6 questions lodged at 2024 A2 Milk hybrid AGM

Q1. The 5 most valuable US big tech stocks - Microsoft, Apple, Amazon, Alphabet and Nvidia - are together worth more than $A20 trillion. Could the CEO comment on how reliant we are on big technology and what would we do if any of them suddenly put their prices up by 30%?

Q2. Well done for putting up this LTI grant for the vote, but can we please go further next year with an Australian-style advisory vote on the full remuneration report? NZ is becoming a governance backwater as it continues to resist mandating annual rem report voting, which is standard in many countries. Will the chair undertake to consult with major shareholders & lead a board discussion on the issue of whether you will do this next year? This is the law in Australia and we are dual listed on the ASX, so why don't we step up?

Q3. It's not often the former CEO of a public company, Chris Luxon, suddenly becomes 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? Also, would we support this silly annual audit pay resolution being dumped as part of the Companies Act review?

Q4. Could new director Antonia Rivera and the chair comment on the recruitment process that led to this appointment to the board. Was a head hunter involved, did the full board interview Antonio and did they interview any other candidates? Did Antonio know any of our directors before engaging with the recruitment process?

Q5. Our friends at Fonterra recently announced they are ditching their dual listing on the ASX to save money. How much extra does it cost us to be dual listed in Australia & NZ & if we were to delist from 1 of those exchanges, which would make more sense given the current split of the register & trading data. Restaurant technology company Task shifted its HQ & primary listing from New Zealand to Australia last year and was then taken over by a US firm. Have we looked at doing the same?

Q6. We are very reliant on China for export sales. If a major tariff-based trade war broke out between China and the incoming Trump administration, as seems likely, are there any potential downsides for our business? Also, the incoming US Health Minister Robert Kennedy has some pretty wild ideas about processed food suppliers such as Pepsi and McDonalds. If the world's biggest consumer market pivoted to government driven healthier diets, is that all upside for us? How important is the US market for A2 Milk?

Copyright © 2024 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel