4 questions lodged at 2025 Air New Zealand hybrid AGM
November 9, 2025
Below is the text of the 4 written questions submitted at the Air New Zealand (AIZ) hybrid AGM held at 1pm NZ time on September 25, 2025 in Auckland and via the Link/MUFG platform. See notice of meeting. Market cap was $1.75b on AGM day but stock has gone sideways for years, partly due to the bad luck with bad engines that out-going CEO Greg Foran explained in this excellent answer. Disclosed proxies early in these formal addresses with no protest votes. Couldn't find webcast so need to email and request it be made available.
Q1. New Zealand is regarded as a governance backwater by some Australian investors for refusing to mandate annual voting on remuneration reports, which is standard in many countries. Given we are listed on the ASX, why not follow the lead of Xero and Fletcher Building which have embraced voluntarily giving shareholders a remuneration report vote. If it's good enough for Qantas and Virgin Australia, why not Air New Zealand? What discussions, if any, occurred on this matter over the past year? Have any other investors requested a remuneration report vote?
Answer: Not sure if this was separately read out as was juggling Suncorp meeting at the same time but the chair responded very well on the rem issue when dealing with question 3 below, saying she was happy to look into it. Watch video of that exchange via Twitter.
Q2. How many full time equivalent staff do we currently have and is this likely to fall over the coming 12 months with the rapid roll out of AI? Which parts of our business and operations are the most prospective for AI productivity gains and how energetically are we embracing those opportunities?
Answer: Need to wait for the AGM video archive to see if this was asked.
Q3. Could new director Neal Barclay and the chair comment on the recruitment process that led to his appointment to the board. Was a head hunter involved, did the full board interview Neal and did they interview any other candidates? Did Neal know any of our directors before engaging with the recruitment process? Also, what is Neal's view about remuneration report voting on an annual basis, as occurs in many jurisdictions, including Australia? Will he encourage board discussion on this issue before next year's AGM?
Answer: The chair, Dame Therese Walsh, said a head hunter was involved but Neal was the only candidate that the full board interviewed. Neal, a former energy sector CEO, said he knew some of the directors socially but not closely. Didn't like the way he said that he looked forward to becoming friends with them. Ideally, independent directors don't become friends with colleagues but rather remain professional independents at all times, capable of punting a poorly performing director or getting into a blue with colleagues at any time. Watch video of exchange via Twitter.
Q4. Airlines are heavily regulated and reliant on government support and it is unprecedented globally for an airline CEO to rise to become Prime Minister of a sovereign country. Could chair Therese Walsh please comment on the extent of her engagement with Christopher Luxon since he become Prime Minister. Does he take a special interest in our company? For instance, was he consulted during the recent CEO selection process and has he personally expressed his support for the chair's re-election today?
Answer: The chair Dame Therese Walsh gave the perfect answer, in both form and substance. She said the PM is deeply engaged with all major corporates, particularly when attending events, but wasn't consulted on the Air New Zealand CEO selection process and it was his Finance Minister who is responsible for government shareholder voting matters at Air New Zealand. Well said. Watch video of exchange via Twitter.
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