4 questions lodged at 2026 Sandfire Resources (SFR) hybrid AGM
November 2, 2026
Below is the text of the 4 written questions submitted at the 70 minute Sandfire Resources (SFR) 10am hybrid AGM in Perth and via the Automic platform. See notice of meeting detailing 6 voting items. Booming copper giant's market cap was $9.62b on AGM day. The proxies were not disclosed early in the formal addresses. Only protest was 11.3% against director Jenn Morris. I was the only shareholder asking questions during the formal part of the meeting, then ASA rep Len Roy came in with a few at the end. See 4 questions asked at 2025 AGM.
Q1. Thank you for offering a best practice hybrid AGM today combining a Perth venue with the the excellent Automic online AGMs platform. This is rare for a Perth-based miner. The likes of Fortescue, Greatland Resources and Capricorn Metals, which like us are all capitalised at more than $5 billion, still insist that shareholders fly to Perth if they want to participate in their AGMs. Is there any chance you could try to encourage other Perth-based miners to follow your best practice approach?
Answer: The chair John Richards appreciated the praise but doubted he'd be able to influence any other miners. It was good to name and shame the biggest recalcitrants in Perth and get a major mining chair on the record endorsing the roll out of best practice hybrid AGMs. Watch video of his doing that via Twitter.
Q2. Which of the proxy advisers covered us this year and did any recommend a vote against any of today's resolutions, including this remuneration report item? If so, what reasons did they give and did this translate into any material protest votes? Please don't say they are confidential as the chair did last year. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant and I've already had 3 examples today of chairs responding informatively to this question.
Answer: Sandfire Resources chair John Richards stepped up to make public the normally secretive private proxy advisory and big shareholder voting situation to challenge the adviser recommendation and consequent material vote against former Deloitte consultant Jenn Morris. Given that Jenn left Deloitte more than 10 years ago, wasn't in the audit division, has no financial ties to the firm and wasn't on the Sandfire audit committee when Deloitte were appointed, chucking her out does seem a bit over the top, as I noted in question 4. Watch video of exchange via Twitter.
Q3. AI tells me that Deloitte was appointed as our auditor in 2022 but the appointment was only finalised through the Supreme Court of Western Australia in May 2024 to rectify a minor administrative oversight regarding shareholder ratification. What was that all about? Could the Deloitte audit signing partner please summarise the changes to reported Key Audit Matters since Deloitte became our auditor and what was the next most likely issue that was considered for inclusion as a Key Audit Matter but ultimately didn't make the cut?
Answer: Was impressed with this excellent response by auditor Dave Andrews who said "liquidity" used to be a key audit matter a few years back but now that they're making so much cash as a copper producer, it dropped off the radar. Watch video of exchange via Twitter which for some strange reason attracted more than 30,000 views.
Q4. Thanks Chair for the excellent earlier summary of the issue with the un-named proxy adviser recommending against Jenn Morris today. I found the explanation persuasive and agree the Deloitte connection is so distant and tenuous that it doesn't warrant an against vote. Also, could you please disclose the proxies to the ASX along with the formal addresses next year so that shareholders have more time to prepare questions on issues like this one, which only arise when the proxy votes are disclosed.
Answer: Chair John Richards appreciated the support. This was a great example of why proxy votes should be disclosed early, yet still the chair resists. Watch video of exchange via Twitter.
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