4 questions asked at 2022 IRESS AGM
May 7, 2022
Questions asked at 2022 IRESS AGM held on May 5.
1. Did any of the main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against any of today's resolutions? Which of the proxy advisers are covering us and are we aware of what they said? Does the chair and CEO have a view about the proposed changes to Australian proxy adviser regulations which would force proxy advisers to fact check their reports by supplying companies with a copy as it was simultaneously sent to paying clients and then giving companies a right of reply to correct any errors via the ASX announcements platform. The proposal was blocked by the Senate but Treasurer Josh Frydenberg is expected to try again if the government is re-elected and he holds his seat? Should he do this?
2. What is the Iress policy position on making political donations and will we be making any related to the current Federal election? Will you consider following the lead of companies like BHP and Rio Tinto by strictly banning all forms of donations, including cash for access arrangements, and 6 figure subscription deals to attend party events, something which the likes of ASX and Woodside have done for many years with the Labor and Liberal parties?
3. When disclosing the outcome of voting on all resolutions today, including this item dealing with Michael Dwyer's re-election, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative adopted by the likes of Metcash, Altium and Dexus after their 2021 AGMs. Also, does Mr Dwyer support the publication of AGM transcripts and will he lobby to make this happen, along with the publication of a webcast archive?
4. In 2019, Treasury Wine Estates voluntarily moved to annual elections for directors in line with best practice that occurs in both the US and the UK. Dual listed companies like News Corp and Rio Tinto all do this due to the laws in the US and UK and BHP has pledged to continue doing it even after its UK DLC ended last year. Can the chair comment on whether our company will follow this TWE lead and move to annual elections of directors at the 2023 AGM, particularly given that we have a significant presence in the UK market?
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