6 questions lodged at 2025 Nine hybrid AGM

Q1. The AFR's Street Talk column has become a de facto ASX, regularly reporting the details of capital raisings before they have been announced to the ASX. I'm concerned that selective briefings to your journalists disadvantage retail shareholders who don't have access to this paywalled content. The coverage also routinely downplays the interests of retail shareholders in capital raisings. Is the board aware of this practice and the debate about whether these selective briefings are okay? Shouldn't it be an ASX first approach on disclosure?

Answer: The chair Catherine West played a straight bat saying lots of people talk to Nine journalists and the company complies with all relevant rules. Watch video of exchange via Twitter.

Q2. We took a good transparency step forward at last year's AGM disclosing the proxy position early to the ASX along with the formal addresses revealing the 37% rem strike and the 17% vote against the re-election of new chair Catherine West. Why have we regressed this year and withheld proxy disclosure, leaving us debating in the dark and having to ask questions like this one.

Answer: The chair Catherine West said she would take the feedback on board and claimed to be "very pleased" to get 83% support on the rem report. Watch video of exchange via Twitter.

Q3. Did any of the proxy advisers recommend a vote against any of today's resolutions, including the rem report? If so, what reasons did they give?

Answer: The question wrangler broke this question off from question 2 to ask it separately and chair Catherine West said ISS and Glass recommended against. Watch video of exchange via Twitter.

Q4. As a long serving independent director seeking re-election today, could Mickie Rosen please provide a summary of how the chair succession process was handled?

Answer: The chair Catherine West took this and said that 10 years was enough, the new CEO was in place, she had achieved all she wanted and Peter Tonagh was a suitable successor. Watch video of exchange via Twitter.

On hearing that, I then withdrew this question which had been submitted earlier: "Catherine West was the first ever female chair of a major ASX-listed Australian media company, but she has resigned just 17 months into her term as chair and just one year into her latest 3 year term. I don't understand why this has happened? Did the board go looking for a new chair ahead of appointing Peter Tonagh to the board in January this year, or did chair succession only emerge as an issue after he was appointed to the board, culminating with negotiations leading into the release of the notice of meeting on September 26. How much influence did our largest shareholder Bruce Gordon have over this decision?"

Q5. Just like out-going chair Catherine West, incoming chair Peter Tonagh spent the majority of his executive career working for Murdoch-controlled companies. The Murdochs are our most vicious competitor and also abuse their media power by devoting editorial resources to denigrating competitors, but particularly us and the ABC. Could Peter detail his personal history with members of the Murdoch family and their local senior News Corp executives. Is he now fully independent from the Murdoch camp and up for the fight against them?

Answer: Peter quoted from the "independent, always" banner on the top of The Age and SMH and said he was fully independent. Watch video of exchange via Twitter.

Q6. How much have the board agreed to pay Peter Tonagh to chair the company? Will he be on the same monthly rate as Catherine West who was paid $374,000 in 2024-25? According to the 2024-25 annual report, Peter owns 123,456 Nine shares which are currently worth $141,357. Does Peter have any residual interests in any listed companies associated with his past work for the Murdochs and will he commit to increase his alignment to Nine by increasing his personal shareholding such that it will exceed his annual chair fee by the time he steps up to chair his first AGM next year?

Answer: The question wrangler broke this into two. The out-going chair said Peter's pay would be the same as hers and Peter pointed to the 200k investment he'd already made with promises of more to come, which is good. He owns no shares in REA or News Corp. Watch video of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

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