6 questions lodged at 2024 Integrated Research hybrid AGM
November 25, 2024
Below is the text of the 6 written questions submitted at the Integrated Research hybrid AGM held on November 25 2024.
Q1. As a relatively new shareholder, could you please explain the history of Stephen Killelea's 29.4% stake in the company? How confident are we that Stephen will remain a long term shareholder at the current level and how do we handle the issue of Stephen having influence over the company, whether by board representation or other means, whilst maintaining a clear majority of independent directors to represent the holders of the other 70.6% of the shares on issue?
Answer: The chair... Watch video of exchange via Twitter.
Q2. When disclosing the outcome of voting on all resolutions today, including this remuneration report item, 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. It is always good to see what retail shareholders think about remuneration issues. Others have already blazed the trail as this was a voluntary disclosure initiative adopted by the likes of Qantas, ASX, Suncorp, Tabcorp and our own share registry provider Computershare during the current AGM season. You and Computershare have the data, so why not let the sun shine in and disclose how many of our 4,884 shareholders voted and what they collectively thought about all the resolutions?
Answer: The chair... Watch video of exchange via Twitter.
Q3. Could new director Kate Greenhill and the chair comment on the recruitment process that led to her appointment to the board. Was a head hunter involved, did the full board interview Kate as a group and did they interview any other candidates? Did Kate know any of our directors before engaging with the recruitment process?
Answer: The chair... Watch video of exchange via Twitter.
Q4. The 5 most valuable US big tech stocks - Microsoft, Apple, Amazon, Alphabet and Nvidia - are together worth more than $20 trillion, largely because they have enormous pricing power and are over-charging customers the world over. Could the CEO comment on which of the big global technology companies we are most reliant on and what would we do if they suddenly put their prices up by 30%?
Answer: The chair... Watch video of exchange via Twitter.
Q5. Our new CEO Ian Lowe spent 6 years as an executive director and CEO of ASX listed Adslot up until 2018 after it bought the company he was running, Facilitate Digital, in 2012. Fast forward to 2024 and Adslot is limping along with $166 million in accumulated losses and a market cap of $5m. What went wrong? I know that today's AGM questions should be focused on this company not others, but with compulsory super most Australians are exposed to the performance of hundreds of public companies and CVs do matter for public company directors. Could Ian please comment on how this incentive structure we're approving today differs from what he worked with at Adslot and whether there are any lessons that he learnt at Adslot that will benefit our company.
Answer: The chair... Watch video of exchange via Twitter.
Q6. It's great that you have an AGM archive on the investor relations section of the Integrated Research website back until 2018, but unfortunately none of its includes a copy of the AGM webcast. The annual report says we have 4,884 shareholders but less than 100 will be online or in the room today watching this AGM live. As the one event of the year focused on retail shareholders what are we doing to ensure as many shareholders as possible have access to the full AGM debate? Will the chair undertake to publish a full archive of the AGM webcast on our website and why not make the record of the meeting permanently public by publishing a full transcript of the meeting to the ASX announcements platform, an initiative that Kathmandu did after its 2019 AGM?
Answer: The chair... Watch video of exchange via Twitter.
Copyright © 2024 The Mayne Report. All rights reserved
