7 questions asked at 2022 Karoon Energy AGM
March 6, 2023
Here is the text of the 7 questions asked at the 2022 Karoon Energy hybrid AGM held on November 24. Watch webcast of 98 minute meeting.
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, including the re-election of Carlos? Which of the proxy advisers are covering us and have there been any material proxy protest vote? Also, why not disclose the proxies to the ASX with the formal addresses like others now do?
2. Do we have a policy on making political donations in Brazil and how did we play the recent election. Are we a member of any oil industry associations in Brazil and how did they play the election? Does Brazil have a political cash for access regime like in Australia and do we participate in any cash for access programs?
3. 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.
4. Given the interesting discussions across a range of topics today, could the acting 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.
5. Well done on producing your first sustainability report. Why not take the next step and offer investors a non-binding vote on your climate action plan at the 2023 AGM. The likes of Rio Tinto, Woodside, Santos, Incitec Pivot, Sims Group, Origin Energy, South32 and AGL Energy have all done this. Will Karoon Energy follow suit?
6. Could Tadeu please comment on his historical experiences with the Brazilian political system and whether he has ever met or had dealings with Lula, the new President. Also, has Karoon had previous engagements with Tadeu, or is this recent board appointment the first association?
7. 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
Beach Energy, BHP, Commonwealth Bank, Fortescue Metals, Origin Energy, Seven Group 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?
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