5 questions lodged at 2026 Steamships (SST) virtual AGM

Q1. With a 72% stake in Steamships, we're controlled by the Swire family, arguably the most successful UK colonial operator with a large global empire still in tact. The Sunday Times last year estimated that UK-based Barnaby and Merlin Swire are worth £9.25 billion. Which members of the Swire family do our directors report to and how involved are Swire family members in our operations?

Answer: Steamships Group Legal Counsel Sheila Sukwianomb did a great job reading all 5 questions out in full and chair Geoff Cundle handled them with aplomb. Thought this one might be censored but it was read in full. Chair Cundle explained that three Swire family members sits on the board of the ultimate parent company, J Swire & Sons. AI tells me that would be Merlin Swire, Samuel Swire and Barnaby Swire, who are accompanied by 5 other directors on the all male board. Doesn't sound like they'll be changing the name to Swire & Daughters any time soon. Watch video of exchange via Twitter.

Q2. Our managing director since 2024, Chris Daniells, has been with the Swire Group for 29 years. Where does he reside, how much time does he spend each year in PNG and how much longer is he likely to hold this position as CEO of an ASX-listed public company which is just a tiny part of the wider Swire Group that he works for?"

Answer: The chair Geoff Cundle didn't invite Chris to respond but it was good to hear that he does live in Port Moresby. Watch video of exchange via Twitter.

Q3. With only 378 shareholders and Swire holding more than 70%, is there really a logic with being listed on both the PNG and Australian exchanges. Does the chair believe that Swire would be permitted to move to 100% through a takeover offer to the minorities or would such a move run the risk of being blocked by the PNG government?

Answer: The chair Geoff Cundle kept prefacing his answers by saying “we can respond to this question later”, but then he would go on to give a good answer, such as to this sensitive question inquiring about the Swires delisting and taking over the 72% owned company. Not likely, he said. Watch video of exchange via Twitter.

Q4. Is it good practice to have Chris Hansor serving on our board, when he is a former partner of PwC, our long term external auditor. This sort of thing is increasingly frowned on in Australia and we are listed on the ASX. What is the history of PwC's association with the broader Swire Group and when was that broader relationship last put to a competitive tender?

Answer: Impressed that Swire Group competitively tenders the external audit every 3 years right across its global operations. Was expecting to hear it was a long standing Macquarie-style all encompassing relationship with incumbent PwC. Not so, it seems. According to chair Geoff Cundle they have multiple different auditors across the group. Indeed, Cathay Pacific is audited by KPMG, although PwC clearly has the most gigs when you look at entities such as Swire Pacific and Swire Properties. Watch video of exchange via Twitter.

Q5. PwC have been our external auditor for many years. When did we last competitively tender the external audit and when are we next planning to run a competitive tender?

Answer: The chair Geoff Cundle said they tender the external audit every 3 years. PwC might have been Steamships auditor for more than 20 years, but they are seemingly forced to compete for the gig every three years. They just keep winning every time! Presumably no-one else bothers to tender because they assume PwC is fully entrenched. Watch video of exchange via Twitter.

Copyright © 2026 The Mayne Report. All rights reserved

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