6 questions lodged at 2024 Qualitas hybrid AGM
December 14, 2024
Below is the text of the 6 written questions submitted at the 49 minute Qualitas hybrid AGM held on November 29 2024, plus a summary of the answers and some video grabs via Twitter. Proxies were disclosed early, no protest votes and I was the only shareholder asking questions.
Q1. The CEO mentioned labour shortage and cost of construction as an issue for the property sector going forward. Could he comment on whether the Federal Government's appointment of administrators to the CFMEU has had any noticeable impact so far. Whilst it was our contracted builders who dealt directly with the CFMEU, not us, we ultimately paid for many of the excesses. How did we handle this delicate issue in the past as the culture and practices on CFMEU work sites clearly deteriorated, as the various media reports detailed?
Answer: The CEO and co-founder Andrew Schwartz gave a good considered answer. Watch video of exchange via Twitter.
Q2. The Victorian Government keeps on jacking up property taxes to what are now the highest in the country. Could the CEO comment on the different property tax regimes across the country and whether that is impacting valuations or where we are prepared to direct future capital investments?
Answer: The CEO and co-founder Andrew Schwartz gave a good considered answer confirming investment in Victoria was being impacted by the highest taxes in the country. Watch video of exchange via Twitter.
Q3. Darren Steinberg is a good hire. Could he comment on whether any of our top 10 shareholders were influential in persuading him to join the board. Also, what is Darren's history, if any, with our CEO and co-founder and which of our directors did he know before engaging with the recruitment process?
Answer: The chair and Darren Steinberg both spoke and detailed a professional competitive process supported by a recruitment firm.
Q4. Which proxy advisers covered this meeting and did any of them they recommend against any items, including this remuneration report.
Answer: The chair Andrew Fairley said two un-named firms produced reports and supported all resolutions. Watch video of exchange via Twitter.
Q5. Thank you for disclosing the proxy position early to the ASX along with the formal addresses and well done for receiving such strong support on all resolutions, including this incentive grant. You've also run a good hybrid AGM with serious presentations and respect for the agenda. The only extra ask I've got is for voluntary scheme-like disclosure of the poll results so we can see how small the retail turnout was and what retail shareholder sentiment was. Many others are now voluntarily doing this.
Answer: The chair Andrew Fairley, a lawyer, politely declined as can be seen in these results. Watch video of exchange via Twitter.
Q6. When it comes to next year's AGM, any chance we could avoid holding the AGM on the last possible day of the AGM season. Today is the day when dozens of disorganised penny dreadful stocks hold their AGMs, often in the hope that no one will notice them in the deluge. This is not the sort of crowd that we should hang with.
Answer: Not asked.
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