6 questions asked at 2023 Viva Energy AGM
May 27, 2023
Here is the text of the 6 written online questions asked at the 2023 Viva Energy hybrid AGM held on May 23. See webcast of 72 minute meeting, along with summary of answer and video grabs below.
1. The chairman said the following at last year's AGM: "We've announced the first significant refueling facility at Geelong, that'll be green hydrogen, we will make the green hydrogen ourselves onsite, fueled from our solar plant. But we're also in discussions with Governments on the eastern states about a refueling network from north to south of Australia on the major heavy transport highways." 12 months on, how is that progressing and who do we believe should pay for that, especially with our shares at a record high?
Answer: chair Robert Hill said they've redesigned it after interest from heavy transport operators. Watch video via Twitter.
2. In addition to the $25 million in JobKeeper, former Prime Minister Scott Morrison visited our Geelong refinery on April 13th last year and announced a $125 million grant for our new low sulphur plant. How much of this money has been received so far, how much have we spent on the project and do we still believe it will cost $250 million in total?
Answer: chair Robert Hill said the cost has blown out to $300 million. Watch video via Twitter, part one and part two.
3. Given the interesting discussions across a range of topics today, including these director elections, could the chair and candidates for election undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produce AGM transcripts. Will you follow suit today? This is something IAG has been doing since 2003. This request was rejected last year and I had to pay to get my own transcript done. Disappointing!
Answer: They censored the italicised bit at the end and chair Robert Hill said they would stick to the webcast archive with no transcript. Watch video via Twitter.
4. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated over many years and the CEO could factually summarise the situation in 60 seconds.
Answer: at first the chair went with the old "look it up in the annual report" line but then CEO Scott Wyatt insisted on rising to the challenge and pointed out that he's resigned 85% of his shares since the float. Neither of them addressed the vesting history part of the question. Watch videos via Twitter, starting with chair Hill and then CEO Wyatt.
5. In 2019, Treasury Wine Estates voluntarily moved to annual elections for directors in line with best practice that occurs in both the US and the UK. Dual listed companies like News Corp and Rio Tinto all do this due to the laws in the US and UK and BHP has continue doing it even after its UK DLC ended . Can the chair comment on whether our company will follow this TWE lead and move to annual elections of directors at the 2023 AGM? Would Arnoud support shifting to this model?
Answer: They both talked about the instability of annual elections which is rubbish given the average director gets re-elected with 96% of voted stock in favour. Watch video via Twitter.
6. Thank you for offering shareholders a hybrid AGM this year and will Michael and the chair commit to keep doing this in future years to maximise shareholder participation? Well done for showing up companies like Santos and Scentre Group which withdrew the online component this year. What was the experience of a hybrid AGM like from your end?
Answer: Yes, we'll probably do the same next year and appreciate broadening access to shareholders who can't come to the Melbourne meeting. Watch video via Twitter.
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