Complete public company election record

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. Would love to get this sort of number if running for ASX these days. See Mayne Report package.

3. Commonwealth Bank (39.71% of proxy vote with 89.65m proxy votes in favour and 136.1m against) 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 its first ever external board tilt.

4. WA News (28.41% of vote) November 2, 2000
Who were all these institutions voting in favour. 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. This remains one of my 5 worst voting results. See Mayne Report package.

6. Telstra (14.65% of vote), November 17, 2000
The earliest and best supported 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. This was the first example of using a board nomination to apply pressure to secure a specific outcome. 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. Was even mentioned in The AFR's 2026 "Last Gadfly" profile.

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

9. David Jones (11.46% of vote), December 11, 2000
Alan Kohler travelled up from Melbourne for the day and used this tilt as the basis for a story on The 7.30 Report about this strange chap running for all these public company boards.
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. Still, would love to get this sort of number these days.
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 but still more than respectable - 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. They were funding it and this tilt was part of the multi-pronged pressure campaign to get them to back down, which they eventually did when I paid them 50k in February 2002.
See Mayne Report package.

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

15. John Fairfax (20.58% of vote) November 7, 2001
Best of three tilts at the media company. Again, who was voting in such numbers for the serial pest? 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. They played for keep at Spotless, even though I'd played school cricket with the son of the company secretary. Presume it was Bryan Blythe and Ron Evans directing the heavy combat. 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 and very happy to get into double figure with the support of people like fund manager Fred Woollard.
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 in terms of attending his News Corp AGMs in Adelaide and almost elected from the floor on the show of hands. Was interviewed by Tony Jones on Lateline that night, such was the impact.
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 but this was the 14th result above 10% in the first 21 nominations which was spectacularly good in today's context.
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. Was even mentioned in The AFR's 2026 "Last Gadfly" profile.

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, this detailed nomination letter, 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 completed contests so far, 9 notices of meeting out and plenty more to come

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.

86. BHP (BHP): after they had banned online access to their AGM for 4 years, sent this nomination letter on August 12. Met with general counsel Stefanie Wilkinson on September 3. Was surprised when they declined to provide online access to their AGM so the nomination proceeded. The notice of meeting landed on September 15 with no platform censorship. It is a physical meeting at Sydney's Olympic Park at 10am on Thursday, October 22. The proxy form was ok but still featured a board recommendation and separation from the other candidates. The AFR covered the proxy adviser recommendations 3 weeks before kick off. Didn't attend the two hour and 25 minute physical AGM in Sydney. Agreed to provide a 2 minute audio recording which they played at the meeting when dealing with the resolution. Received 0.79% support in the poll, which I Tweeted at the time with BHP shares closing at $57.13: "Humbled, honored and gratified to receive voting support from hundreds of shareholders at today's BHP AGM for a combined $1.329 billion worth of shares. And no hard feelings to the hundreds of shareholders holding $183 billion worth of stock who voted against."

20+ CONTESTED ELECTIONS YET TO OCCUR BUT WHERE THE NOTICE OF MEETING IS OUT

87. Viridis Mining & Minerals (VMM): constitution does not appear to be online so emailed the company on August 12 2026 requesting a copy. It currently has an all male board comprising 5 directors. In July 2025 it announced an $11.5m placement at 91c with no SPP for retail shareholders. Stock was at $3.19 by October 5 giving it a market cap of $613 million so retail shareholders were badly diluted. Ran a dinosaur physical AGM in Perth on November 24, 2025 where there were 5 double digit protest votes. The 2025 annual report reveals it has 2,010 shareholders. Noms deadline was Sept 23 and only lodged at 5.30pm AEST on September 23 by email with no offer of a possible withdrawal. The notice of meeting dropped on October 5 detailing a 10am physical AGM in Perth on November 4. The platform was run in full without editing on page 16 of the NoM.

88. Breville (BRG): constitution is not published online. It currently has 8 directors including a non-independent chair, Tim Antonie. Has long run physical AGMs at its Alexandria HQ in Sydney, presumably with sod-al shareholder engagement but we don't know because they don't publish any recording of the meetings. They don't bother with doing a separate ASX announcement confirming the deadline for nominations. Lodged this nomination letter on Sunday, September 13, 2026 when market cap was $4.56 billion. It has 9,002 shareholders and Solly Lew controls 30.3%. The physical AGMs isn't any great surprise give it is pretty much controlled by Solly who never does hybrids at his Premier Investments AGMs. Announced Rob Perry would become a new independent director on September 15 when he has a long history with Solly Lew, including being his hand-picked Myer audit committee chair and is a former auditor of Premier, back in his Ernst & Young days. Never heard back from anyone until the notice of meeting dropped on September 30, revealing the entire submitted platform had been omitted and a very biased ballot paper. The AGM is at 10am on November 5 in Sydney.

