6 questions lodged at 2024 Kina Bank AGM
May 31, 2024
Here is the text of the 6 written questions submitted at the 2024 Kina Bank virtual AGM held on May 29, along with a summary of the answers. Only 4 of them were asked, which is similar to what happened in 2023. I was the only questioner at the 30 minute meeting.
Q1. Do any of the 5 main proxy advisers which cover ASX listed companies - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - cover our company? Have there been any material proxy protest votes against any items of business? 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: None of them cover the PNG bank which is disappointing given it has a market cap of around $267m. Listen to audio of exchange via Twitter.
Q2. 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 multiple years and the CEO could factually summarise the situation in 60 seconds.
Answer: The CEO LTI question did not “come in late”, as question wrangler “Johnson” claimed. He failed to read it out when we got to that item & then he failed to invite the CEO to answer the question when he belatedly read a butchered version of it out at the end during general business. Listen to audio of exchange via Twitter.
Q3. Given that we are listed on the ASX, will the board agree to put the remuneration report to shareholders for approval at next year's AGM, like all Australian-domiciled companies have to do. Sure, this would be voluntary but it would also be best practice. We should be able to vote on more than just the CEO's equity incentive scheme.
Answer: Not asked.
Q4. 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 for the benefit of the thousands of shareholders who were not able to attend live online today?
Answer: Not sure "Johnson" made any promises with this waffle. Listen to audio of exchange via Twitter.
Q5. What is the geographic spread of the residency of our directors and where do we hold our physical meetings between PNG, Australia and other markets.
Answer: Question wrangler “Johnson” explained that the directors are spread between Australia, PNG and Dubai, with some dialling in to board meetings which are held in either PNG or Australia. Listen to audio of exchange via Twitter.
Q6. Have we had any further discussions with Westpac since the blocked acquisition and how have Westpac been conducting themselves in the market. Are they a disinterested competitor lacking capital support from Australia or have they redoubled their efforts to grow market share in the Pacific?
Answer: Not asked.
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