agm snapshot - insights...the total number of holders lodging a vote remains low across all indices....

AGM Snapshot

2017 Meetings

Part of Link Group | Corporate Markets

Contents

2017 AGM Season Statistics 4

AGM Season Wrap 12

2017 Client Engagement Survey 14

NRMA is in the driving seat with Link’s Virtual Meeting Technology 15

Modernising the general meeting 16

The International AGM Landscape 21

AGMs and Governance 23

National Venue List 25

In this report we provide a global perspective on the Annual General Meeting – by looking at the changes that are driving investor behaviours, and how responsive companies are to those changes.

We also zoom in on the role that good Corporate Governance plays, and what that means for companies as they secure support for their agenda in the lead up to the AGM.

As more of our clients consider the benefits of introducing Link’s Virtual Meeting Technology, we have taken this opportunity to showcase the increased engagement this communication channel provides.

The results of our Client Engagement Survey outlines some of the important considerations for clients when preparing for AGMs.

We hope you enjoy this edition. If you would like further information, please contact your Client Relationship Manager.

Welcome to the fourth edition of Link’s AGM Snapshot. Our Corporate Markets team have enjoyed supporting our clients through another busy AGM season. Having managed more than 600 meetings in 2017, we have gathered some interesting insights into voting patterns and trends at meetings.

In this edition

2017 AGM Season StatisticsAll statistics are based on Link clients

Issued Capital Voted2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Per

cent

age

of p

roxi

es

0%

10%

20%

30%

40%

2017

100%

100%

97.25%

2014

100%

100%

94.61%

2015

100%

100%

96.17%

2016

100%

100%

97.24%

Online Voting – Clients O�ering Online VotingOnline Voting – Clients Offering Online Voting

The increase in online voting from 2014 to 2017100% of clients in the S&P/ASX100 & 200 have been offering online voting for the past four years. 2.75% of issuers in the S&P/ASX 200+ don’t offer their holders online voting - the main reason being the small size of their register.

Issued Capital Voted

Percentage of Voting Issued Capital Issued capital voted across all indices decreased in 2017 with the biggest drop of 13.1% in the S&P/ASX 200+

2014

71.96%

71.69%

63.98%

2015

72.08%

77.05%

2016

69.70%

71.73%

66.24%

2017

65.51%

66.21%

53.14%

Issued Capital Voted

63.48%

● S&P/ASX 100 ● S&P/ASX 200 ● S&P/ASX 200+


Online Voting – VolumesPercentage of proxies received online since 2004In 2017 we saw a small increase which is consistent with online voting trends since its inception in 2004. You would expect to see a larger increase in online voting but with overall voting down it is only going up in small increments.

Form Volumes (Online and Paper) & Number of AGMs Held

The average return of voting forms in 2017 was 3.94%, down from 4.01% in 2016. With the increase of AGMs from 363 in 2016 to 399 in 2017, we saw more forms returned than the previous year.

2013 2014 2015 2016 2017

Tota

l pro

xy fo

rms

rece

ived

Num

ber

of A

GM

s he

ld

0

100000

200000

300000

400000

500000

0

60

120

180

240

300

360

420

Proxy Form Volumes & Number of AGMs Held

Direct Voting

18 clients offered direct voting in 2017. On average, 4.37% of issued capital voted using direct voting.

2017 2016 2015 2014

S&P/ASX 100 9 8 8 8

S&P/ASX 200 1 3 3 1

S&P/ASX 200+ 8 5 3 2

Meeting Attendance 2017

Percentage of holders who received AGM documents

via email and post

46.18%emailed

53.82%posted

Electronic Communication

Percentage of votes received online vs the number of holders emailed AGM documents – 2.85%.

Percentage of holders voting via paper compared to the number mailed – 5.54%.

VotingThe total number of holders lodging a vote remains low across all indices.

2017 2016 2015 2014

All Clients 3.94% 4.01% 3.89% 4.04%

S&P/ASX 100 3.91% 3.78% 3.73% 3.99%

S&P/ASX 200 4.80% 4.91% 4.45% 4.81%

S&P/ASX 200+ 3.77% 4.61% 4.21% 4.08%

● Form Vol. ● AGMs Held

4 • Link Group AGM Snapshot 2017 Meetings Link Group AGM Snapshot 2017 Meetings • 5

Meeting Attendance

Shareholders represented the largest portion of attendees at AGMs in 2017.

Meeting Duration

We saw an increase in the average duration of AGMs. This could be attributed to more vocal shareholders and a slight increase in attendance.

S&P/ASX 100

S&P/ASX 200

S&P/ASX 200+

Up to 30 minutes 0.00% 5.41% 14.52%

30 minutes - 1 hour 20.00% 18.92% 35.89%

1 - 1.5 hours 22.86% 32.43% 25.00%

1.5 - 2 hours 14.29% 29.73% 11.29%

2 - 2.5 hours 25.70% 13.51% 9.68%

2.5 - 3 hours 2.86% 0.00% 2.02%

3+ hours 14.29% 0.00% 1.60%

2017 AGM Season StatisticsAll statistics are based on Link clients cont.

AGM Shareholder Attendance

Percentage of shareholders attending AGMsAGM attendance increased slightly from 2016 but is still low. As more issuers implement virtual meeting technology we may see a small increase in AGM attendance as seen in New Zealand.

0.15%2015

0.17%2016

0.18%2017

0.22%2013

0.15%2014

AGM Shareholder Attendance

Conduct of Polls

Polling Trends in 2017Calling a poll continues to remain high in the S&P/ASX 100 & 200. Once a poll is called, it is common for all resolutions to be put to poll.

All Resolutions Some Resolutions

93.9

4% 100%

80.9

5%

16.8

4 %

0% 19.0

5%

Conduct of Polls


Total Polling

2014 2015

33.33%

23.04%

89.21% 96

.67%

87.80%

61.96%

2016

94.59%

77.78%

32.76%

xxxxxx


34.3%

Shareholders Proxyholders Visitors

4.31

%

4.9% 6.04

%

71.25%

56.59%

59.66%

24.44%

38.51%

Meeting Attendance 2017

LinkVote AppElectronic Voting

5 clients utilised electronic handset voting at the meeting.

Months in which Meetings & Ballots were held

Link staff were very busy in November with 298 meetings to manage and ballots to close.

