4 questions lodged at 2025 Car Group hybrid AGM
November 5, 2025
Below is the text of the 4 written questions submitted at the 50 minute Car Group (CAR) 11am hybrid AGM at its HQ in Melbourne 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 $14b on AGM day. The proxies were disclosed early in a separate announcement before the meeting started. See 6 questions asked at 2023 AGM and 8 questions asked at 2022 AGM.
Q1. Thank you for disclosing the proxy votes early to the ASX ahead of today's AGM, enabling a more fully informed debate. There was an 18.2% directed proxy protest vote against David's re-election. Which of the proxy advisers recommended against and on what grounds? Did we engage with any shareholders to attempt to persuade them not to follow this advice and to support David's re-election, particularly given the long-term stand out performance of the company during his time on the board.
Answer: The chair Pat O'Sullivan got on the front foot with these prepared remarks taking a crack at ISS for its new policy of voting against any director who was previously a partner of the audit firm which audits the company. Watch video of exchange via Twitter.
Q2. How long has PwC been our auditor and will we potentially change auditor given this protest vote? Thanks also to Pat for explaining the ISS audit voting policy which led to today's protest vote? Will this protest vote lead to another tender during David's upcoming 3 year term on the board. Wouldn't it make sense to change auditor before David's term expires in 2028?
Answer: Certainly not. No one tells chair Pat O'Sullivan what to do and PwC still stay in the job because they're great and the audit was only tendered in 2022. Watch video of exchange via Twitter.
Q3. Similar to with David, could Pat please inform shareholders of the behind the scenes debate that occurred between the company, the proxy advisers and institutional investors, which finished with a near 20% vote against his re-election today. Also, is this his final term on the board or could he run again for another term in 2028. Chair succession is a delicate issue but does Pat believe the next Car Group chair is currently serving on the board?
Answer: The chair again got on the front foot with these prepared remarks taking a crack at "the so-called rule" that you shouldn't chair 3 major public companies. Watch video of exchange via Twitter, plus these additional comments when Pat failed to say whether this would be his last term.
Q4. Your performance is great and you've run a near perfect hybrid AGM, following the agenda and disclosing the proxies early. The cherry on top will be if you could 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: Chairman Pat hates answering questions and gave nothing in either his answer or these poll results. Watch video of exchange via Twitter.
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