5 questions lodged at 2025 Kina Securities hybrid AGM
June 10, 2025
Below is the text of the 5 written questions submitted at the 33 minute Kina Securities hybrid AGM held on June 10 2025, plus a summary of the answers and some video grabs via Twitter. Only two of them were answered. See notice of meeting and voting results with no protest votes. Market cap was $349m on AGM day. These formal addresses were not lodged until an hour after the meeting finished and I was the only shareholder asking questions. See text of 6 questions lodged at 2024 AGM and 8 questions lodged at 2023 AGM where question wrangler Johnson Kalo was again censoring heavily.
Q1. Given that we are listed on the ASX, will the board agree to put the remuneration report to shareholders for approval at next year's AGM, like all Australian-domiciled companies have to do. Sure, this would be voluntary but it would also be best practice. We should be able to vote on more than just the CEO's equity incentive scheme.
Answer: This was submitted as "general business" but question wrangler Johnson Kalo read it out with the LTI grant resolution for the new CEO whilst later ignoring question 5 which was submitted on that resolution. The chair Ian Clough read a clearly scripted response saying they'd follow PNG law, which was a straight no, rather than saying the board would consider the request. Watch video of his answer via Twitter.
Q2. Could new chair Ian Clough please comment on the biggest changes in board process, delegations, reporting lines or governance that he has implemented since taking over as chair over the past 12 months. Could the CEO also comment as to how hands on the new chair is as a non-executive chair.
Answer: The chair said he was "happy to answer that question" and then advised he hadn't made any big changes in his first 6 weeks as chair but a strategic review would be released to the market later in the year. The new CEO said he was "delighted" with the Ian Clough appointment because he is "upstanding" and "very hands on, in the right way". Watch video of exchange via Twitter.
Q3. Could the new CEO please summarise our approach to crypto and whether the PNG regulators are showing a supportive approach to crypto? Is there a lot of crypto activity in PNG?
Answer: Disappointing censorship effort by new Kina Securities chair Ian Clough and question wrangler Johnson Kalo, the company secretary and CFO. Watch video via Twitter of how how they wrap up the 33 minute virtual AGM ignoring questions like this one.
Q4. It is unusual for a public company, which is not in crisis, to appoint a new chair and CEO between AGMs. Could re-election candidate Paul Hutchinson comment on whether he was a candidate to be chair and how the selection process for a new chair was handled. Also, how many potential CEO candidates did he personally meet during the selection process?
Answer: Someone posted the following message online: "The question is not relevant for the meeting and will not be answered." Question wrangler Johnson Kalo then erroneously told the meeting there were no questions at all. Watch this video of how the question censorship unfolded via Twitter.
Q5. It is better to disclose the proxies before closing off questions on each resolution. Have there been any protest votes against this proposed LTI grant for the new CEO and, if so, what issues were raised by shareholders? Also, will you disclose the proxies along with the formal addresses to the ASX before the AGM commences next year as many other listed companies now do.
Answer: Disappointing censorship effort by new Kina Securities chair Ian Clough and question wrangler Johnson Kalo, the company secretary and CFO. Watch video via Twitter of how how they wrap up the 33 minute virtual AGM ignoring questions like this one.
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