6 questions asked at 2024 Neuren Pharmaceuticals AGM
May 27, 2025
Here is the text of the 6 written questions submitted at the 85 minute Neuren Pharmaceuticals hybrid AGM held on May 28, 2024. There were no protest votes but no rem items. No early proxy disclosure in the formal addresses. See webcast of 85 minute meeting which was produced after a request. The formals went for almost an hour. See 10 questions asked at 2023 AGM. Failed to attend the 2025 hybrid AGM but was pleased ASA rep Peter Rae asked the remuneration report question again, sparking this response.
Q1. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against any of today's resolutions, including Patrick's re-election? If so, what reasons did they give and will you disclose the proxy votes before the debate on each resolution so shareholders can ask questions about the reasons if there have been any protest votes? Also, will you disclose the proxies with the formal addresses next year as many other companies now do?
Answer: The CEO Jon Pilcher said they would consider the early proxy disclosure request and there were no recommendations to vote against, although the answer wasn't great. Watch video of exchange via Twitter.
Q2. Will you put up the remuneration report up for the vote next year as is required in many major markets, including the UK, US and Australia. Just because New Zealand is a backwater on corporate governance and shareholder rights, doesn't mean you should strictly follow those rules and ignore best practice in Australia?
Answer: The chair Patrick Davies dismissively said there was no need. Watch video of exchange via Twitter.
Q3.The annual report says we only have 8,344 shareholders, which is surprisingly small for a company capitalised at $3.11 billion. If we had lithium in our name, there would be more than 20,000 shareholders. Why hasn't our incredible success story captured the imagination of retail brokers and investors and what is the current split between Australian and New Zealand retail shareholders?
Answer: The chair Patrick Davies whinged about "the exact same question" being asked last year. Actually, the shareholder and market cap numbers were changed. He went on to claim they're working hard on investor relations and had grown the register by 30% in 12 months. Watch video of exchange via Twitter.
Q4. Australia is currently in the midst of an unprecedented deluge of takeovers. There have already been 9 major takeovers completed this year with another 18 deals announced and in the works. The ASX is losing long standing names such as CSR, Boral, Blackmores, Alumina, Newcrest and Ausnet, which have all disappeared over the past 3 years. Why are public markets not valuing ASX listed companies like ours more highly and what are we doing to avoid being gobbled up like so many other companies?
Answer: The chair Patrick Davies said they were very focused on investor relations and the share price has soared in recent years but they ultimately can't control takeovers. Watch video of exchange via Twitter.
Q5. 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? What was the experience like from your end and will you publish a full archive of the AGM webcast, preferably with a transcript as well?
Answer: The chair Patrick Davies said it was a "fantastic" experience and "if you're really bored", the archive of last year's meeting is available online. They've failed to deliver a transcript as twice requested. Watch video of exchange via Twitter.
Q6. Thank you to Trevor Scott for his 22 years of service. It is always helpful for investors to have access to some exit perspectives from retiring directors. In his final contribution as a Neuren director, could Trevor please comment on what he regards as the best decisions Neuren made during his time on the board and does he have any regrets?
Answer: The chair Patrick Davies failed to invite Trevor to immediately respond and whatever he might have said at the end wasn't included in the AGM webcast archive published online. Watch video of exchange via Twitter.
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