6 questions asked at 2025 GPT physical AGM
May 15, 2025
Below is a summary of the questions asked by Andy Darroch as my proxy from the floor of the 75 minute 2025 GPT physical AGM held in Sydney on May 1, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results with no protest votes. Proxies weren't disclosed early with these formal addresses.
Q1. Why do you refuse to hold hybrid AGMs like the vast majority of non-controlled ASX200 companies and will you commit to holding a hybrid next year matching the best practice adopted by the likes of Scentre Group, Vicinity Centres, Dexus, Qaulitas, Growthpoint, AMP, G8 Education, Eagers Automotive, Region Group and many other listed companies with large property related businesses?
Answer: The chair Vickki McFadden just batted this away. Watch video of the exchange with proxy Andy Darroch.
Q2. Unisuper, REST and conflicts of interest.
Answer: Watch video of exchange via Twitter, plus these additional comments by the chair explaining the independence of the funds and these comments on liquidity rules within its various property funds, which has been a point of contention in recent times.
Q3. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping in 25 of the past 26 months for a net reduction of 202 or 8.8% to a 15 year low of 2,092. There were a record 29 major takeovers above $200m completed in calendar 2024. The ASX is losing many long standing names such as CSR, Boral, Blackmores and Newcrest. There is a clear mis-pricing between public markets and private markets. Why are public markets not valuing ASX listed companies like ours more highly and does the chair regard Unisuper's 15% stake in GPT as an effective key protection against takeover, similar to the way Australian Super stopped Origin Energy from being taken over? Have Unisuper ever asked for a board seat and how do we manage this key relationship with our biggest shareholder?
Answer: The chair said the Unisuper relationship was no different to any other shareholder and they had never asked for a board seat. Watch video of exchange via Twitter.
Q4. Where does the opposition to hybrid AGMs come from? I know that our chair is on the Santos board and they refuse to hold hybrid after getting too much stick in the past from climate activists. Anne, you were on the Lottery Corp board last year when they changed chair and then ditched the hybrid AGM format, reverting to a physical AGM. If it came to a vote in the board room, are you a committed no voter on the question of returning to hybrid AGMs that don't force our 30,000-plus shareholders to fly to Sydney to participate in the AGM or vote on the day.
Answer: The chair didn't allow Anne to respond. Watch video of exchange via Twitter.
Q5. Which of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - covered us this year and did any recommend a vote against any of today's resolutions, including this remuneration report item? If so, what reasons did they give and did this translate into any material protest votes? Please don't say they are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant.
Answer: The chair said all 5 were in favour of all resolutions. Watch video of exchange via Twitter.
Q6. When disclosing the outcome of voting on all resolutions today, including this LTI grant to the CEO, could you please advise the ASX how many shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate. The likes of Qantas, ASX, Suncorp, Tabcorp and even the world's biggest share registry provider Computershare have all voluntarily provided this data after their latest AGMs. Indeed, our share registry provider Link has done this for clients such as Mirvac and even G8 Education earlier this week. You've got the data on how many of our 30,000-plus shareholders, so why not let the sun shine in?
Answer: The chair said they would be making the change this year. Watch video of exchange via Twitter.
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