% of the vote) November 18, 2010
See Mayne Report package

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6 month gap

2011 - two for year

40. Santos: (May 5, 2011), ran for Santos board on a capital raising platform after placement with no SPP. Won the show of hands but only received 4.8% in the poll.

41. Rio Tinto: (May 5, 2011), ran for Rio Tinto board and polled only 3.04% in the poll after AGMs in London and Perth.

2.5 year gap.

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2012 - no tilts

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2013 - one for year

42. AFIC: October 9, 2013: ran for the board of Australia's biggest listed investment company, AFIC, and polled a respectable 16.4%, which included support from ASA. See this explanation.

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13 month gap

2014 - 5 for year

43. Fairfax Media: (November 6, 2014): received a miserable 0.92% support in the poll. Gina Rinehart opposed and clearly no institutional support at all. See package of links. However, was supported by a clear majority of the shareholders (902 in favour, 495 against) who voted, as is explained here.

44. Commonwealth Bank: (November 12, 2014): Ran on a platform of board accountability after the financial advice scandals. Scored 3.15%. See results.

45. Cabcharge: (November 26, 2014). Scored 2.25% on a change the governance platform. See results and notice of meeting.

46. Woolworths: (November 27, 2014) Quite pleased to get 4.05% in the poll. See results and notice of meeting.

47. Ten Network Holdings: (November 28, 2014) See notice of meeting. See Mayne Report edition detailing 1.48% support.

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2015 - one for year

48. Macquarie Group: (July 23, 2015). See notice of meeting, Mayne Report preview piece, results detailing 1.55% support and Crikey piece after AGM.

4 year gap

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2016, 2017, 2018 - no tilts

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2019 - two for year

49. AFIC: (October 8, 2019). See notice of meeting, Mayne Report preview piece and results detailing 18.26% support.

50. Harvey Norman: (November 27, 2019). See notice of meeting, package of media, compilation of tilt material and results detailing 8.24% support.

8 month gap

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2020 - 4 for year

51. Macquarie Group: (July 30, 2020). See notice of meeting, Mayne Report wrap of the issues and results detailing 2.31% support. See floral Allan Goldin words for ASA recommending against.

52. Milton (October 20, 2020). See letter of nomination. See voting results where only attracted 3.99% in support.

53. Cochlear (October 20, 2020). See notice of meeting, transcript of the AGM debate and voting results detailing 5.85% support from 2.7 million shares worth around $600 million. See ASA voting intentions report recommending against.

54. Kogan.com (November 20, 2020). See notice of meeting, ran on a platform opposing the SPP scale back from $115m to $20m, an excessive options issue to the founders after earlier sell-downs and the lack of independent directors. Pleased with 14.04% voting support.

27 month gap
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2021, 2022 - no tilts

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2023 - 2 for the year

55. Aristocrat Leisure (February 24, 2023). See notice of meeting, ran on a 3 point platform calling for the company to embrace cashless gaming, disassociate from the clubs and pubs peak bodies and publish copies of their AGM webcasts online. Polled a miserable 0.33%, the lowest vote in 55 tilts and even worse than the previous lowest of 0.37% at Westfield Holdings way back in November 2000. Watch AGM webcast archive and see Mayne Report package.

56. National Australia Bank: (December 15, 2023). See notice of meeting, ran on a platform calling for NAB to move its AGM to late January to coincide with the Australian Open and end the practice of closing board nominations before even releasing their full year results. In the end I pretty much ran dead and received a miserable 1.25% support in the poll after none of the proxy advisers supported the tilt. The proxies were disclosed early on the day and I was at Phillip Island rather than Sydney, so just dialled into the meeting to answer any questions after the bank agreed to run an audio recording in support of the tilt. All of the other director candidates received more than 97% support so it was a very lopsided voting outcome. See this detailed package on the full campaign.

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2024 - 1 for year

57. AUB Group. (October 31, 2024) See notice of meeting. Nominated on a platform of fairer treatment of retail shareholders in capital raisings after they did 3 shockers in 3 years. Only received 0.23% support.

