4 questions lodged at 2025 Amotiv hybrid AGM

Q1. Thank you to Graeme Billings for his 13 years of service on the board, the last 5 as chair. At last year's AGM, Graeme said he had bigger regrets than the February 2012 decision to sell our 25.4 million shares in Breville (BRG) at $3.35 a share, raising $84 million and booking a $66 million profit. If held today, these shares would be worth $733 million. It is always helpful for investors to have access to some exit perspectives from retiring independent directors, particularly chairs. Could Graeme please comment on what he regards as the best 2 decisions made during his time on the board and what are his bigger regrets than the decision to sell out of Breville for $650 million less than what those shares would be worth today if retained?

Answer: The chair said becoming an automotive pure play and the name change from GUD to Amotiv were two good decisions but he declined to elaborate on any regrets or even walk back last year's strange answer. Watch video of exchange via Twitter.

Q2. Could James please comment on his experience of the recruitment process that led to his appointment to the board and subsequent appointment as chair. Which of our directors did he know before engaging with the recruitment process?

Answer: James Fazzino talked about meeting key players and feeling that the fit was good. He also said Graeme Billings was the only director he knew but Graeme then stressed that he wasn't involved in the decision which was run by the nominations committee. Watch video of exchange via Twitter.

Q3. We lost our previous audit committee chair Carole Campbell at last year's AGM after just 3 years on the board and her departure was never properly explained. She wasn't even invited to offer some exit reflections when asked at that AGM. As the new audit committee chair, could Raelene Murphy outline whether she spoke to Carole Campbell before taking on this role. What is her understanding of the reasons behind Carole's seemingly premature and unexplained departure?

Answer: Raelene got straight into her response without being invited by the chair and gave a diplomatic answer saying she had not spoken to Carole but was satisfied there weren't any systematic issues that would prevent her from taking on her fourth public company audit committee role. Watch video of exchange via Twitter.

Q4. Thank you for once again disclosing the proxies early with the formal addresses and well done achieving such strong voting support with a modest 6% against vote on this remuneration report being the largest protest vote. As an additional disclosure measure could you please advise the ASX how many shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate. It is true that retail shareholders tend to vote against remuneration reports but the likes of Qantas, ASX, Suncorp, Stockland, ARB, Myer, Tabcorp and even our own share registry provider Computershare have all voluntarily provided this data at their most recent AGMs. You've got the data, so why not let the sun shine in?

Answer: The out going chair Graeme Billings said no. One for new chair James Fazzino to embrace next year. Watch video of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel