6 questions lodged at 2025 Steadfast hybrid AGM
November 4, 2025
Below is the text of the 6 written questions submitted at the 52 minute Steadfast (SDF) hybrid AGM held at 10am in Sydney and via the Lumi platform on October 31, 2025. See notice of meeting and voting results. Market cap was $6.9 billion on AGM day, although the stock crashed 7% due to the suspension of 78yo CEO Robert Kelly. The AFR explained some of the background on the day and Rear Window had this piece a week later but the AGM itself was left in the dark, including disappointing questions censorship laid out below. The proxies were disclosed early in the formal addresses. Plus watch this rousing farewell to outgoing 79yo chair Frank O'Halloran from fellow director Greg Rynenberg at the end. Also see drama from 2024 AGM plus it is worth watching Linton Besser's cracking 4 Corners story on Steadfast and the strata industry from 2024.
Q1. The stock has opened 7.6% lower today, presumably in response to the founder/CEO being stood down yesterday pending this workplace investigation. Does Frank believe this announcement has caused the share price response or was it something in the formal addresses lodged with the ASX earlier this morning?.
Answer: not asked.
Q2. Could Joan Cleary please comment on what role the independent directors played leading into yesterday's announcement related to the CEO being stood down. Was it a full board decision or something run primarily through one of the multiple board committees that she sits on?
Answer: Not asked.
Q3. Michael Goodwin election question: "As the newest independent directors on the Steadfast board, could Michael please comment on what role the independent directors played leading into yesterday's announcement related to the CEO being stood down. Was it a full board decision or something run primarily through one of the multiple board committees that she sits on? Also, did Michael know any of our directors before joining the board and was the recruitment process competitive and run by a headhunting firm?
Answer: the question was butchered with the CEO component censored but we did find out that Michael used to work for chair Frank O'Halloran at QBE. Watch video of exchange via Twitter.
Q4. Thank you to Frank O'Halloran for his long service to this company. What does he regard as the 3 best decisions the Steadfast board made during his time with the company and does he have any regrets?
Answer: The chair just shared the credit for its success with the wider Steadfast team, but particularly the board, without offering up any specific decisions. Normally directors say "hiring a great CEO" but that was tricky given the previous 24 hours. Watch video of exchange via Twitter.
Q5. Resolution 7 question - please read this in full: "Did we really need to have 3 separate resolutions on the remuneration arrangements for CEO Robert Kelly and are yesterday's developments in any way relevant? It's a shame this information was only made public after proxy voting had closed. What are the clawback provisions in these incentive grants if the CEO exits after the current investigation is completed? Did we consider withdrawing any of these resolutions given recent developments?"
Answer: After multiple messages through the online platform insisting that this questions get asked as they worked through the 3 Robert Kelly pay resolutions, a half-baked censored version was finally read out, eliciting a standard response from the new chair. Watch video of exchange via Twitter.
Q6. Remuneration report question: "Thank you for disclosing the proxies early to the ASX along with the formal addresses. What caused the 15% remuneration report protest vote? Did a proxy adviser recommend against?"
Answer: The incoming chair confirmed a proxy adviser recommended against but offered up no further detail. Watch video of exchange via Twitter.
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