AGMs

8 questions asked at 2022 Ridley AGM


November 29, 2022

Here is the text of the 8 written questions asked at the 2022 Ridley hybrid AGM. No sign of any webcast archive so not sure what answers were provided.

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 have there been any material proxy protest vote? Will you disclose the proxy votes before the debate on each resolution 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?

2. The annual report notes that Andrew Forrest's Tattarang Group has emerged as one of out largest shareholders with a 6% stake. Mr Forrest has engaged in takeover discussions with other listed companies. What engagement have we had with Tattarang and why are we on Mr Forrest's radar?

3. Could new director Julie Raffe and the chair comment on the recruitment process that led to her appointment to the board. Was a head hunter involved, did the full board interview Julie and did they interview any other candidates? Did Julie know any of our directors before engaging with the recruitment process?

4. 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 and the CEO could factually summarise the situation in 30 seconds.

5. Thank you for offering shareholders a hybrid AGM this year and will you 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?

6. 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.

7. We have around 6,300 shareholders. Do you know roughly how many voted by proxy? When disclosing the outcome of voting on all resolutions today, including this rem report item, 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.

8. Thank you to Mr Lord for his many years of service. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In his final contribution as a Ridley director, could Mr Lord please comment on what he regards as the best decisions Ridley made during his time on the board and does he have any regrets?