5 questions lodged at 2026 Kina Securities (KSL) hybrid AGM
May 27, 2026
Below is the text of the 5 written questions submitted at the 35 minute Kina Securities (KSL) 8am hybrid in Port Moresby and via the Link/MUFG platform. All but one was ignored even though there were no questions online or in the room. Market cap $397m on AGM day. See notice of meeting detailing 6 items of business. The proxies were not disclosed early in the formal addresses and there were no protest votes in 2025. See 5 questions lodged at 2025 AGM, 6 questions lodged at 2024 AGM and 8 questions lodged at 2023 AGM, all of which were partially censored by Johnson Kalo.
Q1. Given that we are listed on the ASX, will the board agree to voluntarily put the remuneration report to shareholders for approval at next year's AGM, like all Australian-domiciled companies have to do. This would be best practice. There were no protest votes on any resolutions last year and this year we have 3 remuneration related items, including this proposed lift in the fee cap for directors, but not an actual remuneration report to approve. What's wrong with achieving 95% support for your remuneration report each year?
Answer: Another disappointing question censorship exercise by Kina Securities CFO and company secretary Johnson Kalo who didn't read this out, ignoring 4 of my 5 questions. There were no other questions online or from the floor in Port Moresby. Watch video of meeting concluding via Twitter.
Q2. Could new chair Ian Clough please comment on the biggest changes in board process, delegations, reporting lines or governance that he has implemented since taking over as chair over the past 13 months. What proportion of his time does he spend on Kina matters?
Answer: Another disappointing question censorship exercise by Kina Securities CFO and company secretary Johnson Kalo who didn't read this out. Watch video of meeting concluding via Twitter.
Q3. Deloitte have been our auditor for more than 7 years. Have they faced a competitive tender since first winning the work from PwC in 2019 and when are we next planning to run a competitive tender for our external audit work?
Answer: When we got to resolution 3 on the auditor, Kina chair Ian Clough asked: “Johnson, are there any questions online?” The CFO and company secretary Johnson Kalo then said: “Chair, there are no questions online”, which wasn't true. Watch video of this happening via Twitter.
Q4. Did any proxy advisers cover us this year and did any recommend a vote against any of today's resolutions, including this LTI grant to the CEO. If so, what reasons did they give and did this translate into any material protest votes? Thank you for disclosing the formal addresses to the ASX before today's AGM commenced. Would it be possible to include the proxy votes data when you do this ahead of next year's AGM to allow for a more fully informed debate?
Answer: When we got to resolution 5 on the LTI grant to Australian CEO Ivan Vidovich, Kina chair Ian Clough asked: “Johnson, are there any questions online?” The CFO and company secretary Johnson Kalo then said: “Chair, there are no questions online”, which wasn't true. Watch video of this happening via Twitter.
Q5. Given that Deloitte is our auditor, is it suitable that their former PNG country chief Lutz Heim serves on the Kina board as an independent director?
Answer: Proving that he can ask online questions, here is the one that Kina CFO Johnson Kalo did let through. Lutz Heim said he left Deloitte in 2015 so it was no drama having former PNG country head for Deloitte serving on the Kina board. Deloitte replaced PwC as Kina auditor in 2019. Watch video of exchange via Twitter.
Copyright © 2026 The Mayne Report. All rights reserved
