6 questions asked at 2024 Suncorp hybrid AGM
October 23, 2024
Below is the text of the 6 written questions submitted at the 90 minute Suncorp hybrid AGM held on October 22, 2024, plus a summary of the answers and some video grabs via Twitter. The proxies were disclosed early with the formal addresses and they delivered on extra transparency these voting results.
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 this fee cap rise proposal? If so, what reasons did they give?
Answer: The chair said they were in favour of all resolutions. Watch video of exchange via Twitter.
Q2. When disclosing the outcome of voting on all resolutions today, including this rem report item, could you please advise the ASX how many shareholders voted for & against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions insight into the chronically low retail shareholder participation rate. Others have already blazed the trail as this was a voluntary disclosure initiative adopted by the likes of Qantas & ASX.
Answer: The chair delivered in full with these voting results.
Q3. Could Lindsay provide his perspective on whether he believes it would be viable to have shareholder restrictions lifted if there is a change of Government in Queensland. Could the chair also comment on what barriers currently stand in the way Suncorp being taken over and whether she believes this would be achievable if a foreign insurance giant launched a takeover bid. Could Lindsay also provide his perspective on whether FIRB would likely block such a deal.
Answer: The chair refused to invite Lindsay to respond and then offered no meaningful answer herself. Watch video of exchange via Twitter.
Q4. Many thanks Christine for offering a hybrid AGM and for achieving best practice with today's early disclosure of the proxies, including with the number of shareholders voting for and against. Well done on achieving such strong voting reports and also for following the agenda, dealing with each item of business sequentially. I've just come from Transurban where they did one job lot of questions. You're delivering AGM best practice. Keep it up.
Answer: The Transurban sledge was edited out and the board seemed amused and surprised that this was simply a positive comment with no brickbat at the end. Watch video of exchange via Twitter.
Q5. 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 and the CEO could factually summarise the situation in 60 seconds.
Answer: The chair made a pretty good fist of summarising the CEO's LTI vesting history. Watch video of exchange via Twitter, plus these additional comments by CEO Steve Johnson.
Q6. Do we really need to renew this proportional takeovers provision? I own tiny holdings in around 400 companies and have never received a proportional takeover but have voted on hundreds of these resolutions. What is the point? Does anyone ever launch proportional takeovers and what is wrong with it if they did?
Answer: The chair agreed it was annoying but said they had to follow the law to protect shareholders. Watch video of exchange via Twitter.
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