5 questions lodged at 2025 Catapult International virtual AGM

Q1. Did we really need to put items 4 and 5 up for approval today? Couldn't they just have been handled under the normal 15% cap on placements in each 12 month period? Please don't put any placement capacity refresh items up at next year's AGM and if you do need to raise capital, will you commit to doing a pro-rata offer that treats all shareholders equally, rather than selective placements to anyone you like? What is our history in terms of capital raising structures?

Answer: executive chair Adir Shiffman ran a transparency argument but agreed these two items didn't need to go up for the vote. Watch video of exchange via Twitter, plus these additional comments on the importance of capital raising transparency.

Q2. Thank you for disclosing the proxies early along with the formal addresses. There was a 17% protest vote against the remuneration report. 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 the rem report. If so, what reasons did they give? Please don't say proxy adviser recommendation are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant.

Answer: executive chair Adir Shiffman dominated once again and pushed back on the "protest vote" language. He met with all the proxy advisers besides ASA and disclosed that only ISS recommended against. Watch video of exchange via Twitter.

Q3. Could Adir Shiffman please comment on the 13.85% proxy vote against his re-election. Was it caused by industry funds concerned about the lack of gender diversity on the board? It was striking to look at today's 18 AGM slides & see 3 slides with pictures of female sporting stars yet only 1 of our 6 directors is female & we have no female executives in the top 5. Why? Does Adir also agree this protest vote includes a message that it is time we adopted the normal governance model of having an independent non-executive chair?

Answer: executive chair Adir Shiffman said these were important issues as they move towards being in the ASX200 and they continue to modernise their governance structures over time. Watch video of exchange via Twitter, plus these additional comments on the gender diversity piece and these comments from newly installed lead independent director Jim Orlando.

Q4. The 6 most valuable US big tech stocks - Microsoft, Apple, Amazon, Meta, Alphabet and Nvidia - are together worth more than $20 trillion, largely because they have enormous pricing power and are over-charging customers the world over. Could the chair and 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: executive chair Adir Shiffman wouldn't get into any specific supplier relationships and we never heard from the CEO on this one despite specifically asking for his perspective as well. Watch video of exchange via Twitter, plus these additional comments on

Q5. As the newest member of the nomination and remuneration committee, could Igor please comment on whether he is committed to adding at least one more female director to the board before next year's AGM and what he plans to do in response to the two substantial remuneration protest votes today on both the rem report and the LTI grant to the CEO.

Answer: executive chair Adir Shiffman dominated once again and we never heard from Igor all meeting even though he was the only other director up from election but apart from the exceedingly talkative founder. Watch video of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel