5 questions lodged at 2026 Pepper Money (PPM) hybrid AGM
April 20, 2026
Below is the text of the 5 written questions submitted at the 33 minute Pepper Money (PPM) 11am virtual AGM via Lumi on April 20, 2026. See notice of meeting. Market cap $795m on AGM day. Last year only one modest 7% protest vote against CEO's LTI grant. It rose to 10.3% against in 2026. See text of 5 questions submitted. The proxies were disclosed early in the formal addresses with biggest vote against re-election of chair Akiko Jackson, who has been on the board since 2011. Was the only shareholder asking questions.
Q1. Holding a virtual AGM and requiring participants to access it through a meeting specific Voter Access Code is less accessible than holding a hybrid AGM where online access is through a shareholder's HIN number, which is the process used at most Computershare, Automic and Link-MUFG AGMs with online access. Will you make these change next year and can you please advise Lumi to get with the program at other meetings and use HINs rather than a VAC for online meeting access. If a shareholder can't locate the VAC they can't participate, but shareholders know their HIN and this should be the access code for online meetings.
Answer: The chair Akiko Jackson made no promises but said they would take this on board. Watch video of exchange via Twitter.
Q2. Question on chair's re-election: Thank you for disclosing the proxies early to the ASX along with the formal addresses. There was a modest 11.9m vote protest against the chair's re-election, which was 3 times the size of the against vote on the remuneration report. Did one of the proxy advisers recommend against the chair's re-election or was it just one institutional shareholder sending a message. What is the backstory on this vote?
Answer: Why couldn't Pepper Money chair Akiko Jackson just come out and say that the modest protest against her re-election today was because she has been on the board since 2011? Just hopeless running this confidentiality argument on proxy advisers. Watch video of exchange via Twitter.
Q3. When did we last tender the external audit and when are we next planning to tender the external audit?
Answer: The chair Akiko Jackson said the audit was reviewed leading into the 2021 float but provided no insight on when the next tender would be held. Watch video of exchange via Twitter.
Q4. KKR pocketed $500m when they floated Pepper Money at $2.89 a pop in 2021. With the stock at $1.81 today, the investors who bought those shares are down by around $170m. Could the KKR representatives on the board comment on why they support Pepper having an independent chair when they control the company? Could they also explain KKR's full history with Pepper and whether KKR has other similar investments around the world?
Answer: KKR reps on Pepper Money board are clearly very shy as this was second year straight they've refused to bite. It was arguably inappropriate for chair Akiko Jackson to answer on their behalf when asked why they support having an indie chair. She talked up the dividends in trying to downplay investor losses. Watch video of exchange via Twitter.
Q5. Were tenure concerns the reason for the modest protest vote against the chair and is this her final 3 year term on the board?
Answer: this turned into a second unsuccessful crack at getting Pepper chair Akiko Jackson to explain the modest vote against her re-election today. She also refused to say if this would be her last 3 year term having served since 2011 and made it sound like it is her call. Disappointing an unhelpful response. Watch video of exchange via Twitter.
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