5 questions lodged at 2023 Jumbo Interactive AGM
November 9, 2023
5 questions lodged at 2023 Jumbo Interactive hybrid AGM held on November 9.
Q1. The chair used the phrase "problem gambling" in her formal address. This is industry language designed to blame the gambler as opposed to the addictive product, such as poker machines. If possible, could Jumbo Interactive please switch to language which talks about "gambling harm" and "addiction", rather than suggesting that gambling customers are the problem.
Q2. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, he's been in the job a very long time. Could he briefly summarise his share buying and selling history. Please don't say look it up in the annual report and through ASX announcements. It's complicated over a long period and the CEO could factually summarise the situation in 60 seconds.
Q3. Brisbane can be quite an insular market in terms of who serves on public company boards. Could Susan clarify what her pathway was to the chair of Jumbo. This is not to criticise her leadership in any way, am just curious to understand the history.
Q4. The founder CEO owns $120 million worth of ordinary shares based on current prices. Does he really need need STI awards to keep him motivated. James Packer to used for free at public companies. Has Mike thought about doing the same and just relying on dividends to draw an income from the company?
Q5. A 4 person board seems too small for a global business capitalised at almost $900 million in the fast moving tech space. What is the current fee cap for directors and constitutional cap on board size and could we please appoint 1 or 2 new directors for shareholder approval at next year's AGM? The existing 4 are no doubt fabulous, but would prefer to have a super 6 group of directors.
Q6. Lottery taxes are still ridiculously high across Australia, especially compared with the huge reductions in taxes imposed on the racing industry over the past 20 years. What are you doing to stand up for lottery consumers who are being over-taxed by state-based legislated monopoly lottery operators. Which states have the highest lottery taxes and is there any sign of movement on this front?
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