14 questions asked at Suncorp AGM

September 23, 2021

Here are the 14 questions Stephen Mayne asked at the 2021 Suncorp AGM held on September 23.

1. Why didn't you follow the lead of Afterpay and Ausnet and disclose the proxy position to the ASX before the AGM along with the formal addresses so that interested shareholders could ask questions about the reasons behind any protest votes? When will the proxies be disclosed?

2. In the interests of full transparency, could you please follow the lead of companies like Crown Resorts, Transurban, Woolworths and AGL by publishing a full video archive of today's AGM on your website, along with a full transcript of proceedings.

3. Well done in securing $440 million from AMA for our car repair and car parts business two years ago. AMA is now under severe pressure with a market capitalisation of just $440 million. Would it make sense for us to buy the business back or provide a cornerstone shareholding in AMA's hour of need?

4. The Suncorp bank business remains sub-scale and we don't even appear to have participated in the ME Bank sales process last year, which was won by our rival Bank of Queensland. Why don't we sell our banking business to either Bendigo or BOQ and instead become a pure play insurer like QBE and IAG?

5. Lindsay Tanner's CV shows that he is the long term President of Essendon Football Club which continues to resist the push by rival AFL clubs such as Melbourne, Collingwood and the Western Bulldogs to get out of the poker machines business. Could Mr Tanner please explain his personal approach to ESG and could the chair also please comment on whether Suncorp will stop AAMI sponsoring the Victorian Spring Racing Carnival given its association with gambling and animal welfare concerns?

6. Suncorp has borrowed more than $4 billion from the Reserve Bank for the next 3 years at just 0.1%. Why did our relatively small banking division need this much support and what are we obliged to do for our customers having received such enormous government support? Why don't we pay it back early and be a proudly independent listed banking not relying on government support?

7. The Suncorp bank business remains sub-scale. Did we participate in the ME Bank sales process last year, which was won by our rival Bank of Queensland? If not, why not? Are we serious about growing our banking division?

8. Does Duncan West agree that each individual director elections should be dealt with separately, rather than as a group of 5. These director resolutions should be resolutions 3 to 7 not 3a to 3e. In future AGMs, can each resolution have its own number and separate debate, rather than this unsatisfactory "job lot" approach.

9. Suncorp has borrowed more than $4 billion from the Reserve Bank for the next 3 years at just 0.1%. This is a very profitable loan which ultimately will lead to bigger bonuses for some executives. Have any remuneration changes been make to take into account this unexpectedly large government subsidy?

10. When disclosing the outcome of the 5 board elections and all other resolutions today on your website, could you please advise how many shareholders voted for and against, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholders sentiment on all resolutions and was a disclosure initiative recently adopted by Metcash after its AGM.

11. It's great to have Duncan West's specific insurance experience available to Suncorp. However, Mr West appears to have multiple board gigs in the insurance sector. Can he please explain how conflicts are managed and why is he in the process of currently resigning from two of these other insurance gigs with Holland and LawCover?

12. Having been a senior Queensland public servant when Suncorp was privatisated, could Doug McTaggart please comment on whether there are any residual legislative or constitutional constraints that require Suncorp to have its head office in Queensland or a certain number of Queensland-based directors. Are we free to follow AGL's lead and relocate our head office to Melbourne? Can we be taken over without Queensland Government approval?

13. Did Suncorp qualify for JobKeeper? The scheme was widely criticised for being rorted by major corporates and Premier Investments, where Sylvia Falzon serves on the board, was one of the most criticised companies. Could she please comment on the ethics of Premier claiming more than $100m in JobKeeper?

14. Having been the longest serving Suncorp director since 2012, is this Doug McTaggart's last term. Does Suncorp have tenure limits? Doug is an excellent director but could he please advise his age and also whether he participated in the recent capital notes offer?