2 questions lodged late at 2025 Transurban (TCL) hybrid AGM
October 8, 2025
Below is the text of the 2 written questions submitted at the very end and not asked at the 54 minute 2025 Transurban (TCL) hybrid AGM held at 11am in Melbourne on October 9 and via the Computershare platform. See notice of meeting. Have attended many Transurban AGMs over the years. Asked 7 questions at 2024 AGM and these 8 questions at 2022 AGM. Wrote to them on October 5 requesting early proxy disclosure, head count voting data and changing last year's practice of dealing with questions in one job lot, but they rejected all requests, which helped them race through the premature AGM in rapid time by not following the agenda. Market cap was $43.6b on AGM day.
Q1. Nominations for the Transurban board closed on August 6 but you only released your full year results on August 20. It is bad governance to close off board nominations before even revealing how the directors have performed for the year. ASX Group used to do this but after the governance breach was pointed out to them, they delayed their AGM by a month in 2023 and now comply. Could you please slightly delay the calling of next year's AGM so that board nominations close after you've revealed the full year results, or put up a constitutional amendment reducing the nomination period from 45 business days to the normal 35 business days?
Answer: Not asked as only lodged this just as the meeting was closing, having attended the excellent 52 minute Redox hybrid AGM, which was also hosted by Computershare at 11am. You can't log into two Computershare AGMs at the same time. Absolutely hopeless that Transurban's 118,000 shareholders weren't able to string this year's Transurban AGM out beyond 54 minutes, although this was partly because they ignored the agenda and just offered questions as one job lot on all items.
Q2. There are two major company hybrid AGMs commencing at 11am this morning. Sydney-based Redox, which has a market cap of $1.4 billion, and Transurban. I asked both companies to get with the program and disclose the proxy votes early to the ASX, along with the formal addresses. Redox happily complied and even provided the head count data showing that only 110 of their 2,879 shareholders voted by proxy. Transurban has refused on both counts? Why? How many of our 118,000 shareholders voted by proxy and were you happy with the turnout? What sort of solicitation campaign did you run to encourage retail voting or did you just sit back and expect hardly anyone to vote?
Answer: Not asked as only lodged this just as the meeting was closing, having attended the excellent 52 minute Redox hybrid AGM, which was also hosted by Computershare at 11am. You can't log into two Computershare AGMs at the same time. Absolutely hopeless that Transurban's 118,000 shareholders weren't able to string this year's Transurban AGM out beyond 54 minutes, although this was partly because they ignored the agenda and just offered questions as one job lot on all items.
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