6 questions lodged at 2023 A2 Milk AGM

November 16, 2023

Below is the text of the 6 written questions lodged at the 2023 A2 Milk hybrid AGM held on November 16, along with a summary of the answers and some video grabs.

Q1. Did any of the proxy advisers recommend a vote against any of today's resolutions? If so, what reasons did they give and have there been any material protest votes? Also, why not disclose the proxy position to the Stock Exchange with the formal addresses to offer more timely disclosure to the market? Many other issuers now do this. Will you start in 2024?

Q2. Since joining in 2021, could the CEO summarise his past LTI grants as to whether they are on track to vest or lapse. 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 60 seconds.

Q3. A2 Milk is a New Zealand-based company so how is it working having the CEO based in his home town of Melbourne, across the ditch. Does he work from home much in Melbourne and how many people do we have in our Melbourne office as opposed to our Auckland head office? When he comes to Auckland, does he have a dedicated company funded apartment to do we put him up in a hotel?

Q4. Could new director Kate Mitchell 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 Kate and did they interview any other candidates? Did Kate know any of our directors before engaging with the recruitment process? Also, having only joined the board in June, wasn't it a bit rushed to immediately appoint Kate chair of the important audit and risk committee?

Q5. Australian investors are used to an annual non-binding vote on a public company's remuneration practices. New Zealand is a global backwater on governance when it comes to this matter, as this is also standard in many other jurisdictions, including the US and the UK. Given that our CEO resides in Australia and we have thousands of Australian-based shareholders, will you voluntarily introduce a non-binding vote on your remuneration practices at the 2024 AGM?

Q6. 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, including from us Australian-based shareholders? What was the experience like from your end and have you thought about moving the physical component of next year's AGM to the CEO's home town of Melbourne?