8 questions lodged at 2026 Technology One (TNE) hybrid AGM
February 18, 2026
Below is the text of the 8 written questions submitted at the two hour 2026 Technology One (TNE) 10.30am hybrid AGM in Brisbane on February 18 and via the Link/MUFG platform. See notice of meeting. See package on 7 questions lodged at last year's 75 minute meeting. Only protest last year was 15.6% against chair Pat O'Sullivan's re-election. Market cap was $7.5b on AGM day after a recent decline and a nearly 10% jump on AGM day thanks to a profit upgrade. The proxies were disclosed early in a separate announcement from these 56 slides which supported the opening 55 minute address by CEO Ed Chung. There were no protest votes.
Q1. The share price has bounced almost 10% today but at $23.50 it is still a long way below the record high of $42 in June last year. We've clearly been hit by the global AI disruption fears, just like the chair's other ASX100 company Car Group has been. What is chair Pat O'Sullivan personally doing to up-skill on the AI threat? Has he travelled to Silicon Valley many times since the release of ChatGP and who are his key external advisers on the AI threat in such a fast-moving environment?
Answer: The chair Pat O'Sullivan gave an excessively brief response, simply saying he is surround by tech experts at the 3 public companies he chair, the others being Car Group and Siteminder. Watch video of exchange via Twitter.
Q2. Thank you for disclosing the proxies early to the ASX and well done for receiving strong support on all items, including this remuneration report vote. Given the disruptive and potentially existential threat of AI to some software providers, have we inserted any specific AI-related KPIs into the KMP's incentive arrangements or are we planning to increase emphasis on resisting and defeating the AI insurgency in future incentive arrangements?
Answer: The chair Pat O'Sullivan gave a reasonable response saying they do adjust pay practices based on feedback from proxy advisers and shareholders such that it is always evolving but he didn't get into the detail of AI. Watch video of exchange via Twitter.
Q3. Do Australian councils ever band together and deal with us collectively in order to strengthen their buying and negotiating power or do we pick them off one by one? How strict are the privacy provisions in our local government contracts? Are they suitably tight that councils are not allowed to talk to other councils about our technology, services and pricing? How common is our practice of signing single contracts that apply to multiple councils?
Answer: The CEO Ed Chung at first laughed and said: "I don't know where to go with that." Then he gave a good detailed response saying they are on most government tender panels but execute individual contracts with councils. He also said councils are not competing with each other and talk all the time about TechOne's products and services. Watch video of exchange via Twitter.
Q4. Shares in Corporate Travel Management have been suspended since August 22 last year over accounting irregularities, with talk that it may be broke. Their founder/CEO quit 12 days ago. On December 8, our chair and CEO made an ASX announcement defending our CFO Cale Bennett, who spent 4 years as deputy CFO or CFO of Corporate Travel Management before joining us as CFO two years ago. Please provide an update on the situation.
Answer: The chair Pat O'Sullivan gave one his longer answers for the meeting but stretched credulity by claiming Cale left CTM "a number of years ago" and had worked for Technology One "for a few years". It's only been two years. The chair has spoken to Cale on multiple occasions about the situation and continues to monitor public disclosures. Watch video of exchange via Twitter.
Q5. Which recruitment firm assisted with the search that led to Deborah and Philip's appointment to the board since the last AGM? What sort of on-boarding process did we run for them and could they clarify if either of them knew any of the other directors before engaging with the recruitment process.
Answer: The chair Pat O'Sullivan gave an excessively brief response but made it clear he was actively involved, although at least an un-named recruitment firm was involved. "Deb knew Jane" was as much as he offered on the connections aspect and neither new director was invited to respond. Watch video of exchange via Twitter.
Q6. Could retiring director Jane Andrews and the chair comment on whether they support the principle that public companies should release their full year results before the deadline closes for board nominations. We follow this principle but the majority of ASX100 companies with Sept 30 balance dates don't. Can the chair guarantee that we won't switch to a rushed pre-Christmas AGM like what NAB, Westpac, ANZ, Elders, Bank of Queensland, Orica and Incitec Pivot do?
Answer: The sneering sarcastic chair Pat O'Sullivan completely dismissed the question as a joke and refused to comment, simply saying "Yep, thanks Stephen. Great question". He should compare his pointless belligerence with how Nufarm chair John Gillam thoughtfully handled a similar question at his February 2025 AGM. Watch video of Tech One AGM exchange via Twitter.
Q7. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report & through ASX announcements. It's complicated and the CEO could factually summarise the situation in 60 seconds. As we saw earlier today, Ed loves to talk & is right across all the detail, so let's hear his LTI lived experience.
Answer: The CEO Ed Chung said most of his family wealth has come from LTI grants vesting since he joined in 2007 but provided no specific details. Watch video of exchange via Twitter.
Q8. I was surprised when the chair failed to deliver a traditional chair address today and the CEO was on his feet for 55 minutes starting just 5 minutes into the AGM. The 3 director candidates for election today all gave longer speeches than our chair did. Some of Pat's answers today have also been excessively brief. No public company chair embraces brevity as enthusiastically as Pat. As chair of 3 major public companies, why is Pat so reluctant to speak at AGMs and will new director Phil Davis encourage him to speak more at next year's AGM?
Answer: The chair Pat O'Sullivan predictably gave an excessively brief response, made a couple of lame jokes and didn't really answer the question. Watch video of exchange via Twitter.
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