4 questions lodged at 2026 Amcil (AMH) hybrid AGM
October 1, 2026
Below is the text of the 4 written questions submitted at the 82 minute Amcil (AMH) 12.30pm hybrid AGM at ZINC in Fed Square and via MUFG platform on October 1, 2026. Voted against rem and for both directors. See notice of meeting detailing 3 resolutions. See ridiculous 12 questions at 2021 AGM. Market cap was $286m on AGM day. The proxies were not disclosed early in the formal addresses.
Q1. Nothing has happened strategically within the AFIC stable since the 2000 Amcil IPO. Meanwhile, Argo has created an infrastructure fund, Soul Patts has snapped up Milton, AUI and DUI have merged and Geoff Wilson's stable have taken over 14 smaller LICs. Could new CEO Alison Gibson comment as to whether she has any sort of strategic mandate at the AFIC stable, or is it just business as usual with some tweaks to personnel and investment processes being the biggest change she'll be allowed to bring to the group, even at Amcil, the most agile of our 4 LICs.
Answer: The chair Rupert Myer had straight-batted a similar questions earlier but at least he invited the CEO to comment who just re-iterated the need to lift performance and better communicate. Watch video of exchange via Twitter.
Q2. Alison Gibson has spent most of her career on the investment side of the funds management business, rather than the management side. How is she dividing her time between CEO duties and the all important investment part of the operation? Also, has she hired any former colleagues from HESTA since commencing in the role at AFIC and what has she found the most challenging aspect of stepping into a public company CEO role?
Answer: A good considered response from the CEO and so far she has only hired her EA from HESTA, leaving the investment team alone. Watch video of exchange via Twitter.
Q3. How many of our 2,864 shareholders lodged proxy votes before the September 29 proxy voting deadline and how many of these were undirected proxies given to the chair? If the turn out was less than 10% of the register, will the new CEO undertake to include AGM participation as part of her mandate to improve communications & engagement at the group? Also, will you disclose head count data, like with a scheme of arrangement vote, in today's poll results as this is always interesting at LICs, particularly on remuneration report voting.
Answer: Company secretary Matthew Rowe revealed that only 96 lodged proxy votes with 10 giving undirected proxies to the chair. He said this reflected a long term decline in AGM participation. Yes, because no one sends out physical ballot papers any more. No promises on headcount data but with such a tiny turn out, why bother? Watch video of exchange via Twitter.
Q4. It must be difficult having 4 different public company boards to answer to and 4 different chairs. If we have one CEO, why don't we have the same person as chair of all 4, which is how Geoff Wilson rolls. Could new CEO Alison Gibson comment on whether she believes there would be time and cost efficiencies from reducing the AFIC stable from 4 LICs to 2 or 3 through mergers? Also, what percentage of her time is spent on Amcil matters?
Answer: Disappointing that chair Rupert Myer blocked the new from answering this question on LIC mergers and the contrast with Geoff Wilson's chair of everything model. Watch video of exchange via Twitter.
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