5 questions lodged at 2025 Pepper Money virtual AGM
May 7, 2025
Below is the text of the 5 written questions submitted at the 47 minute Pepper Money (PPM) virtual AGM held on May 7 2025 via the Lumi platform, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. Market cap was $721m on AGM day. See 9 questions from 2023 AGM and 7 questions from 2024. There was one pre-AGM question and one other questioner participating during the meeting.
Q1. KKR pocketed $500m when they floated Pepper Money at $2.89 a pop in 2021. With the stock at $1.62, the investors who bought those shares are down by around $200m. Could the KKR representatives on the board comment on whether they are committed long term shareholders. Do they agree we'd be better off if KKR just sold out and removed the overhang.
Answer: The chair didn't invite any of the KKR reps to speak. Watch video of exchange via Twitter.
Q2. We don't have enough female chairs so we'll done to Akiko Jackson for stepping up at Pepper Money. Could Akiko comment on the biggest changes in board process, delegations, reporting lines or governance that she has implemented since taking over as chair after last year's AGM? Could the CEO also comment as to whether Akiko is more or less hands on than the previous chair?
Answer: The chair mentioned the establishment of a new ESG committee and the CEO said they were getting on just fine after 3 years on the board together before Akiko's promotion to chair. Watch video of exchange via Twitter.
Q3. If one of the Big Four Australian banks proposed acquiring Pepper Money, does the CEO believe there would be any APRA, RBA, ACCC or regulatory issues that could get in the way or complicate such a deal?
Answer: The CEO Mario Rehayem gave nothing useful. Watch video of exchange via Twitter.
Q4. The 5 most valuable US big tech stocks - Microsoft, Apple, Amazon, Alphabet and Nvidia - are together worth more than $15 trillion, largely because they have enormous pricing power and are over-charging customers the world over. Could the CEO comment on which of the big global technology companies we are most reliant on and what would we do if they suddenly put their prices up by 30%?
Answer: The CEO Mario Rehayem gave nothing useful. Watch video of exchange via Twitter.
Q5. Thank you for disclosing the proxies early with the formal addresses. The only modest protest of about 7% was on this incentive grant proposal to the CEO. What was the issue raised by any of the proxy advisers or major shareholders? Also, when disclosing the outcome of voting on all resolutions today, including this incentive grant item, please advise the ASX how many of our circa 4,000 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 at their most recent AGM (see full list). You've got the data, so why not let the sun shine in?
Answer: The general counsel and company secretary knocked back an AGM eve deal which would have seen no questions from me if they'd committed to make this disclosure. When the question lobbed, the chair therefore only committed to consider it at a future board meeting. Watch video of exchange via Twitter.
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