5 questions lodged at 2025 Pro Medicus hybrid AGM

Q1. Thanks to our incredible success, our share price is too high. Please seek approval for a 10-for-1 share split at next year's AGM. Such a lofty share price makes it harder for retail shareholders to be issued new stock in a DRP & it also complicates rounding up & rounding down when you do an SPP. For shareholders of modest means like me, who can only afford the minimum $500 purchase to attend AGMs, it is annoying to have to spend more than $500 buying 2, 3 or 4 of your shares. If a share split is good enough for CSL and Nvidia, why not us?

Answer: Withdrew this question because the chair included in his formal remarks that they looked at this issue in detail after a question at last year's AGM and decided not to proceed with a share split because there wasn't a compelling case for doing it.

Q2. Peter Kempen is a former partner at Ernst & Young & EY was our auditor when he first joined the board in 2008. 16 years later, EY is still our auditor. How many competitive tenders have we run for the audit job over the past 16 years & when are we next planning to run a full tender for our audit work? This is not for a moment to suggest there is anything wrong with EY's audit work or any compelling case for change, it's just good practice to periodically market test & there are too many long tenured audit firms across the ASX200.

Answer: The chair Peter Kempen said they have no plans to run a competitive process on the audit.

Q3. Our shareholder numbers are up from 15,154 last year to 20,567 this year but the big 2 co-founders can't vote on this item. There was a 17.6% rem against vote at the 2023 AGM which you addressed last year when support rose to 98%. What happened today? Also, please adopt scheme-like head count voting disclosure in today's poll outcome announcement so we can see how many retail shareholders voted & what our sentiment was on all items, but particularly this rem report item which many small shareholders tend to vote against?

Answer: The chair... Watch video of exchange via Twitter.

Q4. Well done for putting Sam Hupert up for the vote today when you could have used the exemption from election available under Australian law for CEOs. Co-CEO Anthony Hall was last elected in 2023 & will presumably be up again next year. What is the history of this practice at Pro Medicus? Have we ever used the exemption for either of our founders? Rupert Murdoch wasn't elected for decades as executive chair of News Corp and Richard White has never been elected at Wisetech so well done for showing others how to do this.

Answer: The chair... Watch video of exchange via Twitter.

Q5. When we last sought approval for a lift in the NED fee cap from $500,000 to $1 million in 2020, the poll results showed that the founders didn't vote and there was negligible opposition. Is that the situation again in 2025 as we seek approval again to double the fee cap to $2 million? Did all of the proxy advisers recommend in favour and did all of their institutional clients vote in favour? What is the planned percentage pay increase for individual directors once this is approved?

Answer: The chair Peter Hempen said all the proxy advisers were in favour and no big pay rises were planned as this was more about expanding the board in the future.

Copyright © 2025 The Mayne Report. All rights reserved

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