SP Ausnet 2010 AGM women transcript

August 10, 2010

Transcript of our question about female represenation at the SP Ausnet AGM on July 14, 2010.

Stephen Mayne: Look I'm supporting George's re-election, but I simply want to make one point, and that is, with the retirement of Mr Myer there's obviously a vacancy on the board for a new independent director.

I would simply like to make the point that SP Ausnet is in that unfortunate club - along with Oz Minerals, Transurban, Alumina and too many other companies that has an all male board, and that there is an unprecedented push on at the moment to get appropriate diversity on Australian boards.

I think that everybody recognises that 9% representation is outrageous in 2010, and that there is no way that 9% representation is anywhere near merit, in terms of what would be a more appropriate gender diversity on Australian public companies.

So I am strongly urging the board to look for a suitable candidate, and to look very favourably to try and address the gender imbalance, and recruit someone who is both talented and has the appropriate skill set, and I think you will find that there are plenty of suitable candidates out there, and hopefully at next year's AGM, you'll be out of that unfortunate club - which is the all boys board club, which this company remains in 2010, unfortunately a member of.

Chairman: Thank you very much Stephen, for your comments and views.

As I mentioned earlier on, we are in the process of replacing Martin with another independent, non executive director, and as I have also mentioned, we will be seeking diversity for the board and we'll seek the best person for that role.

So we hope to let shareholders know of the outcome as soon as possible. Thank you very much Stephen.