6 questions asked at 2024 Spark NZ hybrid AGM

Q1. It must feel quite strange having the former CEO of a public company, Chris Luxon, suddenly become Prime Minister of the country. Did any of our directors or senior executives know Mr Luxon before he went into politics and are there early signs that the new government is more pro business than the previous government. If there is one policy change or investment the Luxon government could do to assist our business, what would it be?

Answer: The chair Watch video of exchange via Twitter.

Q2. Australia is currently in the midst of an unprecedented deluge of takeovers that has seen listed entities on the ASX fall by 7.4% after 20 straight months of declines. There have already been 27 major takeovers above $200m completed so far this ear, with few new floats to replenish the ranks. There is a clear mis-pricing between public markets and private markets. Why are public markets not valuing companies like ours more highly and what are we doing to avoid being taken over? Do we have any takeover protections?

Answer: The chair Watch video of exchange via Twitter.

Q3. Could new director Lisa Nelson and the chair comment on the recruitment process that led to her appointment to the board. Which recruitment firm was involved, did the full board interview Lisa as a group and did they interview any other candidates? Did Lisa know any of our directors before engaging with the recruitment process?

Answer: The chair said they did use a recruiter but first came across Lisa when she consulted to one of Spark's subsidiaries. Watch video of exchange via Twitter.

Q4. As the only Australian-based director, will Warwick Bray commit to pushing his colleagues to have a formal board discussion about putting up the Spark remuneration report for a non-binding advisory vote at next year's AGM, complying with the legal system in Australia. Given we are listed on the ASX, shouldn't we embrace Australian Governance standards? If not, don't we risk New Zealand being viewed by international investors as a governance backwater given that remuneration report voting has become standard in many countries.

Answer: The chair Justine Smythe thought it was a good effort just to produce a first ever rem report this year, let alone putting it up for a vote. Disappointing response. Watch video of exchange via Twitter.

Q5. Did any of the external proxy advisers such as Glass Lewis, ISS or NZSA recommend a vote against any of today's resolutions, including David Havercroft's re-election? 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? Please don't say they are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant.

Answer: The chair was very pleased with the strong support for the directors which she was happy to display and read out. Watch video of exchange via Twitter.

Q6. Thank you to Alison Barrass for her 8 years of service. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In her final contribution as a Spark director, could Alison please comment on what she regards as the best 3 decisions Spark made during her time on the board and does she have any regrets?


Answer: The chair Watch video of exchange via Twitter.

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