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2025 - 17 nominations between November 18 and December 11

58. Carnegie Clean Energy (CCE): (November 18, 2025). Nominations closed October 6 and lodged by email at 3.30pm Perth time on the last day, going with a platform calling for hybrid AGMs. Offered to withdraw if the Perth-based company offered a hybrid AGM but they weren't for turning. Stock has recovered to a market cap of almost $50m. Accumulated losses of $192m and claims net assets of $19m. Has 11,600 shareholders and former AFL President Mike Fitzpatrick is one of the largest. Have owned for 17 years but only own 1 share at the moment. Office manager acknowledged by email on October 8 with no commentary as to whether the nomination had been accepted. This NOM dropped on October 17 cheekily disclosing I only own 1 share and declined to submit to a bankruptcy test. It was 9 shares up until 2023 when they did a 50-for-1 consolidation which could have vaporised the entire holding but for a generous rounding up provision. Was delighted to finish with 14.77m votes in favour which was a healthy 21.32% support in the poll, which might have been because they produced a very neutral ballot paper.

59. HMC Capital (HMC): (November 19, 2025) nominations closed October 8 ahead of November 19 physical AGM at 11am in Sydney. Bought 150 on September 26. Market cap circa $1.4b. Lodged full nomination and platform by email on evening of October 6. Received an email reply from company secretary late on October 7 requesting a time to meet with the nomination committee before October 14, the only company to request this although I pushed back saying it wasn't necessary. The Nom dropped on October 17 and commendably had no censorship of a spicey platform. They claim to have “thoroughly considered the nomination” but rebuttal was no more than “the board does not endorse the platform on which Stephen is standing”. Finished with support of just 1.55% in the poll and didn't attend the physical AGM in Sydney.

60. Insignia (IFL). (November 20, 2025): nominations closed October 9 ahead of 9.30am physical AGM in Melbourne on November 20. Emailed through a nomination at 4.45pm on October 9. Company secretary emailed on Saturday, October 11 saying nomination had been accepted. Was the first NoM released on October 17 and they ran the platform calling for hybrid AGMs in full but were running a dodgy online vote through Boardroom and refused to change it when asked to match Harvey Norman practice. Was supported by just 1.8% of voted stock in the poll. Didn't attend the 72 minute meeting but at least they published a webcast archive.

61. West Coast Silver (WCE): (November 20, 2025): nominations closed on October 8 for the November 20 physical AGM in Perth. Market cap around $60m after a boomer year. Ran a Nov 26 physical in Perth last year. Exec chair, 4 man board and 4,000 holders with no one above 10%. Did a $6m placement with no SPP this year. Bought on October 6 and emailed nomination at 2.30pm Perth time on October 8. Received an email the same night confirming acceptance of the nomination and requesting an AFP police certificate and statement confirming no bankruptcy over the previous 10 years. Declined to participate and instead requested a contingent nomination process, subject to checks later if successful. The NoM dropped on October 17 and they censored the platform and called me "Mr Wayne" on page 16. Ended up receiving support from 7.05% of voted stock in the poll. Didn't attend the physical AGM in Perth. No sign of any AGM webcast on the company's website spruiking its WA silver prospects, particularly in the Pilbara.

62. Reece (REH): (November 21, 2025) emailed nomination to company secretary Chantelle Duffy on Saturday, October 3. She replied on October 8 saying nomination was being considered. This NoM dropped on October 20, with platform published in full, which was surprising given this bit was pretty spicey: “Stephen nominated for the Reece board out of concern about the company's excessive secrecy, poor communications with shareholders, lack of independent directors, abandonment of the independent chair model, high recent turnover of independent directors and the 60% slump in the share price since September 2024. Stephen is the first person not endorsed by the controlling Wilson family to nominate for the Reece board since it listed in 1974. His candidacy is intended to provide a safe platform for shareholders to register their concerns and consequentially open opportunities for dialogue with company representatives about reforms whilst knowing that the controlling family will ensure his candidacy is unsuccessful.” Ended up polling poorly with just 0.63% support as no-one took up the opportunity to send a message, even though there was a 45% rem strike. Asked these 4 written questions at the 48 minute virtual AGM and at least they published a copy of the AGM webcast.

63. Euroz Hartleys (EZL): (November 24, 2025) Nominations closed on October 8 ahead of Nov 24 physical AGM in Perth. Lodged letter on Oct 3 citing physical AGMs, executive chair and unfair capital raisings. Never heard back but this notice of meeting dropped on October 23. Has a 4 man board with an executive chair. Market cap $170m. Produced a very biased proxy form on p31. They censored down the platform and only responded with “the board also considers that Mr Mayne's concerns are not justified” after earlier saying “the nomination was unsolicited and is not endorsed by the board. It is well known that as a self-described activist investor, Mr Mayne has routinely nominated himself unsuccessfully, to act as a director on many listed company boards historically.” Hmmm, that's a bit punchy. Ended up polling poorly with just 0.66% support. Didn't attend the physical AGM in Perth and they have not published a copy of the AGM webcast.

