7 questions lodged at 2025 Fleet Partners hybrid AGM
February 7, 2025
Below is the text of the 7 written questions submitted at the 56 minute Fleet Partners hybrid AGM held on January 23 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting, the withdrawal of resolution 8 and voting results. Market cap was $700m on AGM day, they declined to disclose the proxies early and even rejected a request to publish the webcast archive. No protest votes but commendably provided shareholder data in the poll.
Q1. Why was the constitutional amendment resolution still open for voting today on the online platform when it was withdrawn weeks ago. It wasn't open for directed questions on the online dropdown box. Will you disclose the votes that came in even though it has been withdrawn, just like what happens with defeated contingent constitutional amendment resolutions put up by climate campaigners.
Answer: The chair said there were only a handful of votes lodged so they wouldn't disclose these.
Q2. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against any of today's resolutions, including this 1st resolution on the re-election of Russell Shields? If so, what reasons did they give and have their been any material protest votes? Also, best practice is now to disclose the proxy position to the ASX along with the formal addresses to offer more timely disclosure to the market? Will you do this next year?
Answer: The chair Gail Pemberton thought they did this but they only disclosed them at the meeting. She'll take it on board for future AGMs.
Q3. Which law firm advised on the constitutional amendment & are we going to pay their bill given that the item had to be withdrawn after entirely predictable opposition from proxy advisers & shareholders. What were we thinking in proposing a constitutional amendment that could have allowed all future AGMs to be online only, especially given similar proposals were defeated or withdrawn at AGMs held by ALS, National Storage, Dexus, Brambles, Qantas, Mesoblast & several other companies over the past 4 years ? Whose idea was this?
Answer: The chair said the legal fees were minimal and they should have consulted before before putting up the proposal. She didn't name the law firm but said the fees were small. Watch video of exchange via Twitter.
Q4. Could the CEO comment on what the takeover of SG Fleet means for the industry and our business? Who are our biggest competitors? Also, Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX falling by almost 8% over the past 2 yrs. There was a record 29 major takeovers above $200m completed in 2024. Were we involved in any takeover discussions and does the chair agree this is a problem for the nation, particularly with so few new floats?
Answer: The CEO said they would welcome industry consolidation and the chair said new ACCC laws which start at the end of 2025 will slow the takeover action down. Watch video of exchange via Twitter.
Q5. Fiona Trafford-Walker has been an important contributor to progress on ESG issues in the Australian market over many years. Is she worried that the re-election of Donald Trump will undermine this and does she believe Fleet Partners will resist any pressures to regress?
Answer: The chair said this was a good question and Fiona was confident Fleet Partners would resist any pressure to regress. Watch video of exchange via Twitter.
Q6. Thank you for offering shareholders a hybrid AGM today. I couldn't find a copy of last year's AGM webcast on your website. Out of respect for your 5,000 retail shareholders, more than 99% of whom won't be attending or watching this AGM live, could you please undertake to publish a full copy of the AGM webcast on the investors relations section of your website. Even better, why not lodge a copy of the full AGM transcript with the ASX? Finally, will you do scheme-like voting disclosure of the poll, like last year?
Answer: The CEO rejected the webcast archive request when this should have been dealt with by chair Gail Pemberton. Watch video of exchange via Twitter.
Q7. Is Russell Shields planning to serve a full 3 year term?
Answer: The chair didn't comment on why his previously announced plan to retire at this year's AGM after 10 years was reversed and Russell said it would be up to his colleagues to decide if he served until 2028.
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