89. Southern Cross Media Group (SXL): lodged nomination sans platform at 11.10pm on September 15, 2026. Lodged this final version late on Friday, September 25 after declining to fill in their over the top consent to act form. The platform was over the top on my media credentials and very understated on the governance issues at the company, not even mentioning the Stokes family. This might explain why there was no censorship in the notice of meeting which dropped on October 2 revealing an 11am physical AGM in Sydney on November 5 with a one-way webcast, a step back from previous hybrids. Was relegated down to the final item - resolution 13 - but there's plenty going on as activist shareholder Sandon Capital, which owns 5.5%, has put up a removal resolution against independent director Marina Go. Former WA Premier, a long-time Stokes ally, is seeking election as an endorsed independent director and they're proposing a name change to Seven Media Group, which would complete the Stokes family reverse takeover now that Ryan Stokes has won the internal politics and become chair. Kerry retired as chair in February 2026 as promised in the merger deal but has since been personally creeping up the register and is still largely pulling the strings behind the scenes and control about 23% of issued capital. See 4 questions asked at 2025 AGM.

90. Aurum Resources (AUE): announced a $52.5m placement at 55c in September 2026 but there was no SPP for retail investors (see placement only shame file) so bought on September 25 and lodged nomination at 11pm on September 29 not offering them any way out due to two standalone placements in 2026. Market cap was at $255m on October 9 with the stock at 51c. Has got 1600 shareholders and doesn't do noms deadline announcement to the ASX. The notice of meeting dropped on October 9 revealing a physical AGM at 9am in Perth on November 10. The CV and platform set out in this nomination letter was badly butchered with excessive critical material from the company. See pages 20-21 of the NoM.

91. DigiCo Infrastructure REIT (DGT): bought on Sept 21, 2026 ahead of nominations closing Sept 30 ahead of the 11.30am physical AGM in Sydney on November 11, with a one way webcast. Offered to withdraw if they bolted on online written questions but they refused, as is detailed in the notice of meeting. Market cap $1.42b. The NTA is $1.94b. Home is the largest shareholder with 21% and they failed to disclose how many shareholders they have. Lodged on Sept 25. They tried on background checks and wouldn't deal so nomination proceeded. The notice of meeting dropped on October 9 with the platform published in full on page 9. They were still sending criminal background check emails as late as October 12.

92. GreenX Metals (GRX): is running a 10am physical AGM in Perth on November 11. Market cap $317m. Has got 1166 shareholders and did a $12m placement with no SPP earlier this year. Bought on September 17 and then lodged nomination on September 21 ahead of September 24 deadline not offering anyway pathway to withdrawal. The notice of meeting dropped on October 9 and they ran the CV and platform in full albeit with plenty of barbs and counter arguments thrown in. See pages 13-14 of this very lively NoM.

93. Genesis Minerals (GMD): bought on Sept 15. Market cap $8.47b when lodged on Sept 29, offering to withdraw if they offered written questions. Never heard back from them so presume that was a no. Deadline was Oct 1 last year and same this year. The notice of meeting dropped on October 9 for the November 12 physical AGM and appeared as resolution 23 out of 23. They ran the platform in full along with a rebuttal on p44.

94. GBM Resources (GBM): bought on September 25 ahead of nominating on the last day, September 29. Market cap $103m. Has got 1711 shareholders and a did $40m placement with no SPP in October 2025. Heard nothing back until the notice of meeting landed on October 14. Didn't give them the option of a negotiated withdrawal given dreadful record of doing multiple placements with no SPP. Kudos to them for running the platform in full and then engaging in the debate. See p15 of NoM. The physical AGM in Perth starts at 10am on November 17 and there is no webcast, let alone an ability to participate online.

95. WAM Microcap (WMI): 8.30am hybrid AGM in Sydney on November 18. See notice of meeting. Was last for the day at 2.15pm last year. Market cap was $373m in Sept 2026. Has got 9,300 shareholders. Bought 378 shares on Sept 14. Lodged a board nomination on September 19. Geoff Wilson was last elected in 2024. Had a 4 person board when lodged but they've added directors to achieve a majority of independents so three are up for election, including new director Sally Loane.

96. WAM Active (WAA): 9.15am hybrid AGM in Sydney. See notice of meeting. Market cap was $148m on Sept 13. Currently own 13 shares. Nominations closed on Sept 28, 2026. Geoff Wilson was last elected in 2024 with 97% support. Has got a 4 person board including Simon Poidevin. Nominated for the board at 4.45pm on Sunday September 27, one day before noms closed. They ran the platform in full in the notice of meeting and neutralised the lack of independent directors pitch by adding Rodney Ebsworth to the board who is up for election along with one of the incumbents.

