4 questions lodged at 2025 Kelly Partners virtual AGM
November 30, 2025
Below is the text of the 4 written questions submitted at the 66 minute Kelly Partners (KPG) 9am Sydney time virtual AGM via this Zoom link on November 25, 2025. Market cap around $396m on AGM day after surging to a record high then falling nearly 50%. See notice of meeting and voting results with no protest votes. The proxies were disclosed early in the formal addresses with no major protest votes.
Q1. Best practice governance is to have an independent non-executive chair. Have we given this consideration in order to improve our governance ratings and attract more institutional shareholders to the register? Also, because Brett Kelly is executive chair, it is not good practice for him to use the exemption from election for CEOs under Australian law. Has Brett even been elected to this board and will he agree to subject himself for election at the 2026 AGM?
Answer: The Brett Kelly, the founder and executive chairman of accounting roll up Kelly Partners, just oozes hubris when declaring he'll never put himself up for election at the $400m market cap company. Why not, for goodness sake? 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 Brett Kelly said they have 700 staff and this definitely won't fall, partly because the numbers studying accounting have halved over the past decade and they grab every capable person they can find. That said, they are also pushing hard on AI. Watch video of exchange via Twitter.
Q3. Why are you bothering to refresh the 15% placement capacity for such a small amount of shares? Please don't bring back similar resolutions in future years as it sends a message that you're planning a big selective placement when pro-rata raisings are the fairest way to raise capital. What is our history in terms of doing selective placements and do we always follow them up with a share purchase plan for retail investors to participate on the same terms?
Answer: The executive chair Brett Kelly said they only asked for the extra capacity for flexibility reasons and suggested they were unlikely to use it. Watch video of exchange via Twitter.
Q4. Thank you for disclosing the proxy position to the ASX along with the formal addresses. The only minor protest vote was 7.16% against the re-election of Paul Kuchta. Do you know what caused this and why some shareholders voted against? Is it an independence question? Did any of the proxy advisers issue a report ahead of this AGM given that we are now capitalised at around $400m and are attracting more institutional investors to the register?
Answer: The executive chair Rich Lister Brett Kelly has built a $400m ASX listed accounting outfit which services 8% of all US McDonalds franchisees. But he has no idea on voting at his AGMs and has attracted no institutional shareholders to the register. Strange response. Watch video of exchange via Twitter.
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