6 questions lodged at 2025 Pinnacle hybrid AGM
October 31, 2025
Below is the text of the 6 written questions submitted at the Pinnacle Investment Management (PNI) hybrid AGM held at 9am in Sydney and via the Computershare platform on October 31, 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. Market cap was $4.57 billion on AGM day. The proxies were disclosed 10 minutes before kick off in these 93 slides lodged with the ASX. There were no protest votes. See 7 questions submitted at 2024 AGM which were largely ignored on the day but received written responses later from CEO Ian Macoun.
Q1. Could Andrew please summarise his experience with past incentive grants. Have they vested or lapsed and what is his history in terms of trading the stock. Please don't say look it up in the annual report. It's complicated and Andrew could summarise the situation in 60 seconds.
Answer: The question wrangler initially butchered this so it had to be read out again and then multiple parties piped up to join an interesting discussion. Watch video of exchange via Twitter.
Q2. I've been at the Sky City AGM in Auckland and missed the first half an hour of this meeting. Last year you refused a request to publish a copy of the AGM webcast. Could Lorraine (a director up for election) please comment if she would push for this as less than 2% of our shareholders will have tuned in live and should be able to catch up on the full AGM debate later?
Answer: The chair... Watch video of exchange via Twitter.
Q3. When disclosing the outcome of voting on all resolutions today, including this resolution dealing with Alan Watson's re-election, 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. The likes of Qantas, ASX, Suncorp, Tabcorp and even the world's biggest 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 chair... Watch video of exchange via Twitter.
Q4. At next year's AGM, can you please adopt the normal practice of Ian Macoun doing his formal address at the beginning of the meeting before we get into the voting and later debate on individual items of business. Shareholders like to be fully informed on the company's operations before voting on things like director elections, incentive grants and the remuneration report. It shouldn't be hard to simply follow the published agenda and have a formal presentation from the CEO in conjunction with item 1, dealing with the financial statements.
Answer: The chair... Watch video of exchange via Twitter.
Q5. Most of my questions submitted at last year's AGM were ignored and I received written answers later from Ian Macoun but no copy of the AGM webcast was ever published. The same things seems to be happening at this year's AGM. Why do you advertise having a hybrid AGM and then not deliver? Also, written questions should be read out in full, not summarised and shortened by whoever is wrangling the questions. How much have you paid Computershare to offer the online component of this AGM?
Answer: The chair... Watch video of exchange via Twitter.
Q6. Thank you for disclosing the proxies to the ASX along with the 93 slides released 10 minutes before today's 9am kick off. The only small protest vote was 6% against Alan Watson's re-election. Corporate voting is not a secret ballot. Do you know the identity of the owners of the $189m worth of stock voted against Alan. Was it an independence issue raised by one of the proxy advisers? Which proxy advisers issued reports ahead of today's AGM and did any of them raise any concerns or recommend a vote against any resolutions?
Answer: The chair... Watch video of exchange via Twitter.
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