4 questions lodged at 2025 Fiducian Group hybrid AGM
November 9, 2025
Below is the text of the 4 written questions submitted at the 130 minute Fiducian Group (FID) hybrid AGM in Sydney and via Computershare platform on October 9, 2025. Market cap $395m on AGM day after a strong year. See notice of meeting and voting results with no major protests. The latest annual report says it has almost 1900 shareholders. The proxies weren't disclosed early with the formal addresses, which did cover the ASIC action.
Q1. Do any of the proxy advisers cover us and, if so, did any recommend a vote against any items today, including this remuneration report item? Have there been any material proxy protest votes against any items today? If so, are you aware of the investor concerns that prompted those votes against what the board was recommending?
Answer: The question wrangler slightly tweaked this to make it less clear and the executive chair and controlling shareholder Indy Singh told an anecdote about a US investor calling him yesterday to say he was backing the options grant. There was only a 5.6% protest vote from the independent shareholders. Watch video of exchange via Twitter.
Q2. Who have we hired as a legal team to respond to the ASIC action last week and were we surprised to read the court documents or did we know it was coming? Were there negotiations to settle this matter before the court action was initiated?
Answer: The executive chair and controlling shareholder Indy Singh said he was surprised, would like to settle and that Freehills have been hired for the defence, which was a good honest and detailed answer. Watch video of exchange via Twitter.
Q3. It is generally not considered good practice to have an executive chair, particularly one who then is granted management-style options. After a great year and with a market cap approaching $400m, have we thought about moving to a conventional governance model with an independent non-executive chair?
Answer: The executive chair and controlling shareholder Indy Singh said they haven't looked at this and the board is happy with the arrangement. Well, given that he owns 35%, all of the directors are effectively there at his pleasure. He also stressed that the options were well out of the money and a good stretch target. Watch video of exchange via Twitter.
Q4. The chair has been prominent in the media in the past discussing economic conditions and opportunities in India. How important is the growing Indian diaspora in Australia for our business. Also, was the chairman concerned about the recent comments about Indian migration by certain Coalition Senators and was he involved in discussions with the Coalition leadership to repair relations between the Coalition and Australia's growing vibrant Indian community?
Answer: The question wrangler slightly tweaked this and Indy Singh jovially responded suggesting I should invest in Fiducian's India fund. He also talked up India's growth saying it would soon become the 4th biggest economy in the world. Watch video of exchange via Twitter.
David Smith, floor voting and here comes MA Financial
Finally, check out these interesting comments from Indy Singh after co-founder David Smith spoke positively about the company from the floor of the meeting to try and neutralise some of the negative debate about the recent ASIC court action. Sounds like David Smith pioneered a lot of things in Australia's advice and super industries. It was also interesting to see that Indy voted his shares from the floor in the poll and MA Financial emerged with a 5.12% stake that was disclosed after the meeting had closed.
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