Been a very very long time since I’ve posted on here- maybe a...

Been a very very long time since I’ve posted on here- maybe a decade? Have been holding and accumulating throughout that time and am currently a T20 (or close to if not).

My concerns are that we have been on the cusp for a long time. In fact if you look through the yearly AGM announcements they copy and paste the exact same wording every year about how we are in a transformational period. Though I definitely agree a new board would result in instability.

I’ve been very open with the management that I have significant concerns with the AGM resolutions. Specifically:

1. Despite repeated feedback, we still don’t have any directors that would be considered “independent” as per asx good corporate governance.

2. NED getting performance based payments is not appropriate as it removes their independence and aligns them with the MD and not the shareholders. This was given as feedback repeatedly before the last AGM and the voting made it clear that shareholders do not support this practice, yet it continues.

3. Setting performance hurdles that do not align with shareholder value for example using lower cut off target prices each year is not appropriate. I also think it’s inappropriate the performance hurdles don’t include a TSR and CAGR requirement like most of their competitors. I’m also completely flabbergasted that they think using a 5-year target price that is lower than our share price at last years AGM would really represent excellent performance.

4. I am very concerned that after all the feedback given before last years AGM (and I know I specifically told them a couple months ago how badly it would be received if they simply ignored all that feedback), they’ve completely ignored all the shareholder feedback and done the exact same thing again this year.

Personally I am voting no as to me it seems this is the only way the company will actually implement changes to their remuneration policies. I don’t necessarily think a new board is the answer, but I definitely think we need some independence on the board and I don’t think that will happen until the board is forced to make change. I think the short term instability of change is offset by potential long-term governance improvement.