3 questions submitted at 2024 Chorus hybrid AGM
October 24, 2024
Below is the text of the 3 written questions submitted at the 2024 Chorus hybrid AGM held on October 24.
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 Telstra bid for Chorus, 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?
Q2. Could the chair please comment on whether he would support putting the remuneration report up for a non-binding vote at next year's AGM, as is required by law in Australia. What harm is done from asking your shareholders what they think about our remuneration policies? Not doing this makes New Zealand look like a governance backwater.
Q3. It must feel quite strange having a former public company CEO suddenly become Prime Minister of the country. How important is support from the Luxon Government when it comes to our ongoing success and what is the CEO's view so far in terms of government policy decisions that are helping our company or the overall business sector?
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