4 questions lodged at 2025 ARN Media hybrid AGM
May 9, 2025
Below is the text of the 4 written questions submitted at the 1 hour and 50 minute ARN Media (A1N) hybrid AGM held in Sydney on May 8, 2025, and via the Link platform. See summary of the answers, some video grabs via Twitter and the notice of meeting. There were 3 protests in the 11-13% range. Market cap was $172m on AGM day. David and Charlie Kingston asked a range of excellent questions from the floor.
Q1. As one of the most powerful directors of ARN Media and a major shareholder in the company, could Alison Cameron please comment on how she personally rationalises defending some of the appalling sexist and misogynist commentary by Kyle Sandilands using the resources and platforms of the company she directs. What does she think of the most recent critiques on the ABC's Media Watch program and what is she doing to ensure better standards are followed in the future? Does she ever feel embarrassed by some of the broadcasts?
Answer: Alison said she doesn't believe Kyle is sexist or misogynist, doesn't watch Media Watch or any television for that matter and does participate in board discussions about standards. Watch video of exchange via Twitter. Also, watch Alison Cameron's campaign speech. The chair Hamish McLennan described her as a "legend".
Q2. As a respected independent director, could Paul Connolly comment on whether the board is assessing the heavy workload of our chair & whether it is appropriate to describe Hamish as an independent chair when he is associated with News Corp, one of our substantial shareholders, as its nominee to chair REA Group & when News Corp is controlled by its executive chair Lachlan Murdoch, the owner of Nova, which is 1 of our largest competitors. Does Paul agree we need a new genuinely independent chair and is he available for the role?
Answer: Paul Connolly defended his chair's independence whilst Hamish said he was down to 3 main boards and is paid by REA, not News Corp, to chair REA. Watch video of exchange via Twitter.
Q3. 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: Not asked.
Q4. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed and to what extend the performance of Kyle and Jackie O impacts his incentive arrangements. 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: The CEO Ciaran Davis gave a good summary but has received very few incentive grants and has never sold a share. Watch video of exchange via Twitter.
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