6 questions asked at 2022 Monadelphous AGM

November 23, 2022

6 questions asked at 2022 Monadelphous AGM.

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 have there been any material proxy protest vote? Also, well done disclosing the proxies to the ASX with the formal addresses.

There was quite a big protest vote against the CEO's LTI grant. What was the issue raised by shareholders and proxy advisers?

Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated over many years and the CEO could factually summarise the situation in 30 seconds.

Given the interesting discussions across a range of topics today, 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.

It is very unusual to have such a long serving chair and CEO when neither owns more than 5% of the company. Congratulations to the chair for his record at the company but why have we moved to an executive chair model rather than having an independent non-executive chair?

Thank you to the chair for his service since first joining the board in 1991. It is always helpful for investors to have access to some exit perspectives from retiring directors. In his final contribution as a Monadelphous director, could the chair please comment on what he regards as the 3 best decisions Monadelphous made during his time on the board and does he have any regrets?