97. WAM Research (WAX): 11.15am hybrid AGM in Sydney on November 18. See notice of meeting. Was 9.15am last year. Market cap $184m on Sept 13, 2026. See 6 questions asked at 2024 AGM. See 6 questions asked at lively 45 minute 2025 AGM where Geoff Wilson promised to resume asking for extra 10% placement capacity and did his straw poll on holding 7 AGMs in one day. Own 10 shares. Geoff Wilson was last elected in 2024 when he suffered a 5% protest vote. Nominations closed on September 21, 2026. Lodged a board nomination on September 13. The platform was run in full in the notice of meeting and the two incumbent directors up for election are Kate Thorley and John Abernathy.

98. WAM Income Maximiser (WMX): 2pm hybrid AGM on November 18 in Sydney. See notice of meeting. After raising $150m at $1.50 per share in an April 2025 IPO, held its debut AGM last year on the last possible day, November 28, and Geoff Wilson was elected with 99.4% support. Has moved to join the mad November 18 rush this year. Nominations close on September 21, 2026. Market cap was $480m on Sept 13, 2026 with the stock at $1.60. Had got a 4 person board with the independents being JoAnne Fisher and Curt Zuber. Nominated for the board at 4.45pm on September 21, just 15 minutes before the 5pm deadline passed. They've since added Anne Anderson who will be up for election along with Curt Zuber. They ran my platform in full with no edits in the notice of meeting.

99. WAM Strategic Value (WAR): 4pm hybrid in Sydney on November 18. Market cap was $204m on Sept 13. Bought 437 shares on Sept 14. Nominations close on September 21, 2026. Lodged a board nomination on September 19. Has a 4 person board including Glenn Burge and Virginia Waterhouse. Geoff Wilson re-elected last year with 98% support. The two independents were up in 2024. In 2023 it was Kate Thorley, 21% against rem and 9.4% against extra placement capacity. The notice of meeting dropped on October 16. Kate Thorley is up again this along with new independent director Kym Evans and myself. The AGM is scheduled for 4pm on November 18 in Sydney, the last of 9 on a big day of meetings.

100. Tasmea (TEA): noms close on Sept 30 ahead of 1pm physical AGM in Perth on November 18. Market cap was $3.11b on Sep 25. Has got 3,866 shareholders. No protest votes across 11 resolutions last year at the Adelaide AGM. Gave bizarre line re board nominations a spray on Twitter. Bought on Sept 25 and lodged at 11.30pm on Sept 29. CFO/Cosec Simone Thompson replied as follows on Oct 6: "Hi Stephen, Thank you for your email and nomination letter of 29 September 2026, which the Company received by email to admin@tasmea.com.au. I'm writing as Company Secretary to confirm receipt. Your nomination has been referred to the Nomination and Remuneration Committee for consideration, and we will advise you in writing whether it will progress to a resolution for election at the Annual General Meeting. To be clear, this email only acknowledges receipt. It isn't an acceptance of the nomination or confirmation that it meets the requirements of the Company's Constitution. I have also noted your comments on the format of the AGM and will refer them to the Board. Regards, Simone." Sent a stiff email back saying it wasn't at their discretion and to just embrace online questions. The notice of meeting dropped on October 19 and the AGM is a 1pm physical in Perth on November 18. The platform calling for hybrid meetings was censored (see p31 of the 35 page notice of meeting) so no-one knows why I'm running.

101. Aeris Resources (AIS): after they ran a physical AGM in 2025, sent this detailed letter to them on November 29, 2025 suggesting they get with the program and embrace hybrid AGMs from 2026, whilst also lobbying for fair treatment in a capital raising. Didn't disclose nomination deadline in separate ASX announcement. Bought Sept 15 and lodged late on September 23. Received email confirmation on Sept 25. There was nothing further until the notice of meeting dropped on October 16 for November 19 physical AGM in Brisbane. Market cap $772m on Sept 13, 2026. They commendably ran the platform in full.

102. WIA Gold (WIA): lodged on August 12 and company secretary confirmed receipt on the same day. This was the earliest nomination as the deadline wasn't until October 1. The notice of meeting dropped on October 19, detailing a 10am physical AGM in Perth on November 19. They ran the bruising platform detailing its appalling capital raising record in full on the very last page of the 35 page notice of meeting. Market cap was $888m on October 20. Appointed Cam as proxy at earlier EGM on September 13 and he turned a 4 minute meeting into half an hour. See write-up of meeting.