64. Pointerra (3DP): (November 24, 2025) Nominations closed October 10 ahead of November 24 physical AGM in Perth. Market cap $40m after a poor year but accumulated losses of $25m and net assets claimed to be negative $1.3m. Has 7,700 holders with no one in control and held a physical AGM in Perth last year. Bought October 6 and then nominated on October 10 at 4.30pm Melbourne time. Was included in this NoM at 6.22pm on October 22. Censored platform and disclosed I'd offered to withdraw if held a hybrid which they obviously rejected. Only polled 2.84% of the directed votes.

65. Andean Silver (ASL): (November 26, 2025). Market cap $400m after a huge year. Ran a last day possible physical AGM in Perth last year. Has 2,337 shareholders with no-one over 10%. Emailed nomination at 6.43pm Melbourne time on October 14. They confirmed it had been accepted the next day. No editing of the platform on page 33. The board nomination mainly objecting to it being a serial offender when it comes to doing placements without an SPP. Strongest words: “recidivist offender” and laid out detail of 3 placements which are currently $80m in the money. Old sparring partner David Southam of Western Areas is chair. Ended up with just 1.47% support. Didn't attend the physical AGM in Perth.

66. Harvey Norman (HVN): (November 26, 2025) Lodged by email on the evening of October 6 before October 7 deadline promising a CV and platform once receipt was confirmed. Received an email from external lawyers on the evening of October 8 requesting a 120 word CV/platform ASAP. Sent through 152 words at about 2pm on October 9. Had a one hour phone chat with Gerry Harvey at 2pm on October 16. The notice of meeting dropped on October 23 with the platform published as submitted on page 9. The online voting via Boardroom was perfectly neutral, so sent it to Insignia requesting they match it given this dodgy effort. Only polled 0.66%, well down on the 8.24% in 2019 when there was proxy adviser support. Listened to the physical AGM in Sydney over the phone.

Cluster of 6 nominations for the board of 6 last day laggard companies holdings physical AGMs in Perth or Kalgoorlie on Friday, November 28, 2025

67. Tribune Resources (TBR): Nominations closed October 14 ahead of 9am physical AGM in Kalgoorlie on the last possible day. Did the same last day trick in Kalgoorlie in 2024. Market cap has soared to $340m recently as its minority interest in an Evolution Mining run gold mine east of Kalgoorlie pays good dividends. Bought October 8 and lodged email nomination at 3.13pm Perth time on October 14. Company Secretary Stephen Buckley emailed at 10.20am on October 20 saying the nomination had been accepted. Interestingly, he resigned straight after the AGM. The entire platform was censored out when it dropped on October 28. Received more contact from disaffected shareholders than any other tilt this season, including former AMP CIO Merv Peacock, who is concerned about issues like poor communication and disclosure and the last day physical AGM in Kalgoorlie. Pleased to receive support from 10.65% of voted stock at the AGM, second only to Carnegie Clean Energy this season..

68. Iperionx (IPX): Nominations closed October 10 ahead of last day November 28 physical AGM in Perth. Market cap had soared to $2.5 billion before a recent slump. The titanium hopeful ran a physical AGM in Perth last year. Bought October 3 and lodged a strong 3 part nomination at 4.30pm Melbourne time on October 10 calling for hybrid AGMs, an independent chair and no more placements without SPPs. The NoM dropped on October 23 with no censorship and they put the full board up for election after “consultation with shareholders”. Proxy ballot paper on p29 was a bit dodgy. Ended up receiving 4.65% support in the poll. Didn't attend the meeting and they offered no webcast.

