7 questions lodged at 2025 Novonix hybrid AGM
April 2, 2025
Below is the text of the 7 written questions submitted at the 48 minute Novonix hybrid AGM held at 9am in Brisbane and via the Link platform on April 2 2025, plus a summary of the answers and some video grabs via Twitter. Only 4 of them were asked, with one edited down. Market cap $286m on AGM day, having almost halved in 3 months. See notice of meeting and voting results. No early proxy disclosure and chair address came before Q&A whilst acting CEO address was delivered at the end.
Q1. Strictly speaking, shouldn't resolution 2 and 3 be head-lined "re-election" of Jean and Tony, with only resolution 4 being the "election" of Nick given that he is the only one of the 3 board candidates at today's AGM who hasn't previously been elected to the board by shareholders. Sorry for being a pedant but public company AGMs normally distinguish between the re-election of directors and the first time election of directors appointed to a casual vacancy since the last AGM and yet to receive a shareholder mandate.
Answer: Not asked by question wrangler Susan.
Q2. It is not good practice to issue independent directors with shareholders rights similar to the incentive arrangements for the management team they are meant to be holding to account. Why didn't Sharan Burrow AC recognise this point and decline to participate in this incentive scheme? Have there been any material votes against this resolution and did any of the proxy advisers produce a report and recommend against this or any other resolution on the agenda today?
Answer: The question wrangler Susan edited this down removing Sharan's name and it wasn't asked on the right resolution. Watch video of exchange via Twitter. Someone else asked why Sharan was yet to buy any shares. Listen to her answer via Twitter.
Q3. Given the nationalistic inclinations of the Trump administration, do we anticipate coming under pressure to redomicile to the US or be taken over by a US-owned and based company. Also, how big a threat is DOGE to our future funding aspirations and how exposed are we to the forthcoming roll out of US tariffs across the auto sector.
Answer: Not asked by question wrangler Susan, although the chair claimed during the meeting that if anything the Trump administration was more supportive than the Biden administration, given the focus on critical minerals, on-shoring and reducing reliance on China which controls 95% of their synthetic graphite market segment, something Novonix is attempting to deliver in the US.
Q4. Why didn't Nick Liveris move to a special adviser arrangement like his father, as opposed to serving on the board?
Answer: Watch video of exchange via Twitter.
Q5. There was a 14% protest vote on the proxies against the remuneration report earlier in the meeting. Are you aware what the concern was and did it relate to the incentive arrangements, such as with this incentive grant to Nick Liveris?
Answer: The US-based chair flicked this to local co-founder and director Tony Bellas and it was asked by question wrangler Susan before we got to the Liveris incentive grant vote or knew there was a 16% vote against that and a 19% vote against the election of Nick Liveris to the board. Anyway, watch video of Bellas answer via Twitter.
Q6. There was a 19% vote against the election of Nick Liveris and 16% against his share rights allocation. Was there a similar vote against any other directors or share rights allocations, including to Mr Bellas?
Answer: Not asked by question wrangler Susan.
Q7. Thank you for offering shareholders a hybrid AGM today. Best practice is to disclose the proxy position early with the formal addresses. Will you do this next year? Also, will a full webcast of today's AGM be made available on your website for the benefit of shareholders unable to watch it live?
Answer: Not asked by question wrangler Susan.
ADDITIONAL INTERESTING AUDIO
It sounds like a class action lawyer was lobbing loads of online questions about inadequate disclosure. Listen to the interesting exchange via Twitter.
Another un-named online shareholder got stuck into Tony Bellas for recently selling some shares. Listen to his feisty response via Twitter.
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