Capricorn Metals (CMM): the booming gold miner always holds late November dinosaur physical AGMs in Perth. See 2025 notice of meeting. Market cap was $5.66b October 26, 2026 and the latest annual report says it has 7,477 shareholders. The 4 biggest shareholders are all index funds which together own 26.2%. Bought on September 7 and then lodged nominations on Sunday, Sept 27 offering to withdraw if they offered online questions. This was good enough for 30 other companies this season, but not the recalcitrant Capricorn Cowboys. Never heard anything from them. The notice of meeting dropped on October 23 detailing a 10am physical AGM at the Perth Convention Centre on November 24. Gave the dehumanised ballot paper a spray on Twitter. Whilst it was buried, at least they ran the platform in full on the last page.

Alpha HPA (A4N): constitution is not on the website so emailed the company requesting it be published on September 17 2025 and investor relations boss Robert Lord replied saying he was looking into this. It still isn't there. In August 2026 it had 7 directors with Norm Seckold as non-independent chair. Market cap was $559m on October 26, There were protests of 14% and 17.8% against two directors at the AGM held on November 24, 2025, which was a physical meeting in Sydney with a one-way webcast but no interaction. It has around 5,500 shareholders and Regal is the largest with just under 10%. Bought on Sept 10. Lodged via this emailed letter at 9.15pm on Tuesday, Sept 15. Gave them a public reminder to engage via this Tweet on September 27. Heard nothing. The notice of meeting dropped on October 23 detailing an 11am physical AGM in Sydney on November 25. They're offering a one way webcast via MUFG. They handled the CV/platform side of things better than anyone so gave them a plug on Twitter for that.

Elevate Uranium (EL8): after they ran a CWA Perth physical AGM in 2025, bought 2,174 shares on October 7 and lodged a nomination at 1.50pm WST on the last possible day, October 13, offering to withdraw if they introduced online questions. These dates and share volumes were helpfully shared in the notice of meeting. Never heard a word back and until said notice of meeting dropped on October 23 detailing a 10.30am physical AGM in Perth on November 25. The platform was run in full but they bizarrely went into all these reasons why I shouldn't serve as a director without ever responding to the single issue platform of online questions. Gave their strange tactics an airing on Twitter. Market cap was $92m on October 26, 2026.

Black Cat Syndicate (BC8): constitution doesn't appear to be online so emailed requesting access to it on August 12, 2026. In August 2026 it had 5 directors. It is a serial offender when it comes to doing placements without an SPP. Market cap was $426m on October 26, 2026. There was a 47% protest vote against a termination benefit at the AGM held on November 27, 2025, which was a physical meeting in Perth. It had 7,540 shareholders according to the 2025 annual report. Lodged board nomination letter on September 9 giving them no option for a withdrawal given appalling capital raisings record. Heard nothing so gave them a public reminder to engage via this Tweet on September 27. Still never heard anything and then 18 page notice of meeting dropped on October 23 detailing an 11am physical AGM in Perth on November 25. Gave the overly combative NoM a slap on Twitter but delighted to be assessed as "independent" and they did run the combative platform in full on page 7.

Polymetal Resources (POL): It runs the Endeavour silver mine in Cobar and noticed they ran a physical AGM in Brisbane last year. They've got a market cap of $160m on October 26 and 3,243 shareholders with no one in control. Has a 3 man board with only 1 NED so nominated despite the SPP following last year's $35m placement. Bought on Sept 25 and lodged at 9.30pm on Sept 29 offering a potential withdrawal. Had a phone call with the exec chair's son and pitched him a bespoke email which later reworked for multiple other companies to great effect as the deals flowed. Alas, not with this company. The notice of meeting dropped on October 26 detailing a 10am physical AGM in Brisbane on November 27 at their lawyers' office, which might be handy after two fatalities in 2025-26. At least they ran the submitted platform in full on page 14. After they refused to deal, had this to say on Twitter.

Ballard Mining (BM1): the WA gold explorer and developer was spun out of Delta Lithium in early 2025 and chose to run a last possible day physical AGM at the Celtic Club in Perth last year, so lodged at 4.30pm WST on the last possible day, October 9, after buying on October 2. They announced a $45m placement on October 12. It was accompanied by a skinny $5m SPP which closes on November 9 so gave that a run in the platform. Offered to withdraw if they provided online written questions but never heard back from anyone before the 37 page notice of meeting dropped on October 26 detailing a 10am Perth time physical AGM on Friday, November 27. Gave some of their pompous NoM language a whack on Twitter. But at least they ran the platform in full on page 20. Market cap was $309m on October 26.

Copyright © 2026 The Mayne Report. All rights reserved

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