AGMs

Questions asked at shareholder meetings in 2022


September 27, 2022

Below is a list of the AGMs or EGMs where Stephen Mayne asked questions in 2022. After a record 70 last year, we're aiming to crack 100 this year given the ease of access provided by online or hybrid AGMs. This would lift the overall tally above 650.

36. ASX Group (ASX): 10am, September 28: hybrid meeting with physical component at ASX Theatrette in Sydney. See notice of meeting.

35. Suncorp (SUN): 1pm, September 23: first ever hybrid meeting was pushed back a day due to the public holiday for the Queen. Physical meeting in Brisbane and lodged 10 written questions, seven of which were asked. Watch high quality webcast of meeting which lasted 2 hours and 26 minutes. No meaningful protest votes and requests for transcript and broader voting disclosure were rejected by chair Christine McLoughlin.

34. Air New Zealand (AIZ): 2pm Auckland time, September 22. 2022: Hybrid meeting in Auckland which lasted 1 hour and 42 minutes. Lodged these 14 questions but only 4 were asked. Waiting for AGM webcast to be published. No meaningful protest votes and proxies were disclosed with the formal addresses ahead of the meeting.

33. Collins Foods (CKF): 9.30am, September 2, 2022: hybrid in Brisbane. See notice of meeting and good to see proxy votes disclosed in the pre-AGM presentation. No meaningful protest votes. See list of 9 questions asked, the majority of which were ignored courtesy of a 2 question limit which was attempted mid-meeting but partially rejected by chair Robert Kaye SC. No sign of AGM webcast archive or transcript, despite requests.

32. Webjet (WEB): 9am, August 31, 2022: hybrid AGM with physical component in Melbourne at the company HQ on St Kilda Rd. See notice of meeting plus list of 15 questions asked, all but one of which were answered. No material protest votes and meeting lasted 90 minutes with 40 minutes of Q&A. Well done to the company for producing a full transcript for the first time.

31. ALS Corp (ALQ): August 23, 2022: hybrid AGM with physical component in Brisbane. See notice of meeting plus list of 12 written questions, the majority of which were ignored. Double digit protest vote against both directors up for election. No sign of AGM webcast archive or transcript.

30. OzForex (OFX), 2pm August 11, 2022: hybrid AGM with physical component in Sydney HQ. See notice of meeting. Only 4 of these 14 written questions were asked. Watch 78 minute webcast archive on Youtube, although no transcript produced. No material protest votes and they've been lodging the proxy votes with the presentation slides ahead of the AGM for many years, more than any other listed company. See Eureka Report write-up. See multi-language Twitter answer to one question from incoming chair Patricia Cross.

29. Macquarie Group (MQG), 10.30am, July 28, 2022: 10.30am hybrid with physical component at the Grand Hyatt in Melbourne. See notice of meeting. Online registration and questions commenced at 9.45am. See full exchange over 13 questions lodged across 3 different platforms. No protest votes of note. See Crikey and Eureka Report write-ups.

28. Eagers Automotive (APE): 10am, July 15, 2022: a hybrid EGM to approve a $193 million related party transaction involving the Canberra car retailing assets of billionaire director and largest shareholder Nick Politis. The physical component was held at Morgans in Brisbane. Lasted for an hour and impressed that all 6 of these written questions lodged during the meeting were read out in full and answered comprehensively. The deal went through with 98% of voted stock in favour, even though proxy adviser Ownership Matters recommended against.

27. CSR, 10am, June 30, 2022: hybrid with physical component in Sydney. Lodged 10 questions and all but 1 were asked although there was some editing. Watch 62 minute webcast. They refused to provide a transcript. No notable protest votes.

26. Appen (APX): May 27, 2022 10am: hybrid with physical component in Sydney. Lodged 10 questions which were all asked, but some were edited down. Watch 1 hour 48 minute webcast. See coverage in The Australian.

25. Costa Group: 11am, May 25, 2022: hybrid meeting with physical component at 447 Collins St. Lodged these 9 questions but don't know what happened as no webcast archive published. Biggest protest vote was 5% against director Harry Debney.

24. Stanmore Resources (SMR): May 25, 2022 noon: hybrid with physical element in Brisbane at offices of law firm Norton Rose. See notice of meeting. Most of my questions were ignored, particularly those directed at the directors up for election about the recent dodgy capital raising. Watch webcast of 56 minute AGM.

23. Viva Energy: 3pm, May 24: hybrid meeting with physical component at Docklands Stadium in Melbourne. Asked 7 questions. Watch 81 minute webcast. Only protest was 12% against rem report. No transcript provided by the company, so we spent a few bob getting this partial transcript done.

22. Dicker Data: 2pm Friday, May 20: hybrid with physical component at Kurnell on Sydney's southern fringes. See notice of meeting. See text of 11 questions asked. Meeting lasted 90 minutes. Second strike on rem report. See results. First ever archive of webcast promised and subsequently delivered.

21. Crown Resorts (CWN), 10am, delayed from April 29. Fully virtual EGM to approve the Blackstone takeover. See announcement. Meeting lasted 32 minutes. Watch webcast. See text of 8 questions asked. Packer voted in favour so result was 99.9% support.

