3 questions lodged at 2026 Droneshield (DRO) hybrid AGM
May 29, 2026
Below is the text of the 3 written questions submitted at the 126 minute Droneshield (DRO) 10am hybrid AGM in Sydney and via the Automic platform (questions not voting) on May 29, 2026, the last possible day. This curious company doesn't publish their constitution on their website like most companies, but it was lodged with the ASX back in 2022. See notice of meeting detailing 4 items of business. Biggest protest last year 21.4% against rem report. Market cap was $2.94b on AGM day. The proxies were not disclosed early in the formal addresses by the outgoing chair Peter James or the incoming CEO Angus Bean. The formal addresses dragged on for 53 minutes, although this did lift the share price 7% in morning trade. There was talk of a 3 questions limit, so focused on the specific resolutions, rather than general business. There were multiple big protest votes including a 48% rem strike, 43% against the CEO's options grant and 17.7% against the election of new chair Hamish McLennan. With nearly 50,000 shareholders, there were loads of floor and online questions through the 73 minute Q&A session.
Item 2: Remuneration report question
Q1. Which proxy advisers released reports ahead of today's AGM? It was disappointing you didn't disclose the proxy votes earlier with the formal addresses, meaning questions like this have to be asked. Did any of the proxy advisers recommend against the remuneration report and have we suffered a strike? What criticisms of our rem structure have the board been informed of as the votes and proxy adviser reports came in? Finally, how many of our nearly 50,000 shareholders voted by proxy?
Answer: Hopeless for chair Peter James to not explain proxy adviser concern after a 48% rem strike and a 43% vote against options grant to Angus Bean. Watch video of duck and weave exchange via Twitter.
Item 3: Election of Hamish McLennan question
Q2. I was very surprised to see that Hamish McLennan, arguably the busiest man on the Australian director circuit, was taking on this challenging gig as Droneshield chair. Who made the approach to Hamish and were any shareholders consulted before the announcement was made? Did a recruitment firm assist with the process and did the board interview any alternative candidates? Did Hamish know any of our directors, senior executives or top 10 shareholders before engaging with the recruitment process?
Answer: Droneshield didn't even use a recruitment firm to land Hamish McLennan as the new chair. An inside job by a discredited board. A farce. Watch video of exchange via Twitter.
Item 4: Proposed incentive grant to the new CEO
Q3. In light of recent events, as we discuss this proposed LTI grant, could incoming CEO Angus Bean please summarise his full history of trading in our shares, including any option grants or performance rights vesting. It is not fully visible from public disclosures. It was disclosed in the 2022 annual report that Angus held 7.38 million ordinary shares but he was down to just 500,000 shares by April 8 when he joined the board. What was his average exit price & and why did he sell 6.9m shares?
Answer: Disgraceful that outgoing Droneshield chair Peter James, a notorious share dumper, blocked the new CEO Angus Bean from explaining his full share trading history, including why he dumped 6.9m shares since 2022. In light of recent events, ignoring this specific question was appalling. Watch video of duck and weave exchange via Twitter.
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