69. Gorilla Gold Mines (GG8): last day 10am physical AGM in Perth. No early disclosure of the proxies in these formal addresses. Market cap $281m after a strong run this year. Latest annual report says has 2,626 shareholders with no one over 10%. This NoM dropped at 2pm on October 29 and was in there. They cheekily declared: “As at the date of this notice, to the best of the board's knowledge, Mr Mayne holds 1205 shares.” Just say Mr Mayne is a shareholder and therefore qualified to self-nominate. Surprised no one said “only bought in a week before nominations closed”. Cited two dodgy placements with no SPP and last day deluge in a feisty platform they reproduced on the very last page of the 31 page NoM before the proxy form, which was relatively neutral besides board endorsed etc in the resolution title. Received support from a healthy 6.13% of voted stock, the 4th best result of the 17 campaigns in 2025. No AGM webcast published but they produced this bullish 30 slide presentation at the AGM laying out its prospects in WA's eastern goldfields region.

70. Saturn Minerals (STN): held a 10am physical AGM in Perth on last possible day, November 28. Market cap $278m after a boomer year. Did a recent $45m placement with no SPP for retail. Latest annual report says has around 2,215 shareholders with Lion Selection second largest with 15%. The NoM came out on October 29 and was in there. Perfect ballot paper besides “non board-endorsed”. Wrote to them on Nov 5 seeking clarification of their “can't do 2 SPPs in 12 months claim given Arafura is doing that”. We're both sort of right. Only received 2.5% support in the poll. Didn't attend physical AGM and no webcast was offered by the company which is pursuing its Apollo Hill prospect in WA's Eastern Goldfields.

71. Yojee (YOJ): 11am last day physical AGM in Perth. Market cap of the transport software company has soared above $165m recently. Latest annual report shows 4,400 holders with Thorney and HUB both substantial along with founder Geoff Brown. Ran a Perth physical AGM on November 14 last year, although the head office is in Singapore. Bought October 13 and then lodged nomination at 4.40pm Melbourne time on October 17 with 3 points: physical AGMs, 3 man board and recent $5.4m placement with no accompanying SPP. Was included in this NoM at 7.17pm on Friday, October 24. Provided a decent rebuttal on page 26-27 and produced a good clean ballot paper. Only polled 2.04%. Didn't attend the AGM in person and no webcast provided.

72. New Frontier Minerals (NFM): Nominations closed at 5pm Perth October 24. Nominated to Joel Logan at 3.10pm Perth time. Market cap $32m after recent recovery. The old Castillo Copper held a Nov 28 physical AGM in Perth last year. Latest annual report said has 3,152 shareholders. Bought 25,000 shares at 0.2c on Friday, October 17. Did a $1.59m placement at 1.1c in June 2025 with no follow on SPP for retail. Own 25,000 shares. They dropped this NoM at 6pm on October 29 for a 3pm last day AGM in Perth and wasn't in there. However, they added this addendum at 7.59pm on October 31, without even being asked. Has got $32m of accumulated losses and net assets of $11.5m. No protest votes and received 4.09% support. Didn't attend the meeting and no webcast provided.

73. Bank of Queensland (BOQ): (December 2, 2025) thought it was a physical AGM in Brisbane but turned into a hybrid with online questions but not online voting. The NoM dropped on October 30 with the 3 part platform (physical AGM, retail dilution and premature AGM) published in full on page 11. Ended up receiving 1.58% voting support with no headcount data revealed. Also, see text of 4 questions asked at AGM.

74. Myer (MYR): (December 11, 2025) held a 9am hybrid AGM in Sydney. Nominations originally closed at 5pm on September 25, as per this ASX announcement on September 19, but then on October 2 they announced a delay in the meeting from November 28 until December 11 meaning the new nomination deadline was October 9. The constitution requires at least 2 directors submit for election at each AGM. Terry McCartney and Rob Perry were re-elected at the 2024 AGM and Olivia Wirth and Gary Weiss were both re-elected in 2023. They opted for Gary Weiss and Rob Perry who appeared on the notice of meeting ahead of me. Provided proposed platform and CV to cosec at 5pm on October 6 as requested. They proposed full platform censorship and delivered in this notice of meeting. Has some engagement with Ownership Matters, the only proxy adviser to reach out on any of these 17 nominations in 2026. OM recommended against but at least included the platform concerns in their report. They were also summarised in this Crikey story. Also, see this timeline on Solly Lew's full history with Myer. Ended up receiving just 0.77% support in the poll. See wrap of the AGM.

