4 questions lodged at 2025 Atlas Arteria hybrid AGM
May 15, 2025
Below is the text of the 4 written questions submitted at the 83 minute Atlas Arteria (ALX) hybrid AGM held at the RACV and via Computershare on May 25 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results with no protest votes. Market cap was $7.45b on AGM day. Proxies weren't disclosed early with these formal addresses. Also, see 6 questions asked at 2024 AGM and 6 questions asked at 2023 AGM.
Q1. It is good to see our new CEO Hugh Wehby being granted a solid long term incentive. Could Hugh please clarify as to whether he has any trailing LTI schemes or shareholdings in either of his previous public company employers, Transurban and Macquarie Group, or is he all in with Atlas Arteria when it comes to his personal investments in ASX listed companies?
Answer: The smiling CEO explained that he is all in with Atlas, despite retaining a shareholding in Transurban, although nothing that is incentive related. Watch video of exchange via Twitter.
Q2. Why didn't we disclose the proxies to the ASX early? Ampol is holding its AGM today and made the change in practice this year, so will chair Debbie Goodin commit to look at this for next year? Did any of the proxy advisers recommended against the rem report today and did this translate into a material protest vote?
Answer: Chair Debbie Goodin thought I was asking for disclosure of the proxy adviser reports, not early disclosure of the proxy votes as these 60 companies now do. Watch video of exchange via Twitter.
Q3. Why don't we implement a corporate restructure to normalise the arrangements to what the vast majority of ASX listed companies have and avoid having to vote on silly resolutions like this one re-appointing our auditor, something normally structured ASX listed companies don't have to do. How much would it cost us to finally get out of the aggressively tax structured model put together by Macquarie Group in the 1990s?
Answer: The chair Debbie Goodin said it would be too expensive. Watch video of exchange via Twitter. Also, watch the Bermuda crew introduce Debbie for her complicated re-election process at the stapled security company.
Q4. Could Danny Elia please comment on how he managed conflicts of interest during his first 12 months on the board? For instance, did IFM bid for the Eastlink shares that the Future Fund bought last year? Could Danny also please detail the full tollroad portfolio that he is responsible for managing at IFM. What proportion does Atlas Arteria comprise of IFM's overall tollroad exposure?
Answer: The chair Debbie Goodin gave a detailed explanation of the agreements and protocols in place since Danny joined the board in August last year and then invited Danny to respond. Watch video of exchange via Twitter, plus this detailed response from Danny Elia. Also, watch's Danny's campaign speech.
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