5 questions lodged at 2026 BSP Financial (BSP) hybrid AGM
May 22, 2026
Below is the text of the 5 completely ignored written questions submitted at the 85 minute BSP Financial (BSP) 9am Melbourne time hybrid AGM (question lodgment but not voting) at the Port Moresby Hilton and via the Link/MUFG platform. See notice of meeting. No protest votes last year. Market cap was $3.89b on AGM day. The proxies were not disclosed early in the AGM slides or at the meeting. Biggest protest 25% against new director Michael Makap. Watch this video via Twitter of the strange voting practice where the chair declares each item is passed by a significant but undisclosed majority but then also moves to a show of hands vote on the floor.
Q1. What proportion of our share register is owned by Australian shareholders and what proportion is owned by PNG domiciled shareholders? How important is having the ASX listing for our company?
Answer: It wasn't read out because it seems online questions will be responded to after the meeting. What's the point of offering live questions then?
Q2. When did we last tender the external audit and when are we next planning to tender the external audit?
Answer: It wasn't read out because it seems online questions will be responded to after the meeting. What's the point of offering live questions then? PwC have had the gig for many years.
Q3. Would it be possible to introduce a non-binding remuneration report vote at next year's AGM given that this is standard practice in Australia and many other markets around the world? Also, which proxy advisers issued a report ahead of today's AGM and were they in favour of this proposed increase in the fee cap for directors? Were the proxy votes strongly in favour of this item?
Answer: It wasn't read out because it seems online questions will be responded to after the meeting. What's the point of offering live questions then? One shareholder spoke from the floor but no one even dared to vote against on the floor at the Port Moresby Hilton even though the fee cap was lifted by a whopping 60%. Watch video of the vote via Twitter.
Q4. Could new director Michael Makup and the chair comment on the recruitment process that led to Michael's appointment to the board filling a casual vacancy after the last AGM. Was a recruitment firm involved and how competitive was the process? Did Michael know any of our directors before engaging with the recruitment process?
Answer: It wasn't read out because it seems online questions will be responded to after the meeting. There were no floor questions on any of the 3 director election resolutions. Chair had trouble with his script on this and one other item. Disappointing that Mr Makup didn't even give a stump speech despite being a new director. Watch video of how all this went down via Twitter.
Q5. Is this going to be chair Robert Bradshaw's final 3 year term on the board as he will have served for 12 years when this 3 year term expires in 2029?
Answer: It wasn't read out because it seems online questions will be responded to after the meeting. What's the point of offering live questions then? I left this message via the Link/MUFG platform at the end of the meeting: "In terms of sending through written responses to my 5 online questions, I can be reached by email on stephen@maynereport.com"
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