6 questions asked at 2024 OFX AGM

Q1. Could the CEO comment on how we are playing the emergence of Crypto and whether he thinks the bubble will ever permanently burst. Donald Trump attended a big crypto conference this week and has promised to fire the head of the SEC, who has been cautious about crypto. At the 2022 AGM, the CEO said we were watching crypto closely. What is our involvement with the industry in 2024 and would the US Government embracing crypto be a problem for us?

Answer: The CEO butchered this question and then said they are steering clear due to money laundering risk and problems with “know your customer”. Also said it's more of an asset than a currency and they are more focused on blockchain elements. Watch video of exchange via Twitter.

Q2. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX falling for 17 straight months. There have already been a record 21 $200m+ takeovers approved by shareholders this calendar year, with another 11 deals announced and in the works. The ASX is losing long standing names such as CSR, Boral, Blackmores, Alumina, Invocare, Newcrest, Crown Resorts and Ausnet, which have all disappeared over the past 3 years. There is a clear mis-pricing between public markets and private markets. 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? Who are our biggest specialist competitors that would be capable of launching a bid and does the chair agree the thinning out of the ASX is is a problem for the nation, particularly with so few new floats replenishing the ASX ranks?

Answer: The CEO butchered this question and then said it is valued by growth and takes risk management very seriously. Also, see these extra comments by chair Patricia Cross acknowledging "the perception" that you can do better in private markets without the extra scrutiny of being listed.

Q3. Why have we gone with Zoom for the online component of this hybrid AGM rather than the AGM platform offered by Link, our share registry. Is it a cost save? This is the first time I've ever voted online at a Zoom meeting. How does the Zoom platform interact with Link? Do they need to manually add the individual zoom votes to their platform? Also, will we publish a full archive of the webcast for shareholders who were unable to watch or participate live?

Answer: CEO read the question himself, butchered it and then told me to take it up with Link before pointing to the cost save. Just spend a bit of money on the AGM please. Watch video of exchange via Twitter.

Q4. Thank you for disclosing the proxies early with the formal addresses and well done on avoiding any protest votes. When disclosing the outcome of voting on all resolutions today, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a voluntary disclosure initiative adopted by the likes of Metcash, Altium, AUI, Dexus, Webjet, ASX, Qantas, Tabcorp and Myer over the past two years. You've got the data, so why not let the sun shine in?

Answer: Chair Patricia Cross read out most of the question herself but gave no joy and they didn't included the shareholder data - watch video of exchange via Twitter.

Q5. Austrac has been the most effective Australian regulator in recent years, extracting big settlements and fines from a range of ASX listed companies for money laundering breaches. There are also more and more global sanctions in place against the likes of Russia, Iran and North Korea. Please summarise how we avoid our systems and network being used by money launderers and comply with AUSTRAC and any other global sanctions requirements. Do we truly know who our customers are?

Answer: CEO read the question and stressed it was a high priority then chair Patricia Cross said they'd attracted a high powered board because of the excellent risk management which is superior to its competitors. Watch video of exchange via Twitter.

Q6. Could new director Jacqueline Hey 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 Jacqueline and did they interview any other candidates? Did Jacqueline know any of our directors before engaging with the recruitment process? Also, having recently departed as Bendigo Bank chair, did Bendigo compete with OFX and why does Jacqueline think only 21 of our largest 286 ASX listed companies currently have a female chair?

Answer: Chair Patricia Cross didn't offer Jacqueline a chance to comment but gave an excellent detailed response about the process and skills that she brings, plus disclosing that they did overlap at one Qantas board meeting. She also expressed hope that these low numbers on female chairs would rapidly approve. Watch part one of the exchange plus these additional comments via Twitter.

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