3 questions lodged at 2026 Vulcan Steel (VSL) hybrid AGM
October 27, 2026
Below is the text of the 3 written questions submitted at the 32 minute Vulcan Steel (VSL) 11am NZ time hybrid AGM in Auckland and via MUFG platform on October 21, 2026. See notice of meeting. Market cap $811m on AGM day. The proxies were disclosed early in the formal addresses. There were no protest votes.
Q1. New Zealand is becoming a governance backwater as it continues to resist mandating annual voting on remuneration reports, which is standard in many countries around the world. Will Vulcan Steel voluntarily put up a remuneration report resolution for an advisory vote at next year's AGM? This is the law in Australia and we are dual listed on the ASX, so why don't we step up and respect shareholders by adopting Australian market practice. Our CEO Gavin Street lives happily with this practice at ASX-listed Reece.
Answer: Enjoyed telling Kiwi outfit Vulcan Steel they're a governance backwater for refusing remuneration report voting. The chair Russell Chenu made no meaningful case against rem report voting. Watch video of exchange via Twitter, plus see this coverage of the issue in Kiwi web publication Business Desk.
Q2. How much time is CEO Gavin Street spending on his other gig, serving as an independent director of the powerhouse Melbourne-based plumbing giant Reece?. Does he fly to Melbourne for every Reece board meeting or prefer to dial in?
Answer: The chair Russell Chenu said he actually lives in Melbourne near the Reece HQ so his travel time is limited. And the board supported his appointment because Reece operates in a parallel industry and with a trade-based focus it provides good insights for Vulcan. This was a good answer. Watch video of exchange via Twitter.
Q3. Thank you for disclosing the proxy position early to the ASX along with the formal addresses and well done for achieving such strong voting support on all resolutions, including this LTI grant to the CEO. Which of the proxy advisers issued a report ahead of our meeting and were they all in favour? Also, how many shareholders voted by proxy before the meeting and will you release the head count data in the poll results to that we can see the size of the turnout and better understand retail voting sentiment?
Answer: Vulcan Steel company secretary Sarah-Jane did a good job summarising the proxy adviser reports plus she also verbally disclosed the tiny turnout of just 60 voting shareholders. Having gone as far as she did, why not release head count? Watch video of exchange via Twitter.
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