2017 2016 2015 2014

January 1 10 11 9

February 11 13 6 7

March 16 12 9 11

April 24 23 14 18

May 71 48 37 47

June 27 17 15 15

July 16 16 17 13

August 20 19 8 11

September 21 20 17 11

October 109 99 81 88

November 298 292 211 180

December 18 30 10 20

Totals 632 599 436 430

Over 600 Meetings & Ballots in 2017

It was another busy year for the Link Meeting Team managing over 600 AGMs, EGMs, Ballots and Member Meetings such as HCF, NRMA, RACQ, RACQ, as well as Creditor Meetings for Ten Network and Careers Australia.

Again we travelled across the country and this year went as far as Darwin for the Australian Agricultural Company’s AGM.

In 2017, 4 clients utilised Link’s new mobile voting app.LinkVote is Link Market Services’ mobile voting app which replaces paper voting cards at meetings.



2017 AGM Season StatisticsAll statistics are based on Link clients cont.

● Dividends/Shareholder Benefits 37.05%

● Remuneration Report 11.17%

● Future Direction/Strategy 4.90%

● Performance or Financial Reports 4.81%

● General suggestions 5.10%

● Sustainability/Environment 4.03%

● Other 30.91%

● Resolution put to the AGM 2.05%

Shareholder Questions

The number of clients across all ASX indices offering submission of questions prior to the meeting remained steady in 2017, providing clients an insight into which topics might be raised at their meeting.


79.00%

33.00%

8.00

%

2017

74.28%

32.43%

21.71%

2016

70.27%

47.22%

15.17%

20142015

80.00%

43.90%

13.04%


Shareholder Questions online v paper

Percentage of questions received

online vs paper

10.28%Online

89.72%Paper



Types of questions received from shareholders prior to the meeting

The most common questions at AGMs in 2017 were in relation to

the Dividends/Shareholder Benefits and Remuneration Report. We saw a significant decrease in questions

about performance and financial reports.

Location

Locations where Link staff attended meetings in 2017.

SA – 4

Other – 2 TAS – 3

NT – 1

196NSW

83QLD

111VIC

53WA

ACT – 2

AGM Webcasting

Average number of live viewers per webcast

2017 2016 2015

S&P/ASX 100 153.71 113.86 32.00

S&P/ASX 200 131.52 97.42 25.25

S&P/ASX 200+ 70.11 51.12 34.93

Average number of total views per webcast

2017 2016 2015

S&P/ASX 100 323.61 239.71 146.00

S&P/ASX 200 336.83 249.50 159.00

S&P/ASX 200+ 169.28 190.06 213.14


2017 AGM Season StatisticsAll statistics are based on Link clients cont.Remuneration Resolution

This year we looked at the spread of the ‘For’ vote for the Remuneration Report resolution. Companies in the S&P/ASX 200 have the most support from their holder base with 85.29% receiving a ‘For’ vote of 90%+.

● Over 90% 50.52%

● 80% – 89.99% 8.93%

● 75% – 79.99% 3.78%

● 70% – 74.99% 0.69%

● 60% – 69.99% 3.09%

● 50% – 59.99% 1.72%

● 40% – 49.99% 1.37%

● 30% – 39.99% 0.34%

● 20% – 29.99% 1.04%

● Show of Hands 28.52%

S&P/ASX 200+

Strikes in 2017

In 2016 we saw an increase in first strikes for clients in the S&P/ASX 100. This dropped to only 1 in 2017. None of the five companies who received a first strike in 2016 received a second strike in 2017.

Strikes were more prevalent in the S&P/ASX 200+ with first strikes rising from 16 in 2016 to 22 in 2017. Of the 16 that received their first strike in 2016, 6 received a second strike.

2017 1st Strike 2nd Strike

S&P/ASX 100 1 0

S&P/ASX 200 1 0

S&P/ASX 200+ 22 6


S&P/ASX 100 5 0

S&P/ASX 200 1 0

S&P/ASX 200+ 16 4


S&P/ASX 100 1 0

S&P/ASX 200 1 0

S&P/ASX 200+ 16 3

In the S&P/ASX 200+ 25.52% of clients went to a ‘show of hands’ on their remuneration report, despite the ‘against’ proxy votes being very close to 25%.

S&P/ASX 100

● Over 90% 77.15%

● 80% – 89.99% 8.57%

● 75% – 79.99% 5.71%

● 70% – 74.99% 2.86%


77.15% had a ‘For’ vote of

over 90%

S&P/ASX 200

● Over 90% 85.29%

● 80% – 89.99% 2.94%

● 75% – 79.99% 5.88%

● 70% – 74.99% 0.00%

● 60% – 69.99% 0.00%

● 50% – 59.99% 0.00%

● 40% – 40.99% 2.94%



over 90%


over 90%


Following a significant number of strikes in 2016, the 2017 AGM season was a welcome relief with fewer strikes, and shareholder engagement remaining high.

Shareholders were vocal participants in the AGM, particularly with the S&P/ ASX 100 companies. The focus this year was on the Company’s industry or day-to-day business along with shareholder benefits. Remuneration and Board diversity also remained key topics.

Link Group’s Company Matters AGM season overviewAt Company Matters, we are fortunate to work with over 300 clients, from S&P/ASX 20 entities to small caps and not-for-profits. Accordingly, we have visibility over a diverse range of entities, across a range of sectors and industries.

In 2017, our practitioners attended over 900 Board Meetings and 60 members’ meetings, prepared over 65 notices of members’ meetings and released over 1,000 ASX announcements.

Our key observations from the 2017 AGM season are:

• Fewer companies in the higher end of S&P/ASX indices received a ‘strike’ on their remuneration reports than in the 2015/2016 AGM seasons; however there was increased focus and visibility on the remuneration frameworks of companies further down the S&P/ASX indices;

• There was an increased focus on Director elections; specifically Director re-elections if the entity was underperforming or there were broader governance or risk concerns. We saw an increase in the number of investors requesting Directors seeking re-election address the meeting and outline the reasons why investors should vote in favour of their elections;

• A number of companies did not receive ASX Listing Rule 7.1A approval, despite receiving approval in previous years;

• Following the significant changes made to the Auditor’s Report in 2017, we expected to see an increase in the number of questions being directed to the Auditors – however, we did not observe this.

Remuneration remains front and centreAlthough remuneration matters continued to dominate a number of AGMs, we observed a smaller number of strikes in the higher end of the S&P/ASX indices, compared to previous AGM seasons. However, some of our smaller clients who had previously not been the subject of proxy advisers and detailed scrutiny on their remuneration frameworks, came into the spotlight this year.

Increased focus on Director electionsThis year we saw an increased focus on individual director re-elections, particularly in organisations with poor financial results or governance issues. There were a number of protest votes against director re-elections, specifically where the director was a long-standing director who was part of the Board at the time of the poor performance and presumably had the ability to influence and approve certain outcomes.

While some companies as a matter of practice, request directors subject to election address the meeting, and provide a brief biography, and reasons why they should be elected to the Board, this is not necessarily common practice. We observed at a number of meetings, investors requesting directors subject to election address the meeting, and outline the benefits and attributes they would bring to the Board composition.

ASX Listing Rule 7.1A In 2012, ASX introduced Listing Rule 7.1A that allows an eligible entity* to seek securityholder approval at an AGM to issue equity securities up to 10% of the total issued capital, in addition to the entity’s 15% limit. Since 2012, a number of eligible entities have sought Listing Rule 7.1A on a routine basis at the AGM, to permit maximum flexibility for the entity to raise capital, if required, during the year.

Generally an entity seeks such approval for flexibility, not with a specific capital raising or corporate action in mind. Approval under Listing Rule 7.1A is by way of a “special resolution” (e.g. resolution is approved by 75% or more of the votes cast by securityholders).

We have seen a number of instances where either the approval was not obtained for the resolution or an increase in votes against the resolution.

We have also seen commentary from proxy advisers (and proxy advisers recommending investors vote against the additional 10% capacity approval) on the basis that the entity should provide more specific disclosure of the actual purpose(s) of the capital required, and the identity of the intended recipient(s), which appears to be at odds with the purpose of the introduction of Listing Rule 7.1A.

* Rule 7.1A applies to entities which are not included in the S&P/ASX300 index and which have a market capitalisation equal to or less than $300 million.

Questions directed to the AuditorThe Corporations Act requires the Auditor of a listed company to attend the company’s AGM and a reasonable opportunity for members at the meeting to ask the Auditor questions in relation to certain matters. This is not a new provision; however in 2017 we saw the introduction of the enhanced auditor reporting to require the auditor to include the matters that in the auditor’s professional judgement were of most significance to the auditor.

As a result of the enhanced auditor reporting, we expected to see an increase in questions directed to the Auditor. In the meetings we observed, this was not the case and we did not see any increase in questions directed to the Auditor. This suggests to us that either investors are not reading the enhanced report or if they are, the matters identified by the auditor are not surprising to the investor.

Employee Plan Trends

One trend we have noticed is the move towards a single performance plan. This is something that two of our larger clients have recently implemented.

Under a single performance plan, rather than separate STI and LTI plans, participants are subject to a single one-year performance period, after which an amount of cash is paid, and shares are provided and deferred.

These companies advised that the plan is simpler, removes the complexity around competing performance conditions/periods, and aligns with the company’s objectives.

However, we note that CGI Glass Lewis has recently amended its guidelines to state that it expects detailed disclosure when companies are moving to these remuneration structures; why it is put in place; and how it aligns with shareholder outcomes.

Both clients instigated this with one client’s remuneration report passing with just a 4% ‘No’ vote.


AGM Season Wrap

2017 Client Engagement Survey

28% of clients

webcast their AGM

As part of Link’s ongoing commitment to developing lasting relationships with our clients, we sent out a survey in December 2017 to seek feedback on how we could improve client engagement and our service offering. Results from the AGM component highlighted the interest in our virtual meeting technology.

Our AGM Services

How do you rate the management of your AGM by your Link relationship team?

Excellent 57.58%

Very Good 32.32%

Average 8.08%

AGM Technology

Would you consider holding a Hybrid AGM? (i.e. a physical and online meeting)

Yes 56.57%

No 14.14%

Already holding a hybrid AGM 1.01%

Would like more information on the product 28.28%

Would you consider using the LinkVote app at your next AGM?

Yes 36.36%

No 14.14%

Already using the app 10.10%

Would like product information on the app 39.40%

NRMA is in the driving seat with Link’s Virtual Meeting Technology

On 20 November 2017, NRMA, Australia’s largest member organisation, utilised Link Group’s virtual meeting technology, to allow NRMA members to ‘virtually’ attend an Annual General Meeting.

Link Group’s Information, Digital & Data Services division provided the online platform for the 2017 NRMA AGM, which was held in Newcastle on the mid-north coast of New South Wales.

There were 99 members physically in attendance and 76 members online.

The NRMA is the first, and largest, member-based organisation in Australia to use Link’s technology.

“We wanted to take the organisation to our Members, rather than asking them to come to us,” said NRMA Company Secretary, Nick Mowat.

“This innovative technology allowed us to open up a convenient channel that enables members to attend our meeting from the comfort of their own home.

More people are using technology as part of their everyday life, including business, so it is only logical that we should make better use of it for formal business activities, like AGMs.”

Link Group’s Information, Digital & Data Services Chief Executive Officer Paul Gardiner said that virtual meeting technology was an ideal solution for member-based organisations.

“We applaud NRMA for being a leader by introducing this technology to its members,” said Mr Gardiner.

More and more member-based organisations, including superannuation funds, are looking to use this technology for AGM’s, seminars and general member updates.

This is opening channels of communication, and enabling member participation rates to increase, and represents what we believe will be the way of the future for member meetings.”

Link’s technology is available to organisations around the globe and provides a unique and interactive channel for members to participate in key meetings and events online. They can now engage with their respective organisations with ease, simply by using their mobile devices or personal computers.

Listed entities, Spark NZ, Xero and Link Group were the first organisations to use the virtual meeting technology in Australasia to facilitate online participation at annual general meetings for their shareholders.

Mr Gardiner said the use of this technology had now extended to member-based organisations.

“The NRMA is the first mutual in Australia to undertake a virtual AGM. It is fitting for an organisation leading the transport technology revolution to also lead this revolution in member engagement.

Technology is providing the tools to allow deeper engagement between organisations and their members, and member-based organisations such as NRMA are helping to lead the way.”

Link Group AGM Snapshot 2017 Meetings • 15 14 • Link Group AGM Snapshot 2016 Meetings

Modernising the general meetingThis article first appeared in the Governance Institute of Australia’s Governance Directions magazine in August 2017.

In 2016, Link Administration Holdings Limited (Link Group), S&P/ASX 100, held its first annual general meeting (AGM) as a listed company, followed by its second AGM in 2017, and used its technology to enable shareholders to participate in the AGM, either in person or online.

Shareholders were able to both vote and ask questions either in person or online using Link Group’s fully integrated platform — this is commonly referred to as a ‘hybrid meeting.’

The statistics evidencing the general decline in shareholder participation at AGMs have been extensively reported.1 Critics of the AGM argue that it is an archaic process that does not reflect advances in technology and the realities of operating in a world of continuous disclosure.2 While this may be true to an extent, the 2016 AGM season demonstrated that not all shareholders see the process as routine and made themselves heard, certainly in relation to remuneration matters and environmental, social and governance (ESG) issues.

So if the AGM is not dead, why not embrace technology and take a new approach to engaging with shareholders and increase accessibility and transparency?

While a hybrid AGM might be a daunting concept for some boards and every meeting should adopt a fit-for-purpose approach, there are some companies which are welcoming the opportunity to engage with shareholders in a myriad of ways and hear the thoughts and views of the company’s owners — both positive and negative.

1 Link Group data indicates a low percentage of shareholders attending AGMs for Australian companies — according to Link Group data, in 2016, only 0.17% of shareholders physically attended AGMs.

2 ASX Listing Rule 3.1 requires ASX listed entities to immediately disclose market sensitive information. In addition, ASX Listing Rule 3.13.3 requires ASX listed entities to give ASX the contents of any prepared announcement that will be delivered at a meeting of security holders no later than the start of the meeting.

3 Noting that in some foreign jurisdictions, virtual meetings can extend to meetings where participants can only hear proceedings, i.e. there is no visual component.

Hybrid meetings will not suit all companies, but the technology is now available and some companies have already used it to improve shareholder engagement and create options for how their shareholders elect to participate in meetings.

What is a hybrid meeting?There is some confusion about the terms ‘hybrid’ and ‘virtual’ meetings.

• A hybrid meeting generally refers to a general meeting where shareholders (and proxy holders) are able to participate (including to vote and ask questions) at meetings either:

− at a physical meeting location (consistent with a traditional general meeting where the board and senior management of the company is present) or

− online from a remote location (for example, by using a computer, iPad or smartphone to participate).

• A virtual meeting generally refers to an online only meeting where shareholders (and proxy holders) can view and hear proceedings, vote and ask questions online and there is no physical component of the meeting.3

Link Group’s AGMAt Link Group’s 2016 and 2017 AGM, shareholders (and proxy holders) could view the webcast, ask questions and submit votes both online and at the traditional, physical meeting. Non-voting stakeholders could view the webcast, but did not have the ability to vote or ask questions, the same way they would be treated at a traditional, physical only meeting.

As far as possible, Link Group replicated the physical component for online participants. Link Group’s fully integrated platform enables online participants to view the live webcast of the meeting and the presentation slides on one screen. Also on the same screen, participants could download the relevant meeting documentation and if they were verified shareholders (or proxy holders), could ask questions and submit their online voting card.

Voting online

The electronic voting card allows voters to submit a full or partial ‘For’ or ‘Against’ vote in respect of each resolution or ‘Abstain’ from voting on the resolutions. The voting card could be submitted any time during the meeting and the closure of voting was announced by the chair during the meeting which could be viewed on the live webcast. In addition, for online voters, a red bar with a countdown timer was visible near the end of the meeting to advise online voters how long they had until voting closed.

Asking questions online

When asking questions online, shareholders and proxyholders could select the resolution to which their question related or select ‘General Business.’ The chair could identify the shareholder asking a question, the same way a shareholder would usually be identified if they asked a question at a traditional, physical only meeting.

4 Including but not limited to Spark New Zealand Limited, Xero Limited, Z Energy Limited, Air New Zealand Limited5 Companies Act, Schedule 1, clause 3(b); clause 14(1)(a).6 Companies Act, Schedule 1, clause 5(2).

The catalyst for change — the New Zealand perspectiveAlthough it was the first time Link Group had used its technology to facilitate a hybrid meeting for shareholders of an Australian incorporated company, Link Group had used the same technology previously for New Zealand incorporated companies, including New Zealand companies dual listed on ASX.4

In 2012, the Companies Act 1993 was amended in New Zealand to permit a shareholder (or their proxy or representative) to participate in a shareholder meeting by means of ‘audio, audio and visual, or electronic communication’ with the approval of the board of the company.5

In addition, the amendments expressly provided that voting may take place at shareholder meetings by ‘any method permitted by the chairperson of the meeting’6 and approved by the board. This amendment provides flexibility for issuers to adapt shareholder meetings and voting to embrace technology as it develops.

Off the back of the New Zealand legislative changes, Link Group developed its meeting technology to facilitate hybrid and virtual meetings, initially for its New Zealand clients but now in Australia and beyond.

In 2015, New Zealand telecommunications company, Spark New Zealand, was the first company in Australasia to use the meeting technology and this technology has now been used by a number of New Zealand companies.


The Australian legislative frameworkWhile the Australian legislative framework does not prohibit a hybrid meeting, neither does it expressly facilitate hybrid meetings or provide clear guidance on the holding of hybrid or virtual meetings, as is the case in New Zealand.

Ahead of finalising the notice of meeting documentation and processes and procedures, a significant amount of work was undertaken to:

• confirm the approach adopted for the Link Group 2016 AGM fitted within the current Australian legislative framework

• ensure the meeting was conducted validly, fairly and without disenfranchising any group of shareholders.

Link Group engaged with certain stakeholders ahead of finalising its notice of meeting documentation, primarily to notify stakeholders of its intention and to provide stakeholders with an opportunity to express a view on hybrid meetings — however, Link Group did not seek any regulatory approval or relief in relation to holding a hybrid meeting.

Key considerationsThe board of directors of a company considering holding a hybrid meeting must be supportive — there are some key practical changes to the processes and procedures of a hybrid meeting and the chair in particular must be willing to adopt these changes.

As the first step, Link Group reviewed its constitution to confirm that there was nothing in the constitution prohibiting Link Group from holding a hybrid meeting.

All resolutions were determined by poll, rather than by show of hands to ensure the views of as many shareholders as possible were represented at the meeting and to facilitate the online component of the meeting.

7 Section 250S(2) provides that an offence based on section 250S(1) is an offence of strict liability.8 Section 250S is also supported by section 250SA of the Corporations Act ‘at a listed company’s AGM, the chair must allow a reasonable

opportunity for the members as a whole to ask questions about, or make comments on, the remuneration report.’ Section 250T also provides that if the company’s auditor or their representative is at the meeting, the chair of an AGM must allow a reasonable opportunity for the members as a whole at the meeting to ask the auditor questions relevant to certain matters.

No disenfranchisement of shareholders• Section 250S of the Corporations Act 2001

(Corporations Act) provides that ‘the chair of an AGM must allow a reasonable opportunity for the members as a whole at the meeting to ask questions about or make comments on the management of the company.’7,8

• Link Group was highly cognisant of its obligations under the Corporations Act and the need to allow shareholders participating both at the physical meeting and online a reasonable opportunity to ask questions about or make comments on the management of the company, the remuneration report and the financial statements and audit.

