SIMON BROWN: I’m chatting with Steven Beattie from Steven Beattie Tuition. Steven, appreciate the early morning. The Transaction Capital AGM on Thursday – you attended. You sent me a message shortly after attending saying it was 22 minutes of very little. What was your experience at this? I assume you attended virtually.
SIMON BROWN: Did they take any questions? In 22 minutes there’s not a lot beyond voting that they’ve really got time for. STEVEN BEATTIE: At the meeting, Simon, the chairman did ask if there were any questions related to the resolutions being proposed. The answer given was no, which is very strange indeed because my questions related around the auditor’s appointment as well as the appointment of the directors and the directors’ remuneration. Their reason was that my questions didn’t relate to the AGM, and they would come back to me via email – the Investors Relations Department.
SIMON BROWN: That’s the key point of an AGM – that this is when the shareholders, who are the owners of the business, get to engage the board, who are the people who are running the business on behalf of those shareholders. We need to be clear about that, and it should be . I’ve been to some great AGMs which go on for an hour or two with back-and-forth between the board and shareholders. That’s really what we are looking for as investors.
STEVEN BEATTIE: Agreed. Personally I think the hybrid is the ideal solution, Simon. So I like the opportunity for shareholders to attend in person as well as the opportunity to attend virtually. As you said, since Covid many companies today are still just doing virtual meetings. The Companies Act, as I mentioned, does make provision for virtual meetings, and there are certain requirements that need to be held there.
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