5 questions lodged at 2024 LGI hybrid AGM

Q1. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against this LTI grant? 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 without publishing the full proxy adviser reports, of course.

Answer: The chair Vik Bansal said they're not covered by anyone, which is odd given the market cap is $278m. Watch video of exchange via Twitter.

Q2. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX falling by 176 or 7.5% to 2,118 since June 2022, including 21 straight months of declines. There have already been 27 major takeovers above $200m completed so far this calendar year with more in the works. The ASX is losing long standing names such as CSR, Boral, Blackmores, Newcrest and Crown which have all disappeared over the past 3 years. There is a clear mis-pricing between public markets and private markets. 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, particularly with so few new floats replenishing the ASX ranks?

Answer: The chair said they've just got to perform well and the get the share price up. Watch video of exchange via Twitter.

Q3. When disclosing the outcome of voting on all resolutions today, including this incentive grant resolution, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with 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 have already blazed the trail as this was a voluntary disclosure initiative adopted by the likes of Qantas, ASX, Suncorp, Tabcorp and Computershare during the current AGM season. You've got the data, so why not let the sun shine in?

Answer: The chair said he'd take this on notice.

Q4. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated and the CEO could factually summarise the situation in 60 seconds.

Answer: The chair Vik Bansal declared this private and off limits. Watch video of exchange via Twitter.

Q5. How is Vik Bansal juggling running Boral and chairing out company. Is it true he was approached to be chair of Lend Lease, as the media reported?

Answer: Very well thank you but no comment on the Lendlease situation, which suggest his name was in the mix. 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