4 questions asked at 2024 Reject Shop virtual AGM

Q1. 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 the rem report item? 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 to the ASX with the formal addresses next year as many companies now do?

Answer: The chair said ISS and Glass Lewis cover them and both recommended in favour of both items. Watch video of exchange via Twitter.

Q2. 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. There have already been 27 major takeovers above $200m completed so far this year. Why are public markets not valuing ASX companies like ours more highly? Does the chair agree this thinning out of the ASX is a problem for the nation and what are we doing to avoid being gobbled up?

Answer: The chair Steven Fisher said we're a small country with lots of monopolies and perhaps the ACCC and govt need to do more. Watch video of exchange via Twitter.

Q3. Why is there no LTI grant approval for the CEO this year? This is pretty standard each year for ASX 300 companies.

Answer: The CEO is not on the board so such approval is not required under the ASX listing rules. Watch video of exchange via Twitter.

Q4. In terms of the Australian operation, how many enterprise agreements with unions does The Reject Shop have across the business and are we worried about these ongoing proposed changes to federal industrial relations law by the Federal Government. JB Hi Fi and Domino's both said at recent AGMs that they pay award wages, have no enterprise agreements and virtually non-existent union membership amongst its workforce. Is our situation the same?

Answer: The CEO explained that they have a 3 year enterprise agreement with the SDA at above award wages and two more EAs at their distribution centres in Perth and Brisbane. Watch video of exchange via Twitter.

Copyright © 2024 The Mayne Report. All rights reserved

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