• Ahead of the AGM, Link Group held a number of rehearsals, including to test the technology and confirm the chair and key stakeholders were comfortable with the technology. Introducing an online component involves steps and processes that are different from a traditional, physical only meeting, for example allowing time for shareholders participating online to submit questions.

• The moderator(s) are a key part of facilitating an online component of a meeting — the moderators essentially act as the connection between the chair and the shareholders participating online. It is the role of the moderator to manage, receive and electronically send any questions/ comments submitted during the meeting to the chair — the chair is able to view the questions on a screen in front of the microphone. In Link Group’s case, the moderators were the Head of Investor Relations and a lawyer (the author).

• Link Group also had processes in place to maintain a record of any questions submitted online.

Verification processThe verification process used in respect of the online component essentially replicates the process for participants at the physical meeting — Link Group uses the same details and validation process.

Meeting documentation and shareholder assistanceIn addition to the usual notice of meeting and voting/proxy form, Link Group made available an Online Platform Guide, providing instructions how to use the platform.

Link Group also had the ability to communicate with its shareholders either via email, phone or via an ‘instant messenger’ function on the platform during the meeting — it was important that shareholders could communicate during the meeting and ask questions about how to use the technology. The contact number was published in the Online Platform Guide and was displayed in a prominent location on the home page of the online platform.

Plan for the worst, hope for the bestAs part of Link Group’s planning, consideration was given to what would happen if the technology supporting the hybrid AGM failed, for example as a result of widespread network outages.

At the rehearsals before the AGM, the wi-fi was tested and personnel checked there were no internet black-spots. Back-up technology was available if required.

An alternative chair’s script/AGM procedures was prepared and the moderators were located with the technology team so could communicate easily with the support team if required.

Embracing technology to provide options to shareholdersIn addition to facilitating a hybrid meeting, Link Group also used its technology at its 2016/2017 AGM to enable shareholders who were physically present in the AGM room to download the LinkVote app on their mobile phone or tablet device and vote using their own device, instead of filling in a traditional paper poll card. Link Group still had paper voting cards available for shareholders who did not wish to use the LinkVote app.

Link Group’s focus was on providing options to shareholders — the technology was available if shareholders wished to use it but if they preferred to attend the physical meeting and use paper polling cards, they could do so.

Of course, shareholders were still able to submit voting cards ahead of the meeting, either by appointing a proxy or representative or by submitting a direct vote ahead of the meeting.

Virtual only meetings in AustraliaUnless the Corporations Act is amended or the position is clarified by the courts or regulators, it would be a brave Australian company to hold a virtual only meeting (as distinct to a hybrid meeting).

Section 249S of the Corporations Act provides ‘a company may hold a meeting of its members at 2 or more venues using any technology that gives the members as a whole a reasonable opportunity to participate.’ While venue is not defined in the Corporations Act, a ‘venue’ suggests a physical location and accordingly, it is generally considered unlikely that Australian companies will hold virtual only meetings unless the Australian legislative framework is amended.

Aside from the legal considerations, many people will no doubt see face-to-face AGMs as important from an accountability perspective and virtual-only meetings are often criticised as removing a shareholder’s right to challenge face-to-face a company’s board and management team.


Key takeaways for companies considering holding a hybrid meeting• Seek legal advice and review your constitution/

any other constituent documents.

• Engage with key stakeholders/ regulators as appropriate to the company — including engaging with your share registry early in the process.

• Carefully consider all meeting documentation — not just the notice of meeting and voting/proxy form but potentially an online user guide; meeting procedures and principles; direct voting regulations.

• Test the technology ahead of time (including at the physical location of the meeting).

• Work with the chair and moderator(s) so everyone is comfortable with the technology and clear about the applicable legal obligations.

ConclusionLink Group was pleased to offer its shareholders the ability to participate in the hybrid meeting irrespective of their geographic location — there were participants from Australia, New Zealand and the United States.

Link Group is generally very supportive of the use of technology to make it seamless for shareholders to interact with the companies in which they invest, as well as reducing costs to the issuers its supports and environmental impacts.

While a hybrid or virtual meeting will not suit every company and shareholder, the benefits are considerable, including:

• the ability for companies to reach a wider shareholder base and engage with investors in real time regardless of geographic location

• shareholders having the choice to select how they engage with the companies in which they invest, which is likely to see an increase in shareholder participation and engagement

• a potential reduction in costs to companies and environmental impacts — which in turn are beneficial to all investors and the community as a whole.

The International AGM Landscape

In 2017 Link Group acquired Capita Asset Services (now rebranded as Link Asset Services - LAS) in the UK. This opens up an even larger AGM market for Link with LAS running meetings in the UK and Europe.

The UK AGM season has remained fairly non-contentious but there certainly was voting dissent around the remuneration resolutions and director appointments.

The 2017 AGM season as a whole reflected the issues faced by many Boards due to the efforts of the activist shareholders voting against remuneration policies and other resolutions. In 2017, there were 120 resolutions with over 20% voting ‘Against’ (up 79% compared to 2016).

This year saw a small number of failed resolutions at some of the UK’s largest companies and many more (58) with large enough ‘Against’ votes to warrant a rethink on executive pay.

Intended changes in the Corporate Governance code will bring greater transparency for all investors where companies are faced with shareholder voting that represents more than 20% against a resolution. Companies will be required to take more action, and there will be a central register of these resolutions including links to public statements made by the companies.

A bit too ‘Big Brother’ or the future of good corporate governance and enhanced shareholder engagement? In the UK, investors have always been able to influence the Board of any company by exercising their voting rights. Now, perhaps more than ever, they have multiple voting channels that make exercising their rights much simpler.

LAS have also started to see a greater use of electronic systems to exercise voting. Approximately 40% of voters now use some form of electronic mechanism to vote via proxy, and this typically represents over 85% of the shares submitted for vote.

Virtual and Hybrid MeetingsMany companies are looking at what virtual and hybrid meetings can add in terms of providing better shareholder access and engagement, as well as further streamlining the AGM process. However, the same activist shareholders who sharpened their knives on the remuneration policies have also started to comment on the virtues of virtual versus physical AGMs. They fear losing the ‘holding to account’ opportunities of a physical meeting, and they are clearly leaning to hybrid as the preferred solution. There will no doubt be some companies that will pursue a virtual AGM but many are looking at a hybrid solution as a way of engaging more shareholders and boosting participation.

LAS will be introducing the mobile app with functions to support any type of meeting – a single place for shareholders to access shareholder material, material, AGM details, vote via proxy and the meeting remotely.

Link Market Services GmbH in Germany is a ‘Day of the AGM’ provider. Their drive is to make the AGM digital and paperless, a concept that has resonated with a number of their clients already including Commerzbank and Deutsche Bank.

The concept covers all areas of the meeting where shareholders are sent an iTicket for registration, register on iPads, there is a paperless list of participants for the Chairman, voting on iPads and tracking of votes and the results by the vote monitor.

Melissa Jones, Link Group, General Manager - Company Matters can be contacted on (02) 9375 7981 or by email at [email protected].


Case Study – The a2 Milk Company

The a2 Milk Company was founded in New Zealand in 2000 following a significant discovery: cows naturally produce different types of milk proteins which affect people differently.

Today, The a2 Milk Company mission remains the same: to pioneer the scientific understanding of the a2 protein type so more people can enjoy the

nutritional goodness that only comes from real and natural milk.

The a2 Milk Company has trading activities in Australia, New Zealand, China, USA and UK and this international activity saw 580 people from around the world login to their virtual meeting. They received 26 questions online – primarily relating to their brand.

New Zealand Annual Meetings in 2017

33.90%Physical Attendance

66.10%Online Attendance

New ZealandNew Zealand held a number of successful hybrid Annual Meetings in 2017. Online attendance across these meetings was 66.10%.

Attendance

IssuerMeeting

Attendees

Physical Online

Xero Limited 218 48 170

Z Energy Limited 139 61 78

Spark New Zealand 158 89 69

Tourism Holdings Limited 157 84 73

The A2 Milk Company Limited 715 135 580

Pacific Edge Limited 124 35 89

Air New Zealand 290 149 141

Auckland International Airport 565 201 364

Link Germany supports over 176 meetings in Germany and Luxembourg and attendance at AGMs in Germany can go into the thousands, with Commerzbank reaching 5,000 attendees. AGM topics are similar to those in Australia and the UK, with remuneration a popular subject at all.

AGMs and Governance

Make your voice heard

Investors have signalled they want boards to be more responsible and accountable. They are seeking to understand more about board succession planning, board profiles and responsibilities within a company. Simply put, they do not need to know every technical detail of all practices but rather refer to an accountable board member who can answer to structures and processes that are in place to monitor performance and processes.

Companies have an opportunity to harness the power of shareholder engagement in relation to their corporate governance strategy. By learning how to explain their corporate governance in the context of their business strategy they facilitate investors to take their own decisions through clear and straightforward dialogue. This mechanism allows companies to build governance capital which can be used to great effect to secure support especially in the face of proxy advisor inflexibility around AGM voting.

Create your own relationships

Often the approach by issuers to focus their corporate governance concerns and engagement efforts as a means to address scrutiny from proxy advisors, subjects them to the often condemned one-size-fits-all approach. Investors are increasingly offering the opportunity to issuers to tell their governance story their own way. It is very important to distinguish between proxy advisors versus investor decision making. Investors can and do override proxy advisor recommendations if they have a clear understanding of a company’s viewpoint.

At a recent Société Générale conference on Positive Impact, investors on the Governance Panel communicated “they are fed up receiving rebuttal letters specific to proxy advisor recommendations when issuers hadn’t even engaged with them properly.”

However what does properly actually mean? Some issuers may not have actually had a conversation with them at all beforehand to understand, discuss or consider the criteria in their governance policy. At an IR Society breakfast post-AGM season panel review, one of the largest institutional investors commented to the largely issuer audience “Don’t wait for us to come knocking on your door, try contacting us first. Come and talk to us about your governance structure not just remuneration. We want to hear from you and we want to speak to you.”

There is a clear distinction forming in the way in which an issuer needs to reach out to the governance community and this goes much further than the traditional route of sending a letter, assuming that this covers engagement (never previously considered part of the IR function). The way in which governance teams want to engage and who they want to engage with has changed. IR should work with their internal counterparts to make sure this exercise is on their radar and they are involved in this effort. Issuers that fail to interact early may have to resort to last minute ‘damage control’ engagement just before the AGM to attempt to secure support. While this last minute effort does have some effect, it is certainly not ideal to build a trusting long-term relationship

Engage earlier

In the UK, Orient Capital’s recent IR Best Practice study of FTSE 350 companies found that 16% of the companies interviewed said they regularly conduct corporate governance roadshows, while just 40% of the FTSE 100 and 20% of the FTSE 250 run regular AGM campaigns.

This is in stark contrast to EU issuers who are slightly ahead in their engagement efforts. The majority EU norm is an engaged conversation and exchange of information with between 20-40 investors, which is used as feedback to inform their boards’ decision making. This allows for a better prepared AGM campaign without last minute surprises.


National Venue List

VenueCapacity

(max)Address Phone Web

Brisbane

Brisbane Convention and Exhibition Centre

2,740Corner of Merivale and Glenelg Streets, South Bank, Brisbane

07 3308 3000 www.bcec.com.au

Brisbane Powerhouse 525 119 Lamington Street, New Farm 07 3358 8622 www.brisbanepowerhouse.org

Christie Corporate 250 320 Adelaide Street, Brisbane City 1800 806 066 www.christieconference.com.au

Cliftons 1203/288 Edward Street, Brisbane City

07 3231 0999 www.mercurebrisbane.com.au

Customs House Brisbane 300 399 Queen Street, Brisbane City 07 3365 8999 www.customshouse.com.au

Dexus Place 100Level 31, 1 Eagle Street, Waterfront Place, Brisbane

1800 397 752 www.dexusplace.com

Karstens 180Level 24, 215 Adelaide Street, Brisbane

1300 008 710 www.karstens.com.au

Mantra on Queen 120 570 Queen Street, Brisbane City 13 15 17 www.mantraonqueen.com.au

Mercure Hotel Brisbane 900 85/87 North Quay, Brisbane City 07 3237 2300 www.mercurebrisbane.com.au

Novotel Brisbane 350 200 Creek Street, Brisbane City 07 3309 3309 www.novotelbrisbane.com

Queensland Cricketers' Club 400 411 Vulture Street, East Brisbane 07 3896 4533 www.qldcricketersclub.com.au

Queensland Gallery of Modern Art (GOMA)

220 Stanley Place, South Brisbane 07 3842 9945 www.qagoma.qld.gov.au

QPAC Queensland Performing Arts Centre

60Melbourne Street & Grey Street, South Brisbane

07 3840 7444 www.qpac.com.au

Royal International Convention Centre

1,300 600 Gregory Terrace, Bowen Hills 07 3253 3900 www.royalicc.com.au

Rydges South Bank Brisbane 100 9 Glenelg Street, South Brisbane 07 3364 0800www.rydges.com/accommodation/brisbane-qld

Tattersalls Club Brisbane 300215 Queen Street, Brisbane City, 40

07 3331 8888 www.tattersallsclub.com.au/

Treasury Casino & Hotel 120130 William Street, Brisbane City,

400007 3306 8852 www.treasurybrisbane.com.au

Victoria Park Function Centre 540309 Herston Road, Brisbane City, 4006

07 3252 0666 www.victoriapark.com.au

Vanguard’s Open Letter to Portfolio companies in August 2017 sums it up effectively:

“Engagement is a process not an event, whose value only grows over time… There is a growing role for independent directors in engagement, both on issues over which they hold exclusive purview and on deepening investors’ understanding of the alignment between a company’s strategy and governance practices.”

A group effort

Engagement is an annual process that should involve combined teams of IR, Company Secretaries or legal and a Lead Independent Director (as is now requested by so many investors). As issuers are reconsidering their IR processes and taking their communications strategies into their own hands, it is the optimal time to converge IR and governance efforts with the aim of enhancing their overall dialogue.

Key Takeaways for 2018

• Engage Early

• Explain your rationale to investors

• Monitor your investor base and their governance policies regularly

• Stay on top of the ever-changing landscape

This article represents the opinions of Alison Owers (CEO, EMEA Orient Capital) and Aemilia Varfis (Senior Director at D.F. King Ltd).


VenueCapacity


Sydney

Amora Hotel 300 11 Jamison Street, Sydney 02 9696 2500 www.sydney.amorahotels.com

ANZ Stadium 1,500Olympic Boulevard, Sydney

Olympic Park02 8765 2000 www.anzstadium.com.au

Art Gallery of NSW 320 Art Gallery Road, Sydney 02 9225 1700 www.artgallery.nsw.gov.au

Australian Institute of Chartered

Accountants100 33 Erskine Street, Sydney 02 9290 1344 www.charteredaccountantsanz.com

Australian Institute of Company

Directors50 20 Bond Street, Sydney 02 8248 6600

http://aicd.companydirectors.com.

au/

City Recital Hall 1,200 Angel Place, Sydney 02 8256 2222 www.cityrecitalhall.com

Cliftons Conference Centre 190Level 13, 60 Margaret Street,

Sydney 02 9250 0999 www.cliftons.com

Christie Conference Centre -

North Sydney150 3 Spring Street, Sydney 02 8249 4003 www.christieconference.com.au

Christie Conference Centre -

Sydney130 100 Walker Street, North Sydney 02 8404 4104 www.christieconference.com.au

Customs House 200 31 Alfred Street, Circular Quay, 02 9242 8551 www.sydneycustomshouse.com.au

Dexus Place 90 Level 5, 1 Margaret Street, Sydney 1800 397 752 www.dexusplace.com

Dexus Place 150 Level 15, 1 Farrer Place Sydney 1800 397 752 www.dexusplace.com

Doltone House - Darling Island 1,088 48 Pirrama Road, Pyrmont 02 8571 0622 www.doltonehouse.com.au

Doltone House - Hyde Park 550 181 Elizabeth Street, Sydney 02 8571 0622 www.doltonehouse.com.au

Doltone House - Jones Bay

Wharf800 26-32 Pirrama Road, Pyrmont 02 8571 0622 www.doltonehouse.com.au

Four Points by Sheraton 1,100 161 Sussex Street, Sydney 02 9290 4000 www.starwoodhotels.com

Four Seasons 1,000 199 George Street, sydney 02 9250 3100 www.fourseasons.com

National Venue List

VenueCapacity


Justice & Police Museum 100Corner Albert & Philip Streets,

Sydney 02 9252 1144 sydneylivingmuseums.com.au

ICC Sydney 2,500 Darling Harbour, Sydney 02 2 9215 7100 www.iccsydney.com.au

Intercontinental Hotel Sydney 300 117 Macquarie Street, Sydney 02 9240 1202 www.ihg.com

Karstens 180Level 1, 111 Harrington Street,

Sydney1300 008 710 www.karstens.com.au

Luna Park 508 1 Olympic Drive, Milsons Point 02 9033 7540 www.lunaparkvenues.com

Museum of Contemporary Art 350 140 George Street, The Rocks 02 9245 2480 www.mca.com.au

Museum of Sydney 120Corner of Philip & Bridge Streets,

Sydney 02 9251 5988 sydneylivingmuseums.com.au

Park Hyatt 120 7 Hickson Road, The Rocks 02 9256 1234 www.sydney.park.hyatt.com

Park Royal Darling Harbour 230 150 Day Street, Sydney, 02 9261 1188 www.parkroyalhotels.com

Pullman Hotel 250 36 College Street, Sydney 02 9361 8400 www.pullmanhotels.com

Radisson Blu 180 27 O'Connell Street, Sydney 02 8214 0000 www.radissonblu.com

Rydges World Square 300 389 Pitt Street, Sydney 02 8268 1888 www.rydges.com

Shangri-La Hotel 900176 Cumberland Street, The

Rocks 02 9250 6000 www.shangri-la.com

Sheraton on the Park 900 161 Elizabeth Street, Sydney 02 9286 6000 www.sheratonontheparksydney.com

Sofitel Wentworth Hotel 1,100 61 Philip Street, Sydney 02 9230 0700 www.sofitel.com

State Library of NSW 180 Macquarie Street, Sydney 02 9273 1414 www.sl.nsw.gov.au

Swissotel Sydney 450 68 Market Street, Sydney 02 9238 8888 www.swissotel.com

Sydney Harbour Marriott Hotel at

Circular Quay250 30 Pitt Street, Sydney 02 9259 7000 www.marriott.com

Sydney Masonic Centre 600 66 Goulburn Street, Sydney 02 9284 2888 www.smcfc.com.au


VenueCapacity


Sydney Town Hall 2,000 483 George Street, Sydney 02 9265 9189 www.sydneytownhall.com.au

The Concourse 1,000 409 Victoria Avenue, Chatswood 1300 795 012 www.theconcourse.com.au

