4 questions lodged at 2025 Redox (RDX) hybrid AGM

Q1. Nominations for the Redox board closed on August 5 but you only released your full year results on August 21. 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 this was pointed out to them, they delayed their AGM by a month in 2023. 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.

Answer: The chair Ian Campbell promised to look into this but said they look to have the AGM quickly so the full year results are still a fresh discussion point, which is fair enough. Watch video of exchange via Twitter.

Q2. Many thanks for disclosing the proxy votes early to the ASX along with the formal addresses and for responding positively to a request to also include the head count data, showing how many shareholders voted for and against each item. The latest annual report says we have 2,879 shareholders. What did you think of the fact that only 110 of them bothered to vote by proxy on this remuneration report item?

Answer: The chair Ian Campbell said he wasn't fussed by the low turn out and focused more on the fact that the rem report was well supported because their pay practices are modest. Watch video of exchange via Twitter.

Q3. The biggest protest on the proxies today was the 11.87m votes cast by 9 shareholders against the re-election of Mary Verschuer. Yes, this was only 4.5% of the directed votes or 8.5% of the independent vote if you strip out the founding family. However, by way of contrast, there were only 237,757 votes against the remuneration report. It looks like at least one of the proxy advisers recommended against Mary's re-election and at least one of their institutional clients followed this advice. Is that what happened and what concern did they raise? Was it an independence issue? A workload issue? And thanks again for disclosing the comprehensive voting data early, so that such a question can be asked remotely at your best practice hybrid AGM.

Answer: The chair explained the protest was more about the overall lack of independent directors on the board rather than a statement about Mary's independence, which is not in doubt. He acknowledged that his 15 years of services reduces the independence numbers with some investors who vote against anyone who has served more than 12 years. Watch video of exchange via Twitter.

Q4. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping by 10% since January 2023 to a nearly 20 year low of 2049 entities. There were a record 27 major takeovers above $100m completed in 2024-25 and there are very few new floats to replenish the ranks. We are a rare example of large recent float. More than two years on from our July 2023 IPO, is the founding family happy with the experience and pleased they chose to go public rather than realising some value by partnering with a private equity firm, which seems to be the most popular exit for founding families these days. Are there any regulatory or transparency aspects of being public that we find particularly annoying, pointless or distracting? Please cover the new ESG reporting requirements when addressing this point.

Answer: The chair Ian Campbell said they were okay with the extra ESG reporting but are yet to hit the higher reporting threshold for companies with more than $500m in revenue or 500 staff. The CEO Raimond Coneliano said they benefitted from access to capital, shareholders benefitted from the liquidity of being able to exit and the extra governance from having independent directors was also a good thing. Watch video of exchange via Twitter, plus these comments by the CEO talking about all the positives of being listed.

Copyright © 2025 The Mayne Report. All rights reserved

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