6 questions lodged at 2024 Sky Television hybrid AGM

Q1. News Corp and Telstra are trying to sell our Australian equivalent, Foxtel. Have we dropped into the data room and had a look. There would be lots of synergies between Sky Network Television and Foxtel. It runs the increasingly popular Sky News Australia which has just cracked 5 million subscribers on Youtube. Also, how do the licensing arrangements work in terms of who can use the Sky name in the Australian and NZ markets.

Answer: The CEO Sophie Maloney said they are not looking at Foxtel and have a perpetual licence to use the Sky name.

Q2. It must feel quite strange having the former CEO of a public company, Chris Luxon, suddenly become Prime Minister. 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 1 policy change or investment the Luxon govt could do to assist our business, what would it be? Also, any early thoughts on what Trump's election could mean for us? Is his chief adviser Elon Musk potentially influential over our future satellite choices which are currently provided by Optus.

Answer: The CEO said they would like the Sunday advertising ban lifted. Watch video of exchange via Twitter.

Q3. Whilst it is good we are voting on this director remuneration resolution, this doesn't cover executive pay structures. New Zealand is becoming a governance backwater as it continues to resist mandating annual voting on remuneration reports, which is standard in many countries around the world. Will the chair undertake to consult with major shareholders and lead a board discussion on the issue of whether you will voluntarily put up a remuneration report resolution for an advisory vote at next year's AGM?

Answer: The chair Philip Bowman flat out rejected this request. Watch video of exchange via Twitter.

Q4. The ASX is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities falling by 176 to 2118 after 21 straight months of declines. There have been 27 major takeovers above $200m completed so far in 2024. 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? Also, with a market cap of $A323m, would it make sense to bulk up and merge with NZME which is currently capitalised at $A177m. What regulatory approval would be required for such a deal?

Answer: The chair Philip Bowman agreed the thinning out of public markets was a problem. Watch video of exchange via Twitter.

Q5. What would happen if shareholders voted down this strange resolution that pops up at every NZSE listed company to approve the authority for the board to approve payments to the external auditor? Has it ever been voted down anywhere and why does the government make us bother with this? And staying with issues around the auditor, how long have our current auditor had the gig, when did it last go to a competitive tender and when is it next scheduled to go to a competitive tender?

Answer: Not asked.

Q6. Which of the proxy advisers cover us and did any of them recommend voting against this director fee cap resolution?

Answer: Chair Philip Bowman gave Glass Lewis a spray for over-charging for their report. Watch video of exchange via Twitter.

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