5 questions asked at 2022 Magellan EGM
January 1, 2023
Here is the text of the 5 questions asked at the 37 minute Magellan Financial Group hybrid EGM held on December 14, 2022. No webcast archive was provided here.
1. Would we have had the investment showcase today if we weren't having the EGM to increase the board fee cap and why wasn't this put to the AGM a few weeks ago?
Answer: not asked.
2. How many of the current directors are stuck in the loss making share loan scheme? Is this increase in the fee cap a way to partially compensate the existing directors for their losses sustained on their shareholdings?
Answer: John Eales said this wasn't a driver.
3. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against today's resolutions and has there been a protest on the proxies?
Answer: They were all in favour.
4. I agree the 750k cap is unusually low for a $2 billion company and there should be increases, despite the poor performance in recent years. What is the actual plan in terms of increasing the cash fees of the current directors if this resolution is passed?
Answer: John Eales said they haven't worked this out yet.
5. Magellan has about 55,000 retail shareholders but less than 5% of them will have bothered to vote today, partly because we know the decision will be made by the two largest shareholders, Hamish Douglass and Chris Mackay. Nonetheless, when disclosing the outcome of voting today, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative adopted by the likes of Metcash, Altium, Dexus, Myer, Webjet and Tabcorp.
Answer: not asked.
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