5 questions submitted at 2024 MacMahon hybrid AGM

Q1. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX 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, including our purchase of Decmil. Does the chair agree there is a clear mis-pricing between public markets and private markets, as evidenced by the drought of floats to replenish the ASX ranks. 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. Does the chair agree this is a problem for the nation?

Not asked

Q2. Perth-based mining giant Mineral Resources appears to be in a world of pain over governance, nepotism, disclosure, related party and tax issues. Do we have any exposure to this company and does the chair believe there are any learnings from these revelations for the rest of WA mining sector. Does he agree that governance in too many Perth-based companies is generally lower than what we see on the east coast? How can standards be lifted in The West.

Not asked, as if to confirm dodgy governance by Perth-based companies.

Q3. 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 rem report? If so, what reasons did they give and was this a factor in the 14% protest vote on the remuneration proxies? Many thanks also for disclosing the proxies early to the ASX along with the formal addresses, as this is best practice and gives retail shareholders more time to frame questions to probe any material protest votes by big end of town investors and their proxy advisers.

Answer: The chair Hamish Tyrwhitt (a former Leighton CEO) had to consult question wrangler and co sec Maha, who advised that one un-named proxy adviser had recommended against. Watch video of exchange via Twitter.

Q4. What impact, if any, has the recent appointment of administrators to most of the CFMEU divisions across Australia, particularly in WA, had on our operations? Within Australia, is the CFMEU the major union that we deal with and what proportion of our Australian workforce is unionised? Did we notice any organised crime elements associated with the CFMEU in our dealings, as alleged by investigative journalist Nick McKenzie in his various stories on scandals at the union, or was this more an east coast issue with a much cleaner operation on WA mine and construction sites?

Not asked

Q5. There was a 14% protest vote against this proposal so it was almost defeated given the super-majority of 75% required for constitutional amendments and effectively forced through by the controlling shareholder. In light of this minority shareholder protest and the defeat of many other attempts by ASX listed companies to move to virtual AGMs, will you undertake to continue following today's excellent hybrid AGM model into the future?

Answer: The chair said they would probably stick with the hybrid model. Watch video of exchange via Twitter.

Copyright © 2024 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel