6 questions asked at 2024 Neuren AGM

Q1.The annual report says we only have 8,344 shareholders, which is surprisingly small for a company capitalised at $3.11 billion. If we had lithium in our name, there would be more than 20,000 shareholders. Why hasn't our incredible success story captured the imagination of retail brokers and investors and what is the current split between Australian and New Zealand retail shareholders?

Q2. Thank you to Trevor Scott for his 22 years of service. It is always helpful for investors to have access to some exit perspectives from retiring directors. In his final contribution as a Neuren director, could Trevor please comment on what he regards as the best decisions Neuren made during his time on the board and does he have any regrets?

Q3. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against any of today's resolutions, including Patrick's re-election? If so, what reasons did they give and 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, will you disclose the proxies with the formal addresses next year as many other companies now do?

Q4. Will you put up the remuneration report up for the vote next year as is required in many major markets, including the UK, US and Australia. Just because New Zealand is a backwater on corporate governance and shareholder rights, doesn't mean you should strictly follow those rules and ignore best practice in Australia?

Q5. Australia is currently in the midst of an unprecedented deluge of takeovers. There have already been 9 major takeovers completed this year with another 18 deals announced and in the works. The ASX is losing long standing names such as CSR, Boral, Blackmores, Alumina, Newcrest and Ausnet, which have all disappeared over the past 3 years. Why are public markets not valuing ASX listed companies like ours more highly and what are we doing to avoid being gobbled up like so many other companies?

Q6. 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 will you public a full archive of the AGM webcast, preferably with a transcript as well?

Copyright © 2024 The Mayne Report. All rights reserved

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