6 questions asked at 2023 NZ ME AGM
May 31, 2025
Here is the text of the 6 written questions lodged at the 68 minute NZ ME (NZM) hybrid AGM held on April 26, 2023. See notice of meeting. There were no material protest votes.
1. Do any proxy advisers cover our company and, if so, did any of them recommend against any of the items today? Also, why not disclose the proxies to the ASX and NZSE with the formal addresses like others across the ditch now regularly do?
Answer: the company secretary said they would look at early disclosure for next year and the CFO said he was unaware of any proxy adviser reports. They failed to deliver early proxy disclosure the following year. Watch video of exchange via Twitter.
2. Despite owning New Zealand's biggest daily newspaper and the country's largest commercial radio network, our current market capitalisation is only $A175 million. Are there any limitations on ASX listed companies such as Nine Entertainment Company or the Murdoch-controlled News Corporation from making a takeover bid for our company? Which foreign companies are currently prominent in the New Zealand media market, besides the big US tech players?
Answer: the chair Barbara Chapman hand-balled this to the CFO who explained that government approval was the only restriction but neither Nine or News Corp have any current presence in the NZ media market. Watch video of exchange via Twitter.
3. When disclosing the outcome of voting on all resolutions today, including this auditor rem item, could you please advise the ASX and NZSE how many shareholders voted for & against each item, similar to what happens with a scheme of arrangement in Australia? 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, Dexus, Webjet and Tabcorp across the ditch in recent years in order to encourage greater retail voter participation.
Answer: the chair Barbara Chapman handed this to general counsel Allison Whitney who claimed they already do this, when they don't as can be seen in this results announcement. Here is a list of 40-plus companies which actually do scheme-like voting disclosure. said. Watch video of exchange via Twitter.
4. Why do we get a vote on auditor remuneration and not executive remuneration? Seeing as we are dual listed in Australia, why not voluntarily adopt Australian law and commit to offering shareholders a non-binding remuneration vote each year. Will you do this in 2024?
Answer: the chair Barbara Chapman refused to embrace this concept and they still haven't two years later. Watch video of exchange via Twitter.
5. The New Zealand Herald was controlled and run by the Horton family for many years, until the first takeover battles unfolded in the mid-1990s. Do we have any residual ties to the Horton family, even just informal social catch-ups with surviving members of the founding family?
Answer: the chair said she had no contact with the Horton family and then the CEO said they'd recently done some business with Horton Media, a printing business run by Matthew Horton. He also pointed out that a member of the Wilson family (it was called Wilson and Horton back in the day) was sitting in the front row. Watch video of exchange via Twitter.
6. Given the interesting discussions across a range of topics today, could the chair undertake to make full transcript of proceedings available on the company's website, along with the webcast archive. The likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produced their 1st AGM transcripts across the ditch in 2021. Will you follow suit today?
Answer: Not asked.
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