3 questions lodged at 2026 South32 (S32) hybrid AGM
October 16, 2026
Below is the text of the 3 written questions submitted at the 83 minute South32 (S32) noon Perth time hybrid AGM via the Computershare platform on October 15, 2026. See 420 page notice of meeting detailing 10 resolutions including 5 director elections. They're selling some assets to Alcoa. Appointed Cam as proxy and we both attended with him in the room and me online. Market cap $21.2b on AGM day. The proxies were disclosed early in the formal addresses. The only material protest vote was 18% against the remuneration report, which avoided a second strike.
Q1.Which of the proxy advisers recommended a vote against the remuneration report causing the 18% protest vote and what concerns did they raise in their reports which went to their institutional clients? Please don't say the recommendations are confidential. I'm not asking you to publish their full reports on your website. Dozens of other chairs have been happy to name names and recommendations in these circumstances, along with a summary of the issues. It allows for a more fully informed public debate and understanding of what has happened and why.
Answer: The chair... Watch video of exchange via Twitter.
Q2. South32 is very close to running a best practice hybrid AGM. You disclosed the proxies early to the ASX and well done for achieving strong support on all resolutions. You haven't ditched online voting as the likes of ASX Group and Telstra have now done. You're following the agenda, something the likes of Rio Tinto, Transurban and Macquarie can't do. All you need to do for best practice is disclose the head count data with the poll results, something that many companies now do including Qantas, ASX, Stockland, Tabcorp, Myer, Suncorp and ARB. The previous chair kept saying no. Is the new man prepared to blaze the trail on this final step needed to be amongst only 6 other public companies at overall AGM best practice from a transparency, communications and process point of view.
Answer: The chair... Watch video of exchange via Twitter.
Q3. It is unusual for a public company to change both its long serving chair and CEO in the same year. It's refreshing to see and hear with South32 now fully separated from any legacy BHP personnel. Could the new leadership team each comment on how they are managing their relationship. How often do they catch up in person and on the phone, both formally and informally. Does the chair regard himself as being relatively hands-on and what are the major changes he has made so far on issues like board process, committee functions and delegated powers with management.
Answer: The chair... Watch video of exchange via Twitter.
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