4 questions lodged at 2026 OFX Group (OFX) hybrid AGM
August 10, 2026
Below is the text of the 4 written questions submitted at the 95 minute OFX Group (OFX) 2pm hybrid in Sydney and via Zoom on August 5 2026, even though MUFG runs the register and has an excellent meeting platform. See notice of meeting detailing 5 resolutions. Market cap around $200m on AGM day. See links to 24 questions asked at 3 previous AGMs since COVID. Have owned 10 shares for a long time but maybe not much longer given they announced this $1 per share sale on July 23 to UK firm Equals Group. The proxies were not disclosed early in the formal addresses and there were no material protest votes. They don't publish AGM webcasts on their presentations pages so this is one of the only places you'll find audio and video grabs of the meeting.
Q1. PwC were our external auditor when we floated in 2013 and they were replaced by KPMG in 2021. The current issues around KPMG are centred on the Sydney-based audit team and we're a Sydney-based company. Could Sydney-based KPMG audit partner Karen Hopkins please provide her perspective on whether the rolling KPMG controversies impacted her team's ability to perform the OFX audit. Also how did the OFX board respond as the various revelations emerged?
Answer: OFX chair Patricia Cross protected the auditor from answering this question and said KPMG had assured them no confidential OFX information was misused. She reckons the audit performance was great. Watch video of exchange via Twitter.
David Kingston was the only shareholder asking questions on the floor and after getting frustrated because some of these questions weren't being read out as directed and the chair was blocking third parties from answering questions, I requested an opportunity to speak when we got to resolution 4, dealing with the CEO's incentive grants. The 4 minute exchange included dealing with this these next two written questions:
Q2. MUFG is our share registry provider and also our 6th largest shareholder with a 6.45% stake. Why didn't we use MUFG's excellent online meeting platform today rather than going with the inferior Zoom? How much money did we save by doing this and thank you for still offering a hybrid AGM with online voting and questions?
Answer: The chair Patricia Cross simply said they like Zoom and will take the feedback on board. Watch video of exchange and see transcript via Twitter.
Q3. At the 2024 AGM, OFX Group happily disclosed the proxies early when there were no protest votes.
Last year you withheld disclosure when there were big protest votes, including a rem strike.
Why the change and did you discuss the approach today as a board before deciding to once again withhold disclosure? Which proxy advisers covered us this year and were there any material protest votes, including on this remuneration report item?"
Answer: The chair Patricia Cross and rem chair Jacqueline Hey both dealt with this and it became apparent that two proxy advisers issued reports and recommended in line with the board on all resolutions, hence there were no protest votes. Watch video of exchange and see transcript via Twitter.
Q4. Shareholder activist David Kingston put a lot of pressure on the CEO and board at last year's AGM with an overall message which was: "Time's up - do something!" Is this partly why you announced a strategic review in February and then the $247m takeover deal with Equals Group of the UK on July 23? Also, did we run a full tender before appointing Goldman Sachs to be our investment banking advisers during the negotiation and what is our history with Goldmans?
Answer: This was read out by the CEO in general business at the end. The chair Patricia Cross said there was no tender before OFX appointed Goldman Sachs to auction the company because they've been the house banker for 6 years. She didn't directly address the David Kingston influence question but re-iterated the process they went through. Watch video of exchange via Twitter.
Other interesting video grabs from the meeting
David Kingston's opening salvo
Good floor question from David Kingston on why the stock is trading at 80c when they've received a bid at $1.
Very poor chairing by OFX chair Patricia Cross to block both the KPMG audit partner and the only director up for re-election, Rob Bazzani, from answering questions directed at them. Listen to David Kingston take her to task over this. I jumped in with an audio contribution to back him up.
We also both got into the issue of the CEO's incentive grants in light of the company potentially being sold but there were no protest votes against either resolution.
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