3 questions lodged at 2024 Genesis Energy hybrid AGM
October 16, 2024
Below is the text of the 3 written questions submitted at the 1 hour and 51 minute 2024 Genesis Energy hybrid AGM held in Wellington on October 15 before we hit the overall character limit imposed through the Computershare platform. No protest votes.
Q1. The ASX is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities falling by 170 or 7.4% to 2,124 since June 2022, including 20 straight months of declines. There have already been 27 major takeovers above $200m completed so far this calendar year. There is a clear mis-pricing between public markets and private markets. Why are public markets not valuing ASX and NZSE listed companies like ours more highly and what special protections do we have to avoid being taken over? If AGL, Origin Energy or Woodside bid for Meridian, what regulatory or legislative approvals would be required? Does the chair agree this thinning out of the ASX and NZSE is a problem for both nations, particularly with so few new floats replenishing the ASX ranks? Why is it happening?
Answer: The chair Barbara Chapman pointed out that with the NZ government as a 51% shareholder, they are fairly well protected. Watch video of exchange via Twitter.
Q2. In 2019, ASX listed Treasury Wine Estates voluntarily moved to annual elections for directors in line with best practice that occurs in both the US and the UK. Dual listed companies like News Corp and Rio Tinto all do this due to the laws in the US and UK and BHP has continued doing it even after its UK DLC ended in 2021. Can the chair and the directors up for election today comment on whether our company will follow this TWE lead and voluntarily move to annual elections of directors at the 2025 AGM in order to lift shareholder accountability?
Answer: The chair Barbara Chapman said no chance. Watch video of exchange via Twitter.
Q3. What has the change of govt meant for our business? Is it good having a former public company CEO as PM, given he understands the challenges we face as a public company and is clearly taking a more pro-business policy approach. And speaking of government, the Australian opposition is pushing for Australia to develop a government supported nuclear power industry. What do we think of that?
Answer: Nuclear was dismissed with a few laught but chair Barbara Chapman then reeled off a few useful changes. Watch video of exchange via Twitter.
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