6 questions lodged at 2024 Capral Aluminium AGM

May 8, 2024

Below is the text of the 6 written questions lodged at the 2024 Capral Aluminium virtual AGM held on May 8, plus a summary of the answers and some video grabs via Twitter. There were no material protest votes and there was only 1 other online question at the 50 minute meeting.

Q1. Do any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - follow us and did they recommend a vote against any of today's resolutions? Also, thank you for disclosing the proxy position with the formal addresses and well done with the strong support.

Answer: Chair said they were all in favour but failed to say who covered them. With a market cap of just $160m, it won't be many. See video of exchange via Twitter.

Q2. 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 60 seconds.

Answer: CEO cliamed he was a top 6 shareholder with about 600,000 shares, the majority of which he bought on market. He did admit to a few LTI sales to pay tax. See video of exchange via Twitter.

Q3. How long has the current external audit firm been in place, when we did we last run a full tender for the job and when are we next intending to tender our external audit work? Also, who is our internal auditor and how long have they had the job for?

Answer: There was a resolution to switch from Deloitte to KPMG after 20+ years. See video of exchange via Twitter.

Q4. Thank you to Rex Woodward for his service. It is always helpful for investors to have access to some exit perspectives from retiring independent directors, particular chairs. In his final contribution as a Capral director, could Rex please comment on what he regards as the best decisions Capral made during his time on the board and does he have any regrets?

Answer: As usual, hiring good CEOs was his greatest achievement. See video of exchange via Twitter.

Q5. What was the selection process that led to Mark's appointment as chair. Did an external search firm assist with the process and was he recruited in September 2021 with a view to becoming chair today?

Answer: The chair read a scripted response saying it was all well handled but doesn't sound like an external firm assisted. See video of exchange via Twitter.

Q6. Why is the voting turnout only 45% on all resolutions. Who is not voting? Is this largely retail shareholders or have some of our biggest shareholders not bothered to vote today?

Answer: No idea, but they'll look into it. See video of exchange via Twitter.