7 questions asked at 2023 Yancoal AGM
May 31, 2023
Here is the text of the 7 written questions asked at the 2023 Yancoal hybrid AGM held on May 31, and a summary of the answers with some audio grabs via Twitter.
1. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - cover Yancoal and did any of them recommend a vote against any of today's resolutions? Will you disclose the proxy votes before the debate on each resolution so shareholders can ask questions about the reasons if there have been any protest votes? Also, why not disclose the proxies to the ASX with the formal addresses like others now do?
Answer: moderator dealt with this one in writing, saying that the proxies were disclosed with the formals.
2. Given the interesting discussions across a range of topics today, could the chair 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 produced their 1st AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003.
Answer: moderator write back saying not this year but will take on board for future years.
3. Thank you for offering shareholders a hybrid AGM this year and will you commit to keep doing this in future years to maximise shareholder participation? What was the experience like from your end and how many shareholders have turned up in Sydney?
Answer: moderator said only 4-5 shareholders turned up in person.
4. Best practice is now to have at least 40% female directors. Could the chairman comment on whether we are going to try and reach this milestone? (Helen Gillies is the only female director)
Answer: Someone said this was being discussed but there was a range of new male Chinese directors recently appointed. Listen to audio via Twitter.
5. The Queensland Government introduced outrageous increases in coal royalties last year. How much has this cost us and the broader coal industry so far and is there a risk that the new Labor Government in NSW could match this tax grab? What are we doing to manage political relationships in NSW and Queensland to minimise the chances of any further royalty increases?
Answer: Listen to audio of question via Twitter plus extended answer.
6. In 2017, we paid Rio Tinto $3 billion in cash for its Mt Thorley, Warkworth and HVO mines. Over the 6 years that we've owned these assets, have they delivered operating profits that exceed $3 billion and which of those 3 operations has been the best buy?
Answer: Was hard to hear but the CFO basically said yes. Listen to audio via Twitter.
7. Why was there an 18% protest vote against this resolution. Who voted against and why? Was this driven by proxy advisers?
Answer: moderator replied in writing that it was only 3% of total stock because only 17% of stock voted by proxy.
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