AGMs

Companies which disclosed voting outcome by shareholders


January 25, 2024

Here is a list of companies which agreed to a request to provide poll results and/or proxy votes by both shares and shareholders, thereby providing an insight into retail shareholder sentiment and participation numbers. This is the way forward to stimulate greater retail shareholder participation in voting which has crashed to below 3%.

Altium: responded positively to a request at the 2021 AGM and disclosed these voting results which showed about 700 shareholders participated with the closest vote on the proxies being on the proposed fee cap rise for directors which was supported by 271 holders and opposed by 246. However, they regressed with these 2022 AGM results.

ASX: got with the program in 2023 with these voting results which showed a majority against the rem report. Compare with 2022 when they didn't do it. The directed turnout in 2023 was about 1400 with the only narrow defeat being of the remuneration report with 696 shareholders in favour and 710 against.

Australian United Investments (AUI): Not a big turnout at the AUI AGM but many thanks to chairman Charlie Goode for agreeing in 2023 to a request to disclose voting outcome by shares and shareholders. The rem report was supported by 99.5% of voted stock with 169 in favour and 25 against.

Australian Vintage (AVG): It took until the day after the meeting but many thanks to Australian Vintage for going the extra mile and disclosing how many of their circa 5,000 retail shareholders voted for and against each item at the 2023 AGM. See these voting results.

Dexus: responded positively to a request at the 2021 AGM and disclosed these voting results which showed about 1,000 of the 31,000 shareholders participated with only narrow majorities received for the two remuneration items. Failed to back it up in either 2022 or 2023.

Elders: produced the most comprehensive pre-AGM voting disclosure that we've seen in 2023 which included the outcomes by shares and shareholders. This was even more surprising given two pay resolutions were defeated, which is normally the sort of news you try to hide.

FleetPartners (FPR): the question requesting this was ignored at the 2024 AGM but then the head of legal emailed after the meeting apologising and said they had delivered the request in the voting results announcement. Excellent work. Sadly, only 103 of the circa 5,000 shareholders bothered to vote.

Flight Centre: responded positively to this request at the 2023 AGM and disclosed these voting results which showed that just under 800 of there more than 100,000 shareholders directed votes for or against the 3 resolutions, which were overwhelmingly supported.

G8 Education: see example from April 27 2022 (included bonus of shareholder numbers voting for and against)

GQG Partners: see example from April 27 2022 (included bonus of shareholder numbers voting for and against)

Metcash: responded positively to a request at the 2021 AGM and whilst not able to include the data in its ASX voting results announcement, did subsequently release it here on their website. There were against voters ranging between 216 and 409 on the 4 remuneration items and about 900 voters turned out in total. Backed it up with this effort in 2022 but then regressed in 2023.

Myer: commenced in 2022 with this pre-AGM proxy votes disclosure and this meeting results announcement which showed just over 1,800 of the circa 42,000 shareholders turned out with the biggest against votes being 654 on the CEO's LTI grant, 486 on the rem report and 452 against Solly Lew's successful hostile candidate, Terry McCartney. Repeated the treatment in 2023 with both pre-AGM proxies which added % of stock voted metric and these poll results. New chair Ari committed to retain the practice.

Qantas: made the switch in 2023 when the poll results revealed the outcome by shares and shareholders. Thank you.

Tabcorp: responded positively to a request at the 2022 AGM and disclosed these voting results which showed 1,813 or 53.15% of the 3,411 shareholder who voted opposed the CEO grant to the LTI but in terms of shares, the support was 98.74%. The annual report claims it has just over 150,000 shareholders so the turnout was only 2.27% of shareholders but 65.5% or 1.457 billion of the 2.225 billion shares on issue were voted on the LTI grant. Backed it up with similar disclosure in 2023.

Ventia Services: responded positively to a request prior to their inaugural AGM in 2022 and disclosed these voting results which showed about 300 participated with strong support for all resolutions, even the rem report which was supported by 246 holders in the poll and only opposed by 58. However, they regressed in 2023.

Webjet: responded positively to a request at their 2022 AGM and disclosed these voting results which showed about 800 holders participated with the tightest vote being the rem report which was supported by 566 holders in the poll and opposed by 210. However, chair Roger Sharp then regressed in 2023.