Ann: 2018 AGM materials, page-2

(I'm a big fan of this new, fancy internet thingy, which allows be to "attend" interstate AGMs from the comfort of my own study at home)

Having listened to IFL's AGM proceedings this morning, I was quite bemused by the "business-as-usual" tone of the meeting, not just from the Chairman and CEO, but from shareholders (several questions about climate change risk, and numerous observations about audit issues in the FY2018 Annual Report, but no questions whatsoever about the scenario planning around possible Hayne Commission recommendations.)

While any regulatory changes ex-Hayne are clearly still indeterminate at this stage, one point of recent uncertainty that was addressed was the prospect of the ANZ Wealth acquisition not proceeding.

While the Chair rightly conceded that IFL management had no insight to offer into was Commissioner Hayne might recommend, what he did do was virtually confirm that the ANZ Wealth transaction would complete, as planned.

So, that's one element of uncertainty that I think has now been eliminated.

I don't mind saying that I have added to my holdings this morning.


(On a somewhat amusing note, the Chair cast some light on the events surrounding the "hand-written board meeting minutes" for which the media lampooned the company. Turns out that the Hayne Commission subpoena'd all hand-written notes on the very day after the AGM in question, before those hand-written notes could be typed up and circulated to attendees for ratification. Which is the normal procedure for every company. So, the Commission calls for the notes, knowingly in hand-written state before they can be formalised, and then Council Assisting Hodge QC berates the company for the un-professionalism of the hand-written notes. And, of course, the media - as is it wont - then runs full-flare with this.)