4 questions lodged at 2026 AFIC (AFI) hybrid AGM

Q1. Thank you for offering a best practice hybrid AGM today and also for respecting the AGM process by spacing your group's 4 AGMs over 2 days, with plenty of time for debate and engagement. This is in stark contrast to Geoff Wilson's WAM stable, which is running 9 LIC AGMs on the one day, November 18, spaced 45 minutes apart. However, you declined to disclose the proxy position early to the ASX along with the formal addresses and you're yet to embrace head count disclosure in the poll results, which many companies now do. Why won't you do this?

Answer: The chair Craig Drummond didn't seem to understand the disclosure components of this question and instead just focused on their sensible AGM spacing which allows them to read out every single submitted question. Watch video of exchange via Twitter.

Q2. At the 2022 AFIC AGM, Craig Drummond, who was then just an AFIC director and not chair, said that being President of Geelong Football Club only took up 1 day a week of his time and AFIC and Transurban were his only other board gigs. Since then, he's become chair of the Sir Ian Potter Foundation, become our chair, joined the Ramsay Healthcare board and taken over as President of the AFL in March this year. How many days a week has the AFL Presidency taken up over the past 6 months and how can he possibly sustain this workload going forward?

Answer: Craig Drummond declined to say how much time the AFL Presidency takes but says he's made every single scheduled meeting over the past 12 months and still makes his weekly golf game. Yes, but how can he possibly have the time to read the papers? Responding to an earlier question, he said he was now into his third AI course, the latest being online. Watch video of exchange via Twitter.

Q3. Why wasn't Tom Palmer put up for election today as opposed to being announced today and then serving 12 months without a mandate? And did we use a recruitment firm to source him or was it a director network job? Also, thank you to David Peevor for his 13 years of service. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. Could David please comment on what he regards as the best 2 decisions AFIC made during his time on the board and does he have any regrets?
Answer: Chair Craig Dummond said the appointment of Tom Palmer to the AFIC board was a Director Club deal with no external recruitment firm involved. Typical. Watch video of exchange via Twitter. After discouragement from chair Drummond, David Peevor did not get into the good and bad decisions but used his time with the microphone to talk up Tom Palmer. Watch the Peevor comments via Twitter.

Q4. Having spent 5 years at HESTA, which is very active and transparent when it comes to voting against board-endorsed resolutions at public company AGMs, is new CEO Alison Gibson planning any changes to AFIC's secretive and conservative don't rock the boat approach, which is to keep secret its voting positions and to rarely upset a company by voting against. It's early days, but does she she think AFIC will vote against more resolutions this AGM season than what the AFIC stable did in 2025? And does she personally support non-disclosure?

Answer: The chair offered a defence of their approach saying they did sometimes vote against, but how would you know? The CEO was diplomatic saying she would take on board the feedback but failed to take a position. Watch video of exchange via Twitter.

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