Questions asked at 2021 Link Group AGM
November 26, 2021
Questions asked at 2021 Link Group AGM.
Congratulations to Link for offering the best online AGM platform in the Australian market. The drop down box for questions allowing you to identify the item it is related to is not offered by your competitors. It is also terrific to have a full record of all questions asked, so that you can amend them and capture a record after the meeting. The web page listing all upcoming AGMs that Link is hosting is also very useful. Keep up the good work in this regard.
Did any of the 5 main proxy advisers in the Australian market - ACSI, ASA, Ownership Matters, Glass Lewis and ISS - recommend a vote against any of today's resolutions? Has there been a material proxy protest vote against any of today's resolutions? Will you disclose the proxy votes before the debate on today's resolutions so shareholders can ask questions if there have been any protest votes?
Glenn is a long term director of Southern Cross Media which was a pioneer at its 2021 AGM by agreeing to disclose the outcome of all resolutions by both shares voted and shareholder voting, similar to what happens with a scheme of arrangement? This provides a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative also recently adopted by Metcash. Will Glenn support Link also making this disclosure move after today's AGM and what does the chair think of this proposal?
Given the interesting discussions across a range of topics today, including this proportional takeover proposal, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on our website. Nine Entertainment chairman Peter Costello, who appreciates the benefit of a parliamentary hansard transcript where MPs don't have to scroll through old videos to find out what was said, made this change last week & had a full transcript of Nine AGM online before the end of the day.
The Federal Government is moving to allow virtual meetings only and a number of companies have proposed constitutional amendments to allow this to happen, although several of these have been defeated. Congratulations on holding a hybrid AGM today and please comment on whether virtual only meetings is good or bad for our business.
Could the chair comment on whether he agrees with the comment that the past remuneration arrangements put in place for the management team, created incentives for aggressive takeover moves. In hindsight, was this a mistake and if he could have his time again, which of the offshore acquisitions would Mr Carapiet not have proceeded with?
In the public company space, the CVs of professional directors really matter. What they do at 1 company indicates what could happen elsewhere. Could Glen Boreham comment on why Southern Cross Media did one of the worst structured capital raisings last year in terms of protecting the interests of retail shareholder. It included a big institutional placement component, it wasn't renounceable, it was heavily discounted & retail investors couldn't even apply for additional shares, hence they were badly diluted. Why did he do this?
Please disclose the proxy votes before the debate. Has there been a strike?
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