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2026: shaping up to be even bigger than 2025 with 11 so far

75. EQ Resources (EQR): lodged a nomination by email on the evening of December 8, 2025 after they announced their 5th placement in 12 months on Friday, December 5. This is only the second time have lodged a nomination at an EGM, rather than an AGM although there is no precise date as the company only advised that the EGM to approve its latest placement and share allotments to directors would be in late January or early February. They have appeared on multiple times on this placement only shame file, including twice in the past 4 months. After much delay, the notice of meeting finally dropped on February 13 for a March 16 3pm Melbourne time Zoom virtual EGM to deal with 12 share issue resolutions and the hostile Stephen Mayne board nomination complaining about the lack of an SPP. They completely censored the platform. See wrap of the action at 25 minute meeting and voting results where only received 0.66% support.

76. Grange Resources (GRR): Lodged this nomination letter on March 23 at 4.59pm and they came out at 6pm the next day saying nominations close on March 31 for their 10am May 13 physical AGM in Burnie, Tasmania. The notice of meeting landed on April 13 with some punchy language attacking the nomination but at least they ran the platform in full. The local paper in Tassie picked up on the "savage no". Had earlier sent them an email requesting online AGM participation on March 11 but received no response from the Chinese controlled company. Market cap $202m on AGM day. Has retained earnings of $778m and claimed net assets of $1.1 billion so presumably big write-downs are coming if the share price doesn't recover. The auditor is Chris Dodd from PwC. Own 2010 and nominated for the board on a platform of hybrid AGMs, which they refuse to embrace. Voted via Automic on April 26 and appointed Jacqui Lambie as proxy. The online voting was dodgy in naming the incumbent directors but dehumanising me as just a "non-board endorsed candidate". See via this Tweet. The latest annual report says it has 9,241 shareholders and Shagong International (HK) is the controlling shareholder with 47.9%. Only protest last year was 12% against rem report. Polled a miserable 0.81% of the vote. No idea what happened at the meeting.

77. Brisbane Broncos (BBL): held a 10am physical AGM in Brisbane on May 19 and released the notice of meeting at 1.35pm on Friday, April 17. The platform was badly censored, compared with what was requested in this nomination letter. See coverage in Nine newspapers. Market cap $160m on AGM day. Received just 0.2% of the vote in favour, although when you strip out News Corp's 69% stake, it was 136,555 votes in favour and just under 500,000 against, so 21.4% support from the independent shareholders was pretty good. The company has 1,279 shareholders. Requested access to the head count data which company secretary Louise Lanigan politely rejected.

78. Future Generation Australia (FGX): Lodged as an opening salvo to drive some structure and governance reforms within Geoff Wilson's LIC empire. The noms deadline for the 10am May 20 hybrid in Sydney was March 26. Bought on March 13. Former RBA Governor Dr Philip Lowe is the independent chair. Lodged this nomination letter at 4.55pm on March 25. Had a 37 minute call with CEO Kate Thorley late on Friday, March 27 and met with Geoff Wilson for 45 minutes in Sydney on April 10. Received an email from Kate Thorley on April 7 confirming the platform would be run as submitted, which it was in this very fairly constructed notice of meeting. The hybrid AGM was run through Lumi and the market cap was $540m on AGM day. The proxies were not disclosed early in these formal addresses and ended up receiving 5.01% support from 74 voting shareholders. See this wrap of the meeting.

79. Vista Group (VGL): 4pm NZ time hybrid in Auckland on May 21 with noms deadline April 9. Market cap $445m on AGM day. Lodged this nomination letter by email on April 9 and offered to withdraw it if they committed to having a rem vote in 2027. They declined and requested a pile of documents so sent the usual rejection email. The notice of meeting was released on April 20 but sadly they fully censored the platform about wanting them to offer a remuneration report vote. See notice of meeting. Good to see they offered a clean and fair online ballot paper. See Business Desk coverage out of NZ. Plus this longer Business Desk story. Asked these 4 questions at the 2026 AGM and received 2.36% support in the poll.

80. Midas Minerals (MM1): Did an $11.5m placement at 37c with no SPP in September 2025. It has 1,269 shareholders. Market cap was $228m on AGM day. See nomination letter. Was a 9.30am physical AGM in Perth on May 27 and the notice of meeting dropped on Friday, April 24. They commendably ran the proposed CV and platform in full on page 15 with no edits. Ran on the dual platform of hybrid AGMs and fairness in capital raisings. Received surprisingly strong 33.88% voting support.

