5 questions lodged at 2025 NZME hybrid AGM

Q1. New Zealand is becoming a governance backwater as it continues to resist mandating annual voting on remuneration reports, which is standard in many countries around the world. Will re-election candidate Sussan Turner support voluntarily putting up a remuneration report resolution for an advisory vote at next year's AGM? This is the law in Australia and we are dual listed on the ASX, so why don't we step up and respect shareholders by adopting Australian market practice.

Answer: the outgoing chair Barbara Chapman let Sussan respond but, as usual, there was little enthusiasm from across the ditch. Watch video of exchange via Twitter.

Q2. Could Steven Joyce please outline his attitude to editorial independence and whether he has any political affiliations with the National government. Is he a passionate supporter of a free press and will be support healthy investment in our newsrooms to uphold the important accountability role they play in New Zealand civil society.

Answer: Steve Joyce gave a good response saying the media is important but it's tone deaf to remain a member of the National Party whilst in this role as chair of NZME. Watch video of exchange via Twitter. Also, watch the Joyce campaign speech.
Q3. Could Mr Grenon please comment on how his associates at Spheria have voted on today's resolutions and what he thought of the Takeovers Panel assessment of his share purchases and associations leading into his presentation as a candidate for the board at today's AGM. Was it a fair process and a reasonable determination, in his view, and why did he buy 0.65% of our stock in his own name?

Answer: The chair let Mr Grenon riff for more than 3 minutes on this one. Watch video of exchange via Twitter, plus these additional comments.

Q4. It was disappointing to hear that Steven Joyce is planning to retain his membership of the National Party, despite becoming chair of the company which is the most powerful media umpire in New Zealand's democratic political system. As a powerful new director and big shareholder, will Jim Grenon agree to push Steven to both resign his National membership and cancel his Weekend Herald column. You can't chair this board and maintain these other connections and roles. Are we a sophisticated democracy or a banana republic?

Answer: Not asked.

Q5. We announced to the ASX/NZSX on May 9 that Australian investment banker Roger Colman had made an introduction to ASX listed Gumtree, which led to our announced potential joint venture entry into the New Zealand auto classified markets. Gumtree only has a market capitalisation of $31 million. Is the board confident it has the financial strength to build such a joint venture and how much are we expecting to invest in the venture before it becomes cash positive? Do the incoming directors support this move?

Answer: The CEO said it was early days but Gumtree write car reviews which they are running. Watch video of exchange via Twitter.

Other interesting video grabs

Roger Colman welcoming former conservative politician Steven Joyce becoming the new chair.

Roger Colman requesting board publicly releases its 5 year business plan. Of course they won't do this.

Roger Colman explaining why his group is voting against Jim Grenon to send a message about a potential future EGM if the new board behaves badly.

Jim Grenon campaign speech - part one and part two.


Jim Grenon claiming a win after the Canadian tax authorities billed him for $C204m. Another quotable Grenon tax comment.


Jim Grenon debating with an elderly shareholder on whether One Roof should be sold off. Another lively video on the same topic.

Copyright © 2025 The Mayne Report. All rights reserved

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