5 questions lodged at 2025 Acrow hybrid AGM
November 15, 2025
Below is the text of the 5 written questions submitted at the Acrow (ACF) 10.30am Sydney time virtual AGM via Automic platform on November 14, 2025. Market cap $334m on AGM day after reasonable year. See notice of meeting. The proxies were not disclosed early in the formal addresses. They failed to follow the agenda, dealing with all questions as one job lot. Only protest 13% against LTI grant to CEO Stephen Boland.
Q1. Netwealth appears in our top 20 as the third biggest Acrow shareholder with 4.25% through its wrap product. The shares are held on behalf of hundreds of retail shareholders. Do you know if the various Netwealth clients are counted as one shareholder amongst the 6,506 shareholders mentioned in the annual report or whether it is just one shareholder under the Netwealth umbrella? I'm concerned that Netwealth is not passing on notices of meeting to its clients and this partly explains why voter turnout at AGMs is below 5%.
Answer: The chair... Watch video of exchange via Twitter.
Q2. How many full time equivalent staff do we currently have and is this likely to fall over the coming 12 months with the rapid roll out of AI? Which parts of our business and operations are the most prospective for AI productivity gains and how energetically are we embracing those opportunities?
Answer: The chair... Watch video of exchange via Twitter.
Q3. Did any of the proxy advisers cover us this year and did any recommend a vote against any of today's resolutions, including this remuneration report item? If so, what reasons did they give and did this translate into any material protest votes? After strong support for all resolutions last year, I suspect it will be the same this year, in which case well done for being a well governed company which is not going over the top on remuneration?
Answer: The chair... Watch video of exchange via Twitter.
Q4. When disclosing the outcome of voting on all resolutions today, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens 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. Others such as ASX, Qantas, Tabcorp, Suncorp, Myer and Computershare have already blazed the trail. Automic has the data, so why not let the sun shine in?
Answer: They failed to do this.
Q5. There has been a lot of media over the past 2 years about criminal infiltration into the CFMEU and the construction industry more broadly. Have we noticed any criminal elements operating in parts of the scaffolding industry? Also who are our biggest credible national corporate competitors?
Answer: The chair... Watch video of exchange via Twitter.
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