5 questions lodged at 2025 Nuix hybrid AGM
November 23, 2025
Below is the text of the 5 written questions submitted at the 57 minute Nuix (NXL) 10am Sydney hybrid AGM via the Link platform on November 19, 2025. Market cap back to $622m after a recent decline but stock rose 4% on the day. See notice of meeting and voting results. The proxies were not disclosed early in the formal addresses. The only modest protest was 6% against the constitutional changes but they ruled out virtual meetings outside of health issues which calmed the proxy advisers down. See 6 questions asked at 2024 AGM. Loved this cracking stump speech from a knighted English director hailing from the intelligence/defence community. Emailed request for AGM webcast on November 23.
Q1. 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 Rob Mactier said they have 450 staff globally and aren't expecting any reductions. He said AI has long been embedded in the Nuix business and they are constantly reviewing how they implement it. Watch video of exchange via Twitter.
Q2. Why didn't you disclose the proxy votes along with the 30 AGM slides lodged with the ASX at 8.30am this morning? Was it because there were proxy adviser against recommendations which led to material protest votes on remuneration related resolutions likes this one. Also please disclose the head count data in the poll results so we can see how many shareholders voted for and against the remuneration report rather than just the Macquarie-dominated overall result as measures by shares voted.
Answer: The chair Rob Mactier is impressive, but he still won't get with the program on best practice voting data disclosure, unfortunately. Watch video of exchange via Twitter.
Q3. The latest ASIC data shows that 3.18% of total issued capital is currently sold short. Does anyone on the board know if our largest shareholder Macquarie makes their Nuix shares available for shorter sellers, for a fee of course. Macquarie facilitates a lot of short selling in other listed stocks, but what is their policy when they directly own a major stake in a company like ours that gets targeted by short sellers from time to time?
Answer: The chair Rob Mactier played a very straight bat and said "ask Macquarie", as they say in the ads. Watch video of exchange via Twitter.
Q4. Well done to Jeff Bleich for helping pull together Anthropic's $US38 billion deal with Microsoft and Nvidia overnight, at a valuation of $US350b. He's certainly got bigger fish to fry than Nuix. It is always helpful for shareholders to have access to some exit perspectives from retiring independent directors, especially chairs. In his final contribution as a Nuix director, could Jeff please comment on what he regards as the best 2 decisions Nuix made during his time on the board and does he have any regrets?
Answer: Not asked.
Q5. It is certainly unusual for ASIC to take legal action against a company where a former ASIC chairman serves on the board. Could Alan Cameron comment on how he managed this delicate situation and whether he considered not nominating again for re-election today, given the optics. Has Alan been more heavily involved in the management of this matter than other directors given his knowledge about the workings of ASIC and how well does he know current ASIC chair Joe Longo?
Answer: Alan Cameron pointed out that he left ASIC more than 20 years ago and said he doesn't comment on personal friendships. Watch video of exchange via Twitter. Also, watch Alan Cameron's solid stump speech.
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