4 questions lodged at 2026 Summerset Group (SNZ) hybrid AGM
April 21, 2026
Below is the text of the 4 written questions submitted at the 97 minute 2026 Summerset Group (SNZ) 2.30pm NZ time virtual AGM on April 21 via the Link platform. The virtual component was cancelled the day before due to wild weather in Wellington. See notice of meeting. Market cap $1.64 billion on AGM day. See wrap of 2 hour meeting last year where asked 7 questions. No protest votes. Own 50 units, which have tumbled recently. Neither the proxies or the formal addresses were disclosed early.
Q1. I don't understand why New Zealand shareholders are forced to vote on this meaningless auditor remuneration resolution question every year, when we're not given the power to reflect on the far more important issue of the overall remuneration practices of the company. Are we lobbying to have the legislation amended to end this pointless vote. And speaking of external auditor PwC, when was the external audit last tendered and when will it next be tendered?
Answer: The chair Mark Verbiest ... Watch video of exchange via Twitter.
Q2. I've never seen a public company director re-election where the formal words of the resolution lock in that the candidate won't be running again as this is his final term. Is there any particular reason why you've done this, rather than just mention it in the notice of meeting? Is there anything stopping Dr Andrew Wong and the board changing their mind in 3 years and putting him up for another term?
Answer: The chair Mark Verbiest... Watch video of exchange via Twitter.
Q3. When asked to embrace Australian-style annual remuneration report voting at last year's AGM, chair Andrew Verbiest trotted out weak arguments against the Australian system, even claiming it's repeatedly under review. This is wrong. It's bipartisan and fully supported, 13 years after its introduction. Could re-election candidates Venasio Crawley and Fiona Oliver please comment on whether the board discussed offering a remuneration report vote this year and whether they've experience remuneration report voting at any other companies.
Answer: The chair Mark Verbiest... Watch video of exchange via Twitter.
Q4. At last year's AGM, the chair claimed to have a "tacit understanding" with the NZ Shareholders Association to withhold proxy disclosure. What does that achieve? How can it be helpful to debate in the dark? Did any of the proxy advisers issue reports ahead of today's AGM and were there any material protest votes against any of the resolutions? On March 30, we withdrew the proposed increase in the fee cap for the non-executive directors. Was it likely to be defeated given the share price has fallen 30% since last year's AGM?
Answer: The chair Mark Verbiest... Watch video of exchange via Twitter, plus these additional comments by the chair claiming the fee cap rise was supported by institutional investors.
Copyright © 2026 The Mayne Report. All rights reserved
