7 Accent Group questions at 2022 AGM
November 11, 2022
Here is the text of the 7 written Accent Group questions lodged at the 2022 hybrid AGM held on November 11.
1. Did any of the 5 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 has their been a material proxy protest vote against any of today's resolutions? Will you disclose the proxy votes before the debate on each resolutions so shareholders can ask questions about the reasons if there have been any protest votes? Also, why not disclose the proxies to the ASX with the formal addresses like others now do?
Answer: everyone was in favour of everything, hence the strong shareholder support on all resolutions.
2. Given the interesting discussions across a range of topics today, including item 5, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produced their 1st AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003.
3. When disclosing the outcome of voting on all resolutions today, including item 4, 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 last year and Webjet and Tabcorp so far this AGM season.
4. Thank you for offering shareholders a hybrid AGM this year and will the directors up for election today commit to keep doing this in future years to maximise shareholder participation? Big companies like Altium, Argo Investments, AUB Group, Austal, Bank of Queensland, Beach Energy, Bega Cheese, BHP, Blackmores, Boral, Brickworks, Commonwealth Bank, Cleanaway, Downer, Flight Centre, Fortescue Metals, Harvey Norman, Metcash, Netwealth, Origin Energy, Premier Investments, Ramsay Healthcare, Reliance Worldwide, Rio Tinto, Seven Group, Seven West Media, Soul Pattinson, Super Retail Group, The Reject Shop, Whitehaven Coal and Worley all banned online questions and voting in 2022, so well done for showing them up. What was the experience like from your end?
5. The likes of Dexus, Brambles, NAB, JB Hi Fi, Origin Energy, Viva Energy and many other companies have all disclosed the proxy votes to the ASX before their latest AGMs started along with the formal addresses. Will the directors up for election today commit to do this next year so that interested shareholders and other stakeholders, including institutional investors and proxy advisers, have an early insight into the proxy position before the AGM debate commences. Why withhold only the voting data slides from the presentations lodged with the ASX when this can easily be disclosed at a time of the company's choosing during the meeting itself without disrespecting those participating in the debate.
6. The chair David Gordon is a very good operator and well invested in the business but he has been in the role for a number of years. Why doesn't this board have a deputy chair or lead independent director who can be directly responsible for leading the annual performance review of the chair? How was the chair performance review conducted this year and does the chair believe their are multiple potential successors as chair currently serving on the board? Could the directors up for election today also comment on this issue.
7. In terms of the Australian operation, how many enterprise agreements does Accent Group have across the business and are we worried about these proposed changes to federal industrial relations law? JB Hi Fi and Domino's both said at their recent AGMs that they pay award wages, have no enterprise agreements and virtually non-existent union membership amongst its workforce. Is our situation that same? If so, what are the risks of a Chemist Warehouse situation happening after they got hit with a big union campaign and large across the board pay increases a couple of years ago?
Answer: we are the same as JB Hi Fi and Domino's in that we pay award wages.
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