The Establishment 300 252 George Street, Sydney 02 9240 3000 www.merivale.com.au

The Ivy 570 330 George Street, Sydney 02 9240 3000 www.merivale.com.au

The Langham 200 89 Kent Street, Sydney 02 9256 2222 www.langhamhotels.com

The Mint 120 10 Macquarie Street, Sydney 02 8239 2288 sydneylivingmuseums.com.au

The Star Sydney 1,500 80 Pyrmont Street, Pyrmont 02 9657 8568 www.star.com.au

The Taronga Centre 300 Bradleys Head Road, Mosman 02 9969 2400 www.tarongacentre.com.au

The Westin 1,400 No.1 Martin Place, Sydney 02 8223 1111 www.westinsydney.com

Wesley Conference Centre 900 220 Pitt Street, Sydney 02 9263 5500 www.wesleyconference.com

Melbourne

Arts Centre Melbourne 2,000 100 St Kilda Road, Melbourne 03 9281 8000 www.artscentremelbourne.com.au

Crown Conference Centre 2,500 8 Whiteman Street, Southbank 03 9292 6222www.crowneventsandconferences.

com.au

Dexus Place 50Level 14, 385 Bourke Street,

Melbourne 1800 397 752 www.dexusplace.com

Etihad Stadium 1,200 740 Bourke Street, Docklands 03 8625 7700 www.etihadstadium.com.au

Grand Hyatt 1,200 123 Collins Street, Melbourne 03 9657 1234 www.melbourne.grand.hyatt.com

Hilton Melbourne South Wharf 3002 Convention Centre Place, South

Wharf, Melbourne03 9027 2000 www3.hilton.com

Institute of Chartered

Accountants50

Level 3, 600 Bourke Street,

Melbourne03 9641 7400 www.charteredaccountants.com.au

Karstens 180 123 Queens Street, Melbourne 1300 008 710 www.karstens.com.au

National Venue List

VenueCapacity


Melbourne Convention &

Exhibition Centre1,500

1 Convention Centre Place, South

Wharf, Melbourne03 9235 8000 www.mcec.com.au

Melbourne Park Function Centre 2,000 Batman Avenue, Melbourne 03 9286 1118 www.melbournepark.com.au

Melbourne Town Hall 1,99090 - 120 Swanston Street,

Melbourne 03 9658 9658

www.epicure.com.au/venues/venue/

melbourne-town-hall

Monash Conference Centre 100 7/30 Collins Street, Melbourne 03 9903 8000 www.monash.edu/venues

Park Hyatt 500 1 Parliament Square, Melbourne 03 9224 1234 www.melbourne.park.hyatt.com

Pullman Melbourne on the Park 900192 Wellington Parade, East

Melbourne 03 9419 2000 www.pullmanhotels.com

RACV Club 500 501 Bourke Street, Melbourne 1300 139 059 www.wcm.racv.com.au

Rendezvous Hotel 300 328 Flinders Lane, Melbourne 13 8642 www.tfehotels.com

Sofitel Melbourne on Collins 1,000 25 Collins Street, Melbourne 03 9944 8888 www.sofitel-melbourne.com.au

The Event Centre 200Collins Square, 727 Collins Street,

Melbourne 03 9252 7699 www.collinssquare.com.au

The Forum Theatre 1,500Flinders Street & Russell Street,

Melbourne 03 9299 9800 www.forummelbourne.com.au

The Regent Theatre 2,200 191 Collins Street, Melbourne 03 9299 9800www.marrinergroup.com.au/theatre-

regent.php

The Westin Melbourne 150 205 Collins Street, Melbourne 03 9635 2222 www.westinmelbourne.com

Perth

Celtic Club (must be a member) 120 48 Ord Street, West Perth 08 9322 2299 www.celticclubperth.com

Cliftons Function Centre 120Ground Floor, Parmelia House, 191

St Georges Terrace, Perth08 9480 0999 www.cliftons.com/venues/perth/

Crown Perth 1,800Great Eastern Highway, Burswood,

Perth08 9362 7574 www.crownperth.com.au

Duxton Hotel 300 No.1 St Georges Terrace, Perth 08 9261 8000 www.perth.duxtonhotels.com

Four Points by Sheraton 180 707 Wellington Street, Perth 08 9327 7000 www.fourpointsperth.com/


VenueCapacity


Frasers Function Centre 585Fraser Avenue, Kings Park, West

Perth08 9481 7100 www.frasersrestaurant.com.au

Hyatt Regency 1000 99 Adelaide Terrace, Perth 08 9225 1234 www.perth.hyatt.com

London House Conference

Room (via The George)120 216 St Georges Terrace, Perth 08 6161 6662

www.thegeorgeperth.com.au/

conferences

Pan Pacific Perth 700 207 Adelaide Terrace, Perth 08 9224 7777 www.panpacific.com

Parmelia Hilton Perth 450 14 Mill Street, Perth 08 9215 2000 www.hilton.com

Perth Convention & Exhibition

Centre2500 21 Mounts Bay Road, Perth 08 9338 0300 www.pcec.com.au

QV1 Conference Centre 90QV1 Level 2, 250 St Georges

Terrace, Perth08 9322 4270

qv1.com.au/work-life/conference-

centre

South Perth Bowls Club 120 2 Mends Street, South Perth 08 9367 2784 www.spbc.com.au

Subiaco Arts Centre 300 180 Hamersley Road, Subiaco 08 9380 3000www.ptt.wa.gov.au/venues/subiaco-

arts-centre

Tradewinds Hotel 200 59 Canning Highway, Fremantle 08 9339 8188 www.tradewindshotel.com.au

University Club of Western

Australia280 Hackett Drive, Crawley 08 6488 4820

universityclub.uwa.edu.au/

conference-banquets/venues

Adelaide

Adelaide Convention Centre 3,000 North Terrace, Adelaide 08 8212 4099 www.adelaidecc.com.au

Adelaide Festival Centre 2,000 King William Street, Adelaide 08 8216 8600 www.adelaidefestivalcentre.com.au

Ayers House 170 288 North Terrace, Adelaide 08 8224 0666 www.ayershouse.com

Hilton Adelaide 750 233 Victoria Square, Adelaide 08 8217 2000 www3.hilton.com

Hotel Richmond 80 128 Rundle Mall, Adelaide 08 8215 4444 www.hotelrichmond.com.au

Peppers Waymouth Hotel 100 55 Waymouth Street, Adelaide 08 8115 8888 www.peppers.com.au/waymouth/

National Venue List


Link Group

Level 12, 680 George Street

Sydney NSW 2000, Australia

linkgroup.com

Link Administration Holdings Ltd

ABN 27 120 964 098 1007.7 02/17 ISS3

agm snapshot - insights...the total number of holders lodging a vote remains low across all indices....

Documents