6 questions lodged at 2024 Rubicon Water virtual AGM

Q1. Given that we offered shareholders the Computershare platform for live online voting today, why didn't we use our share registry provider to run a proper hybrid meeting rather than denying shareholders an opportunity to interact with the board in person and also using the inferior Zoom online meeting platform when the Computershare system is the world's best? Will you run a proper Computershare hybrid AGM next year and please explain the thinking behind this year's set up

Answer: The chair Gordon Dickinson was accommodating and said this would be considered for next year. Watch video of exchange via Twitter.

Q2. On page 81 of the annual report it says that we have 851 shareholders and that there are seven substantial shareholders with more than 5% who collectively own 75% of the company. As a relatively new retail shareholder, I don't recognise any of those substantial shareholders. There is no Vanguard, Blackrock, Perpetual, UBS, Australian Super, Future Fund or Berkshire Hathaway. Could the chair please briefly summarise who are the 7 substantial shareholders who control three quarters of this company, how many of them are associated with our directors or senior executives, who are the completely independent directors representing us small retail shareholders and which of the major shareholders have no affiliation with management or the board?

Answer: The chair Gordon Dickinson gave an excellent summary of the major shareholder history. Watch video of exchange via Twitter.

Q3. On page 83 of the annual report in the corporate directory section, our head office is listed as being located at 1 Cato St in Hawthorn East. The corporate directory also lists our solicitors as being "Rob Walker Pty Ltd" which also lists its principle place of business as being at our head office in Cato St Hawthorn East. Rob Walker is also our company secretary, who is no doubt a lawyer who does a great job and doesn't cost as much as Freehills. Do we have any external legal providers and who are they? How often do we tender for the provision of external legal services to our $80 million market cap company or does Rob Walker handle everything in house?

Answer: The chair gave a super helpful response, even naming the 3 legal firms that assist Rob Walker's one man shop. Watch video of exchange via Twitter.

Q4. Why wasn't the recent capital raising a pro-rata renounceable rights issue that treated all shareholders equally and compensated non-participants. As chair Gordon Dickinson would know from his UBS days, placements favour big end of town investors at the expense of retail and even when retail are offered an SPP, the mast majority don't participate. The biggest victim in Australia's anything goes capital raising system is the retail shareholder who doesn't open the mail or email so please take this into account next time we do a capital raising? Did you think about doing a pro rata raising?

Answer: The chair gave a thoughtful response. Watch video of exchange via Twitter, plus these additional comments about institutional shareholders.

Q5. Why was there a 14% protest vote on one of the director election resolutions. Is that an independence issue?

Answer: The chair gave an excellent summary of the situation. Watch video of exchange via Twitter.

Q6. Request for extra voting data and earlier proxy votes disclosure.

Answer: The chair gave a helpful response. Watch video of exchange via Twitter.

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