6 questions asked at 2023 Ridley Corp AGM
November 22, 2023
Below is the text of the 6 written questions lodged at the 2023 Ridley Corp hybrid AGM held on November 21. Proxies disclosed early with these formal addresses. Only protest vote 18% against CEO's retention grant. Waiting here for webcast archive to discover what answers were provided, especially to the first question after they refused to publish a web archive last year as well.
Q1. Despite written requests, the company refused to publish an archive of last year's AGM webcast. Our annual report claims we have more than 6000 shareholders yet less than 3% of them are participating live in today's AGM. It is standard practice for ASX300 companies to publish an AGM webcast and as a company with a $740 million market capitalisation, will we get with the program this year and end the practice of excluding thousands of shareholders from accessing a full copy of the AGM debate? Do you have any suggestions on how shareholders can find out what was debated at last year's AGM?
Answer:
Q2. In September 2015 we announced that the Victorian government had provided an $800,000 grant in order build the investment case for our then proposed new $20 million feedmill facility on the outskirts of Geelong. Eight years later, how has the investment progressed and have we received any other support from any other level of government? Has the Victorian government provided any grant funding to any of our competitors in the feedmill industry?
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Q3. Could new director Melanie Laing 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 Melanie and did they interview any other candidates? Did Melanie know any of our directors before engaging with the recruitment process?
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Q4. Could Mick please comment on why the two exiting directors, Patricia Mann and Prof Robert van Barneveld, both formally left the board after the November 20 board meeting on Monday, rather than at the end of this AGM, which is normal practice. It would have been useful to hear their exit perspectives at this AGM rather than have them depart before the end of their 3 year term. Could Mick explain the process that let to their departures from the board?
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Q5. There was a 19.5% vote against Mr Rhys Jones at last year's AGM. What was the issue and thank you for disclosing today's proxy position to the ASX along with the formal addresses. There was an 18% protest vote against this proposed retention grant to the CEO. Which of the proxy advisers recommended against and what arguments did they make?
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Q6. Geoff Wilson's stable of LICs had an unusually large investment in Ridley and recently fell back below the 5% substantial shareholder threshold. Have they totally sold out and what is the history of Wilson Asset Management investing in Ridley. Were they active investors, participating in discussions over issues such as chair and board succession or our remuneration practices? Also, do you know how many shareholders voted by proxy on this item?
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