4 questions lodged at 2026 Challenger (CGF) hybrid AGM
October 29, 2026
Below is the text of the 4 written questions submitted at the Challenger (CGF) 9.30am hybrid AGM in Sydney and via Computershare platform on October 29, 2026. See notice of meeting detailing 6 resolutions. Market cap $8b after recent Japanese bid. The proxies were not disclosed early in the formal addresses.
Q1. When Japanese company MS&AD was our largest shareholder, it was represented on the board by Masahiko Kobayashi, who resigned when its circa 15% stake was sold to TAL last year. Why wasn't TAL given a board seat, particularly when its stake reached 20.5%? Was it because the prospect of a TAL takeover bid was always on the cards and having a board seat would have created conflict of interest questions? Did TAL ever ask for a board seat. If not, what would we have said if they did?
Answer: The chair... Watch video of exchange via Twitter.
Q2. Ernst and Young has been our auditor since 2004. Over that period, how many competitive tenders did we run? If the answer is zero, just say that. We all understand the 5 yearly partner rotation laws. When is the next competitive tender likely to occur and do you agree it is time for a change if the current takeover proposal does not complete?
Answer: The chair... Watch video of exchange via Twitter.
Q3. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping by 11% since January 2023 to 2,044 on September 30, 2026. There were a record 27 major takeovers above $100m completed in 2024-25 and this rose to 30 in 2025-26. Why do the chair and CEO believe this is happening? There is a clear mis-pricing between public markets and private markets but is there also a problem with the scrutiny and extra regulation of ASX listed companies, which don't benefit from index investing? Does the chair agree this is a problem for the nation, particularly with so few new floats replenishing the ASX ranks?
Answer: The chair... Watch video of exchange via Twitter.
Q4. What does Duncan West regard as the 2 best decisions that Challenger has made during his time on the board? Also, given this is his final term, does he believe the next chair is currently serving on the board or will the succession process involve assessing external candidates? Have we retained a recruitment firm to assist with the chair succession process?
Answer: The chair... Watch video of exchange via Twitter.
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