6 questions asked at 2024 Yancoal AGM
May 30, 2024
Here is the text of the 6 written questions submitted at the 2024 Yancoal hybrid AGM held on May 30, plus a summary of the answer and some audio files via Twitter.
Q1. 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?
Answer: .The CEO said that Glass Lewis recommended against two placement approval resolutions. This delivered two modest 5% protest votes. The free float is only 28%. Listen to audio of exchange via Twitter.
Q2. In 2017, we paid Rio Tinto $3 billion in cash for its Mt Thorley, Warkworth and HVO mines. Over the 7 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: CEO said they made their money back multiple times and they are all great assets. Earlier in the meeting he said Rio had starved them of capital so they've been investing heavily in better equipment.
Q3. The NSW Government is increasing coal royalties by 2.6% to 10.8% on July 1 this year. How much do we estimate this increase is going to cost us in 2024-25? Didn't the NSW Labor Party promise not to do this when in opposition?
Answer: CEO agreed that Labor broke a promise but said they inherited finances that were worse than expected and at least it wasn't as bad as Queensland. Listen to audio of exchange via Twitter.
Q4. Could new director Debra Bakker and the chair comment on the recruitment process that led to her appointment to the board. Was a head hunter involved, did the full board interview Debra and did they interview any other candidates? Did Debra know any of our directors before engaging with the recruitment process?
Answer: They ran a competitive process with a recruiter and none of the directors knew Debra before her appointment, which is good. Listen to audio of exchange via Twitter.
Q5. 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? Also, will you publish a full copy of the webcast archive and, even better, a full transcript of the debate, so that the thousands of shareholders unable to attend live can have access to a full record of the proceedings.
Answer: not asked, despite the question wrangler claiming he'd dealt with all online questions.
Q6. Geoff Raby was Australia's ambassador to China. Now he's working for a China-controlled ASX listed coal miner. Given the deteriorating relationship between the Australian and Chinese Governments in recent years, is he comfortable continuing to serve on this board. Has be been pressured by his old colleagues at DFAT to exit?
Answer: question wrangler butchered this one due to the sensitivities but then the response showered praise on Dr Raby, who wasn't at the AGM because he was in China. Listen to audio of exchange via Twitter.
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