6 questions asked at 2024 Data#3 hybrid AGM
October 31, 2024
Below is the text of the 6 written questions submitted at the 65 minute 2024 Data#3 hybrid AGM held in Brisbane on October 30, plus a summary of the answers and some video grabs via Twitter. The proxies weren't disclosed with the formals, no extra poll data and biggest protest 12% against director Mark Esler.
Q1. Did any of the proxy advisers recommend against this LTI grant resolution and if so, what concerns did they have?
Answer: The chair Mark Gray said I should ask them myself. Truly! Watch video of exchange via Twitter.
Q2. When disclosing the outcome of voting on all resolutions today, including this rights proposal, could you please advise the ASX how many shareholders voted for and against each item, similar to a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate. Others such as Qantas, ASX, Metcash, Suncorp, Altium, AUI, Dexus, Webjet, Tabcorp and Myer all do this.
Answer: The chair didn't seem to know and it was left to the CEO to say their "policy" is not to do this. Suggest it is a practice with no written down company policy on the matter. Watch video of exchange via Twitter.
Q3. Thank you for offering shareholders a hybrid AGM and will you commit to keep doing this in future years to maximise shareholder participation? Big companies like Bank of Queensland, BHP, Brickworks, Fortescue Metals, Harvey Norman, Origin Energy, Premier Investments, Ramsay Healthcare, Rio Tinto, Seven Group, Soul Pattinson, Whitehaven Coal and Worley all banned online questions and voting in 2024, so well done for showing them up. What was the experience like from your end?
Answer: Was good to get all these luddite companies name checked and the chair gave a good defence of hybrid AGMs. Watch video of exchange via Twitter.
Q4. There was a 12.3% protest vote against resolution 6 but we didn't get time to ask questions online about this because the proxies were disclosed relatively late in the piece. Could you please disclose the proxy position to the ASX along with the formal addresses ahead of next year's AGM to shareholders can ask questions about any protest votes. Also, corporate voting is not a secret ballot. Have you interrogated who voted against the CEO's incentive grant and why? Will you do that?
Answer: The chair said they would take on board feedback.
Q5. Why is the board so small and will you add at least one new director before next year's AGM?
Answer: The chair said they are indeed looking to fill one current vacancy.
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