CALL ON ASIC TO UPHOLD SHAREHOLDER RIGHTS

Ensure shareholder rights are upheld

We know that at the moment it’s important that annual general meetings are held online to ensure the safety of the community.

However some companies are using this as an opportunity to dismiss shareholder questions and concerns.

Already we’ve seen companies like Santos ignoring questions from valid proxy holders like Polly Cutmore, Gomeroi Traditional owner and health specialist Melissa Haswell, raising valid concerns about Santos’ conduct.

Buru energy has cut off question time completely, only allowing shareholders to submit questions ahead of the annual general meeting.

As a shareholder you can demand that your rights are upheld by emailing the Australian Securities and Investment Commission (ASIC), calling on the regulator to ensure that companies don’t use this crisis to ignore your shareholder rights.

Will you fill out this form to raise your concerns with ASIC?

TAKE ACTION

Complete this form to send a message to ASIC, asking the regulator to ensure that your right as a shareholder to ask questions is upheld:

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Email Message
Dear ASIC, I have recently become aware of ASIC’s approach of ‘no action’ for postponement/alternative arrangements of corporate AGMs during the Covid-19 pandemic as defined in 20-068MR. I understand that ASIC has created this approach on the condition that members are able to ask questions of the auditor and management. While I commend ASIC’s flexibility in light of COVID-19 to ensure communities stay safe, I am concerned that certain companies are not upholding shareholders’ rights to ask questions of the board and CEO. Already we have seen: -No ability for shareholders to ask online questions during the CIMIC AGM -A number of questions dodged at the Santos AGM -No ability to ask questions at the Buru AGM I am also aware there is no opportunity for shareholder proponents or groups representing them to speak in favour of shareholder resolutions they have lodged. I note that the ASX Principles on which the Listing Rules are based specifically refer to ‘the practices adopted in relation to meeting of security holders should allow security holders the opportunity to express their views openly to the board and management (Ref: ASX Listing Rules: Introduction). Failing to allow live questions usurps a traditional and historically effective process for shareholders to get direct ‘real-time’ answers to their concerns on how the company is being run, its direction, viability and risks. Companies should be held to account if they don’t answer questions - you are in a position to do this. Given the current situation, I believe that there should be even more vigilance. A mandatory requirement should be imposed in the event of a virtual AGM requiring all submitted questions to be made publically available, including those not answered, and I seek your urgent advice on how ASIC will address this deficiency. I also note that 20-068MR does not appear to have a date whereby it will be withdrawn, or at the very least reviewed for efficacy. I urge ASIC to ensure companies proceed with in person annual general meetings once the current crisis is over. Yours sincerely,
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Polly Cutmore, Gomeroi Traditional Owner and health specialist Melissa Haswell submitted these questions for Santos, which were left unanswered:

Dr Melissa Haswell's Q about #gas, esp on the #unborn, #infants, #children at #SantosAGM2020 went unanswered. Here it is again @SantosLtd. https://t.co/zz5h65yZIr via @YouTube @market_forces @DocsEnvAus @HealthyFuturez @im4empowerment @LockTheGate @HESTASuper #ClimateHealth
— #HealthJustice (@WePublicHealth) April 3, 2020

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