5 questions asked at 2024 Nine hybrid AGM
November 8, 2024
Below is the text of the 5 written questions submitted at the Nine hybrid AGM held on November 7, 2024, plus a summary of the answers and some video grabs via Twitter. Came good with early proxy disclosure and finished with a 37% rem strike and 17% against chair Catherine West.
Q1. Thank you for disclosing the proxy position to the ASX along with the formal addresses. There was a 37% strike against the rem report. Which of the 5 proxy advisers in the Australian market - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - issued a report ahead of our meeting and did any of them recommend a vote against any of today's resolutions, including the rem report? If so, what reasons did they give and how are you going to respond. Corporate voting is not secret. Do you know who voted against?
Answer: The chair Catherine West gave a good clear answer on the proxy recommendations with ISS driving the protests, although ACSI went against the rem report. Watch video of exchange via Twitter.
Q2. Could Catherine provide her perspective on how she became chair of Nine. Media reports at the time suggested she was Peter Costello's strongest board supporter. Did she land the job with Peter's blessing & was she pivotal in encouraging his resignation. Also, what is Catherine's view on Nick Falloon remaining chair of Domain, given its underperformance relative to REA. Wouldn't it make more sense if she became the new Nine nominee as chair of Domain given Mr Falloon no longer brings an internal Nine perspective to the role.
Answer: The chair played a straight bat saying she was unanimously supported as chair after earlier becoming deputy chair and was comfortable with Nine's representation on the Domain board.
Q3. Catherine West spent the majority of her executive career working for Murdoch-controlled companies. The Murdochs are our most vicious competitor and also abuse their media power by devoting editorial resources to denigrating competitors, but particularly us and the ABC. Could Catherine detail her personal history with members of the Murdoch family. How well did she know Rupert & his kids during her 15-plus years working for them. Is she up for the fight against them and how should we respond to their many and varied attacks?
Answer: The chair didn't deal with the "are you close to the Murdochs" element and gave no rallying cry against News Corp attacks, but she did explain how BSkyB was eventually sold to Comcast. Watch video of exchange via Twitter.
Q4. Now that WIN is up to a 25% economic interest in Nine, does board candidate Andrew Lancaster believe Bruce Gordon is entitled to a second board seat at Nine? Given that the law limits Bruce Gordon to a 15% voting stake in Nine due to his other television interests, could Andrew please explain why they have moved to a 25% economic interest in Nine and how they have done this without breaching the law?
Answer: This was broken into 2 questions which started with Andrew Lancaster saying a second board seat had not been discussed and finished with him saying a "cash settled swap" was how they got around the law.
Q5. Did Bruce Gordon deliver the 17% protest vote against chair Catherine West?
Answer: Andrew Lancaster explained that Bruce Gordon voted his 15% stake in favour of all resolutions. Watch video of exchange via Twitter.
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