81. Centaurus Metals (CTM): Noms closed on April 16 ahead of 10.30am physical AGM in Perth on May 28. Biggest protest last year was 7.8% against rem report. The constitution outlines a range of 3-7 directors and it currently has 6 directors but only 1 female. Nominations by a shareholder must be 30 business days before the AGM and on page 32 it uses archaic language suggesting only men can nominate. Market cap was $247m in December 2025. Accumulated losses of $239m and net assets of $35.4m. Own 750 units. They did a placement with an SPP last year. Lodged this nomination letter by email at 3.39pm Perth time on April 16, the last day possible. The chair texted and then called to discuss the nomination before the notice of meeting came out and I said the only thing I really wanted was for the strong platform detailing their capital raising record to be published in full. At 4.43pm on April 30 they released the notice of meeting with the platform fully censored on page 9 and a proxy form which said the chair would be voting in favour of my election. At 7.25pm on April 30 they released a corrected proxy form advising that the chair would be voting against my nomination. After the glories of 33.8% at Midas Minerals the day before, back to the usual friendless territory with just 0.7% at Centaurus.

82. Toubani Resources (TRE): ran a 3pm physical AGM in Perth on Friday, May 30, 2025, the last possible day, and brought it forward by one day to 2.30pm on Thursday, May 28 in 2026. Market cap $316m on May 11 after a huge year. No protest votes last year. Accumulated losses of $116.5m and net assets of $8.6m. Governance is poor. They don't make an ASX announcement detailing when nominations close and the constitution doesn't appear online when it should be on this page. Bought in on March 9 and then lodged this nomination letter about capital raising fairness and hybrid AGMs at 10.51pm on the evening of Sunday, April 12, 2026. The notice of meeting dropped at 3.20pm on April 28. The CV and platform was published in full on page 9-10, after the board produced plenty of negativity about the nomination. After the glories of 33.8% at Midas Minerals the day before, back to the usual friendless territory with just 0.6% at Toubani.

83. Challenger Gold (CEL): Last year was a 10am physical AGM in Sydney with no protest votes. Lodged emailed nomination at 12.07am on April 17 after buying 3,125 shares on April 14. The notice of meeting dropped at 1.21pm on April 29 and detailed a fully virtual meeting at 7am Perth time on May 29. From physical only to fully virtual. Work that one out. The platform on page 21 was watered right down to generic comments about physical AGMs and placements with no SPPs, whereas this nomination letter requested that a lot more detail be included. Disappointing censorship. Voted against all 11 items besides my election on May 11. Market cap $329m on May 11. Retained profits of $174m and net assets of $203m. See AGM wrap where asked 5 questions at 25 minute meeting and was happy to receive 4.37% support.

84. Larvotto Resources (LRV): Advised on April 2 that the deadline for nominations was April 9 ahead of the 10am May 29 physical AGM in Perth. Lodged this nomination letter by email at 11.10pm AEST on April 8, the night before nominations closed. Didn't give them an opportunity to negotiate withdrawal given the two placements without an SPP over the past 18 months. Bought on January 30. Also, sent this earlier letter about a capital raising expansion. The notice of meeting dropped at 4.57pm on April 29 and they commendably published the CV and platform in full on page 35 plus produced a neutral ballot paper. Received 3.06% support.

85. Elsight (ELS): ran a 5pm physical AGM in Perth at Automic on Thursday May 29 last year and switched to a 3pm physical meeting on the last possible day, Friday, May 29, in 2026, but then bolted on some online access a few days before the meeting. No protest votes last year. Market cap $1.2 billion in May 2026 after an amazing run. Didn't release deadline for noms in 2025 or 2026. The constitution outlines a range of 3-9 directors and it currently has 5 directors. Nominations must be 30 business days before AGM and shareholders can self-nominate. Emailed this nomination letter at 4.40pm on Sunday, April 12. Director Howard Digby replied at 7.18pm on April 14 and I wrote back at 9.30am on April 16 thanking them for promising a hybrid and proposing a tweaked platform that would be fully withdrawn if they offered a make good SPP, which was not forthcoming. The notice of meeting dropped at 4.49pm on April 28 but bizarrely detailed a physical AGM in Perth when my platform, which ran in full on page 9 with no edits, lauded them for making the switch to a hybrid. See 5 questions asked at 28 minute meeting and voting results with just 1.09% support.

Copyright © 2026 The Mayne Report. All rights reserved

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