4 questions lodged at 2026 Fluence Corp (FLC) virtual AGM
May 29, 2026
Below is the text of the 4 written questions submitted at the 44 minute Fluence Corp (FLC) 10am virtual Melbourne time via this Zoom/Vistra link on May 29, 2026, the last day possible. See notice of meeting detailing seven items of business. They dealt with questions in one job lot. See text of last year's 4 questions asked. Biggest 2025 protest 16% against chair Douglas Brown's re-election. Reported a $US5.6m loss in 2025 which lifted accumulated losses to $US244.3m and negative equity of $US10m. The market cap was $100.7m on AGM day. Own 1 share. The proxies were not disclosed early in the formal addresses. The only protest vote was 20% against the re-election of Nikolaus Oldendorff.
Q1. After previously not doing this, why did you delay this year's AGM until the last possible day, Friday May 29? The last day is a notorious hang out for disorganised or loss-making companies seeking to avoid scrutiny. There are 46 public company AGMs today, the most on any single day so far this year. Will you undertake to avoid holding last possible day AGMs in future years?
Answer: Fluence boss Ben Fash gave an unconvincing answer after the the Vistra assistant cosec edited down the question. The actual out-sourced cosec, Melanie Leydin, was presumably busy elsewhere which sort of backs up my point about the last day deluge of AGMs. It stretches everybody from shareholders, to share registries and professional cosecs. So please get better organised and stop doing this. Watch video of exchange via Twitter.
Q2. Item 1 question on the accounts: "Could auditor Katherine Robertson from BDO please comment on why our accounts paint such a gloomy picture with accumulated losses of $US244.3m and negative equity of $US10m, when the market cap is $A100.7m today. Is there any way future audits can present a more realistic picture or are we hampered by accounting standards and would have to sell assets to produce a balance sheet bearing more resemblance to the market's assessment of our value?"
Answer: Because the question wrangler edited external auditor Katherine Robertson from BDO out of this question, she didn't join in the discussion about why Fluence has a massively undercooked balance sheet. It reports negative equity of $US10 when the market cap is $100m. The CEO Ben Fash explained the accounting standards. Watch video of exchange via Twitter.
Q3. Resolution 3 question: "Why does Paul Donnelly choose to serve on this board when he is CEO of Flagstaff Partners and involved in advising dozens of listed companies every year? You don't see CEOs of Macquarie, Barrenjoey, MA Financial or Bell Potter serving on un-related public boards so why is Paul serving here? What is the history of Flagstaff's relationship with Fluence and do we use any other corporate advisers apart from Flagstaff?"
Answer: Flagstaff Partners CEO Paul Donnelly gave an excellent answer, explaining that a senior corporate adviser should experience life inside a real listed company boardroom. And seeing as Flagstaff doesn't advise Fluence, this is all good. Watch video of exchange via Twitter.
Q4. Resolution 5 question: "Why do we continue to signal a preference for raising capital through selective placements, rather than doing pro-rata raisings which treat all shareholders equally and don't require any specific shareholder approvals, such as this one. Please focus on pro-rata raisings in future and don't ask for this extra 10% placement capacity at next year's AGM. Have there been any material proxy protest votes on this resolution? And if you do a future placement, will retail shareholders be offered an SPP?"
Answer: If water treatment company Fluence has such a great record of doing pro-rata capital raisings, stop asking for the extra 10% placement capacity at your AGM every year. It sends the wrong message. Flexibility…blah blah blah. Watch video of exchange via Twitter.
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