4 questions lodged at 2025 Aurizon hybrid AGM
November 9, 2025
Below is the text of the 4 written questions submitted at the 90 minute Aurizon (AZJ) hybrid AGM held at 2pm Brisbane time on October 16, 2025 and via the excellent Computershare platform. See notice of meeting. Market cap was $5.7b on AGM day after a flat year. The proxies were disclosed early in the formal addresses showing small but surprising protests referenced in Q3. Out-going chair Tim Poole lost points for not disclosing head count data in these poll results and not following the agenda on the Q&A, just offering one all over the place job lot opportunity for questions. The question wrangler did a little bit of editing, losing Marvin Gaye reference in Q3 and description of Lyell Strambi as "a gun" in Q4, but overall was okay. Also, see text of 6 questions asked last year at 2024 AGM.
Q1. Chair Tim Poole claimed at last year's AGM that he believed our Central Queensland Coal Network assets are worth well north of their current $5 billion book value. Given that our share price is marginally below the price at last year's AGM in an overall strong market, why don't we explore selling a minority stake in these assets to a specialist infrastructure investor as a way of raising cash and potentially lifting the share price. Such a move would also mitigate against the future risk which might see coal infrastructure assets increasingly negatively screened by investment funds for net zero reasons.
Answer: The chair said such a move was an option they are constantly examining. Watch video of exchange via Twitter.
Q2. Could the CEO and chair both please comment on how many full time equivalent staff we currently have and whether this number is 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: They both gave useful and insightful responses. Watch video of exchange via Twitter.
Q3. Well done to Aurizon for disclosing the proxies early to the ASX along with the formal addresses. There was surprisingly strong support of more than 99% in favour of both remuneration items. However, there was a puzzling 9.6% vote against Lyell Strambi's election and 6.5% against Sarah Ryan. These are relatively small protests but as Marvin Gaye would say: "What's going on?" Did a proxy adviser recommend against either candidate or is this particular super funds or fund managers taking a stand. What has been communicated to the company about the reasons behind these two modest director protest votes?
Answer: The question wrangler removed the Marvin Gaye reference and quote but chair Tim Poole gave a comprehensive response detailing his extensive pre-meeting engagement and the complete lack of concern from everyone he met, hence the bemusement about the two protest votes. Watch video of exchange via Twitter.
Q4. Thanks to Tim Poole for his excellent leadership of Aurizon over the past few years, particularly in building a less sleepy board. Best practice chair succession sees multiple strong internal candidates competing for the role, without the need for an external search. If you do end up going outside, make sure the candidate has a few months on the board with Tim before taking over. If I had a vote, it would be Lyell Strambi as the new chair. He's a gun. But other quality directors should not be afraid to pitch and contest. Which head hunting firm is conducting the external search, just in case some of us would like to apply for the role?
Answer: The chair jokingly said to text him for the name of the head hunter and didn't really seriously answer the question, although the Strambi endorsement caused a bit of murmuring. Watch video of exchange via Twitter.
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