4 questions lodged at 2024 Monadelphous hybrid AGM
November 19, 2024
Below is the text of the 4 written questions submitted at the Monadelphous hybrid AGM held on November 19, 2024, plus a summary of the answers and some video grabs via Twitter.
Q1. Executive chair Rob Velletri has now contributed more than 32 years of senior service at Monadelphous. Over that journey has he ever had any serious takeover discussions with potential acquirers. Given the flurry of takeovers of ASX companies this year, it does seem puzzling that Monadelphous has never received a public bid during almost 30 years as a public company. Why is that? As a young journalist, I remember going to the briefing at Macquarie's Collins St offices in Melbourne when then chair Ivan Deveson unveiled the United Group prospectus. What does Rob Velletri regard as the two best decisions our company took after going public in creating what we see before us today?
Answer: The chair... Watch video of exchange via Twitter.
Q2. How many enterprise agreements with unions does our company have across the business and are we worried about these ongoing proposed changes to industrial relations law by the Australian Government such as the right to disconnect and "same job, same pay" rules. Also, has the appointment of administrators to the CFMEU's WA construction branch in August had any impact on us so far?
Answer: The chair... Watch video of exchange via Twitter.
Q3. How long has the current audit firm been in place, when we did we last run a full tender for the job and when are we next intending to tender our audit work?
Answer: The chair... Watch video of exchange via Twitter.
Q4. Thanks for offering another high quality hybrid AGM this year, which allows us east coast shareholders to participate and vote live on the day without having to fly to the world's most isolated city. You have also done well by disclosing the proxy position to the ASX with the formal addresses, which showed there were no material protest votes on any items of business. All up, this is very good. The only additional request I've got is disclosure of the poll results by both shares and shareholders, so we can see what the sentiment was amongst retail shareholders and just how low retail voting rates have fallen since the move away from paper voting.
Answer: The chair... Watch video of exchange via Twitter.
Copyright © 2024 The Mayne Report. All rights reserved
