4 questions lodged at 2026 Infratil (IFT) hybrid AGM

Q1. Having announced the appointment of Tiffany Fuller and Brad Banducci to the board on June 18, why have we waited until the day after the meeting for Tiffany to take up her appointment, effectively removing the opportunity for shareholders to give her a mandate and leaving her serving for a year without the voting support of shareholders. A prior board commitment today is no excuse. You don't have to physically attend an AGM to run for election.

Answer: The chair Alison Gerry said it was the NZ Shareholders Association which gave a green light for Tiffany Fuller to dodge election at today's Infratil AGM by suggesting she instead join the board tomorrow. Not good. Watch video of exchange via Twitter.

Q2.Why didn't the notice of meeting disclose that Brad Banducci was CEO of Ticketek for 13 months until May this year? Could he comment on whether that reportedly searing experience will make him a better Infratil director. Also, could Brad please detail his full relationship history with the key Morrison personnel and after a few weeks on the Infratil board, what is his view about whether independent shareholders would benefit from internalising the management arrangements? Finally, when is he going to buy some Infratil shares?

Answer: The Ticketek part was raised earlier by the NZSA but it was bizarre that they claimed it was private and too brief. Brad Banducci did 15 months at Ticketek as CEO, for goodness sake, and claimed it really helped build his technology knowledge. Watch video of exchange via Twitter, plus the latter part of Brad's answer (apologies I missed the first bit). Also, watch Brad Banducci's stump speech. Turns out his two daughters were both born in NZ and, until a year ago, he owned a winery in the Bendigo Otago region.

Q3. With our market cap now at $12.57 billion, it is getting ridiculous to still have an external manager with enormous fee leakage. What other comparable listed companies can you name of our size with an external manager? There are none in Australia. Could our lead independent director comment on whether we should commence negotiations with Morrison to internalise the management arrangements and have we discussed this possibility with our 2 largest independent shareholders: Firstcape and Blackrock?

Answer: The Infratil question wrangler watered down this detailed question but it had already been covered by other shareholders. Overall, he did a good job today and chair Alison Gerry provided a detailed response with no script. She clearly gets asked a lot about ditching Morrison and kept referring to the PwC report which claims it represents good value. Watch video of exchange via Twitter.

Q4. What is the full history of KPMG's relationship with Infratil and Morrison? When was the external audit last tendered, when is it next planned to be tendered and could the audit committee chair comment on how Infratil has responded to the recent revelations about confidentiality breaches in KPMG's Sydney audit division to assist with tenders to win new clients?

Answer: The chair passed this straight to audit committee chair Anne Urlwin who gave a very detailed response. Turns out KPMG has been the auditor of the holding company for 25 years and audits some but not all of Infratil's investment subsidiaries, generally for shorter periods than the holding company. There was no comment on the number of tenders and no clear sign when the next tender will be run. Watch video of exchange via Twitter, plus the second part of Anne's response which covered off the confidentiality breach issues. They were proactively briefed by senior KPMG NZ staff and have provided assurances that no confidentiality has been breached and none of the Sydney personnel involved in the confidentiality breaches are involved with Infratil.

Copyright © 2026 The Mayne Report. All rights reserved

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