6 questions asked at 2024 Ventia Services AGM
May 23, 2024
Here is the text of the 6 questions lodged at the 2024 Ventia Services virtual AGM held on May 23. The proxies were disclosed with the formal addresses.
Q1. The chair referenced the WGEA data in his formal address, saying there is more that needs to be done. What did the data say about Ventia and what impact did that have internally. Were there a lot of water cooler conversations about the data and how did management respond in terms of communicating with the workforce?
Answer: . See video of exchange via Twitter.
Q2. It is always a bit embarrassing for a vendor when an IPO delivers a share price which soars way above what retail and institutional investors agreed to pay. Ventia floated at $1.70 in November 2021 and the stock closed at $3.60 last night. Apollo and CIMIC sold their final 11.7% last November at $2.71 a share, a 24.7% discount to the the current price. How did they get it so wrong when both were represented in the board room and what has their departure meant for the company?
Answer: . See video of exchange via Twitter.
Q3. Could the chair and Dean comment on the recruitment process that led to Dean's appointment to the board last year. Was a head hunter involved, did the full board interview any other candidates and did Dean know any of the existing directors before the recruitment process commenced?
Answer: . See video of exchange via Twitter.
Q4. Australia is currently in the midst of an unprecedented deluge of takeovers. There have been 8 major takeovers completed this year with another 17 deals announced. The ASX is losing long standing names such as CSR, Boral, Blackmores, Alumina, Invocare, Newcrest, Crown & Ausnet. There is a clear mis-pricing between public & private markets. What are we doing to avoid being gobbled up and why haven't we launched any takeover bids? Does the chair agree that our Defence work raises the prospect that FIRB would block a takeover out of China?
Answer: . See video of exchange via Twitter.
Q5. Thanks again for disclosing the proxies early to the ASX with the formal addresses. This assists with question preparation. The biggest protest vote was 15% against the LTI grant to CEO Dean Banks. Which of the proxy advisers recommended against, what concerns did they raise and will you changing anything for next year?
Answer: . See video of exchange via Twitter.
Q6. Well done for setting a target of 6% Indigenous employment. The CEO said at last year's AGM that we had reached 4.8%. What are we currently at and how did we handle the Voice debate? I hope we supported it. Did we make a donation to the Yes campaign and was there any impact when the proposal was defeated?
Answer: . See video of exchange via Twitter.
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