20. Woodside Energy (WPL): May 19, Perth: 10am (WST) hybrid. See notice of meeting. See text of 7 questions asked. Meeting lasted 3.5 hours. Sadly, no archive of the webcast has been provided. Big protests with 49% opposing climate report. See results.

19. Eagers Automotive (APE): May 18, 11am (QLD time): Hybrid meeting with the physical component at the Brisbane office of Morgans stockbrokers. See notice of meeting. Pre-AGM email sent on April 16. Lodged proxies early. Yes to see promised archive of webcast. See text of 11 questions asked.

18. Vita Life Sciences (VLS): noon, May 11, 2022: Hybrid meeting with physical component at Automic Office in Sydney on level 5 of Deutsche Bank House at 126 Phillip St. See notice of meeting. Was only shareholder who attended in Sydney with main issue being asking about assault conviction of director Shane Teoh.

17. GPT (GPT): May 11, 10am. Hybrid with the physical meeting at Swissotel in Sydney. See notice of meeting. Pre-AGM email sent on April 15. Attended in Sydney and asked about 10 questions. Watch webcast and see results with only minor protest being 3.34% against director Michelle Somerville. No early disclosure of proxies or transcript provided.

16. Iress (IRE): May 5, 11.30am, 2022: level 27, 447 Collins St (new pantscraper building), plus online. See notice of meeting. See text of 4 questions asked. No early proxy disclosure and 3 rem protests between 12-15%.

15. QBE (QBE): May 5, 10am: hybrid with the physical meeting at the Wesley Conference Centre in Sydney. See notice of meeting. Pre-AGM email sent on April 15. They ignored all requests. See text of 7 questions lodged. Voting results showed 21% against director pay rise and 19% support for contingent shareholder resolution on climate. Watch 97 minute AGM webcast. Transcript request declined.

14. Ventia Services (VNT): May 5, 10am: virtual only meeting. See notice of meeting. Pre-AGM email sent on April 15. They agreed to most pre-AGM requests, including publishing proxies early. See text of 6 questions asked and transcript.

13. Rio Tinto (RIO): May 5, hybrid. 9.30am at The Sofitel in Melbourne. See notice of meeting. Pre-AGM email sent April 28. See text of 2 jumbo questions lodged which generated coverage in The West Australian. First ever climate vote. See voting results and watch 2 hour and 12 minute webcast. The also produced this first ever transcript.

12.
TPG (TPG): May 3, 3.30pm. Fully online meeting. See notice of meeting. Pre-AGM email sent on April 11. See text of 8 questions. No meaningful protest votes. Proxy votes lodged with ASX ahead of meeting. Watch 65 minute webcast.

11.
Santos (STO): May 3, 10am (Adelaide time): Hybrid meeting with physical component at the Adelaide Town Hall. See notice of meeting. There were 4 separate shareholder resolutions on climate issues and the first non-binding vote on the Santos climate report. See pre-AGM letter sent on April 16. See text of 11 questions asked and big protest votes with a first strike on rem and 37% protest vote against the climate change report.

10. Latitude Financial, noon, April 27, 2022. Hybrid meeting with physical component being held at the RACV Club in Melbourne. See notice of meeting. Pre-AGM email sent on April 11. See text of 8 questions asked. Meeting lasted just under an hour and no-one else asked questions. No webcast archive or AGM transcript provided.

9. G8 Education (GEM), April 27: 11am hybrid in Brisbane. See notice of meeting. Pre-AGM email sent on April 11. See text of 7 questions asked. Geoff Orrock from ASA was only other questioner. Listen to 58 minute webcast and read transcript. See AFR coverage.

8. GQG (GQG), 9am, April 27, 2022. Fully online AGM for the Florida-based fund manager listed on the ASX since November 2021. See notice of meeting. Pre-AGM email sent on April 11. See text of 13 questions asked. Meeting last just under an hour and no-one else asked questions. Listen to this 21 minute audio recording of Q&A. Company refusing to provide transcript or access to webcast archive.

7. Iluka Resources: April 13, 2022. Hybrid. 9.30am WST. See notice of meeting. Pre-AGM email sent on April 11. See text of 5 questions asked. No meaningful protest votes and all wrapped up in an hour.

6. Oz Minerals: April 8, 10.30am (11am AEST) at Adelaide Airport. Hybrid. Watch webcast. See notice of meeting. No pre-AGM email.

5. Scentre Group, April 7, 10am: see list of 14 questions asked. Watch webcast. See voting results. Pre-AGM email sent 36 hours ahead of meeting. Chair butchered most of my questions and no transcript provided, but we got this one produced.

4. CIMIC, April 6, 10am: see list of 13 questions asked. Watch webcast. See voting results. No transcript provided.

3. Aristocrat Leisure, February 24, 11am: fully virtual AGM. See notice of meeting. 6 resolutions with two directors up for re-election and then 4 pay-related votes, including an increase in the fee cap for directors from $3.2 million to $4 million. See text of 16 questions lodged. No webcast archive or AGM transcript provided despite doing this twice a year with the results presentation.

2. Sydney Airport: February 3, 2022: takeover vote. Fully online. See text of 6 questions asked. See voting results.

1. Ausnet Services: January 28, 2022: takeover vote. Fully online. See text of 3 questions asked. See voting results.