Link Group | Insights - AGM Snapshot · 2020-02-26 · Shareholders represented the largest portion...

AGM Snapshot

2019 Meetings

Corporate Markets

Contents

In this edition 3

2019 AGM Season Statistics 4

2019 Meeting Season Statistics 10

AGM Season Wrap 12

2019 Client Survey 17

RACQ Hybrid Meeting 18

AGM Checklist 20

The International AGM Landscape 22

National Venue List 29

2 Link Group AGM Snapshot 2019

In this edition

Lysa McKenna Chief Executive Officer, Link Market Services Australia

Welcome to the sixth edition of the Link Group AGM Snapshot.

On behalf of the entire team, I would like to extend our thanks to all

our clients who engaged us for AGM and meeting services in 2019.

Our Meeting Services team have analysed the

results of over 1,800 meetings facilitated by

Link Group in 2019. We have reviewed key

voting patterns which point to some interesting

observations on how investors view the companies

they are investing in.

In our latest report, we examine the trends that

have emerged from this season as shareholders

make their presence felt on key issues through

increased activism and dissent.

In a year of heightened awareness of climate change,

global investor discourse is becoming more

focused on ESG matters and again this year we

observe investor demands for more ‘transparency

and accountability’ in company governance.

With changes afoot to support greater engagement

through technology, the number of hybrid AGMs

Link Group facilitated in 2019 rose by 22% to a

record number of online participants, highlighting

the growing trend toward this technology.

Our insights are based on analysing the data

obtained from the activities we undertake on

behalf of our clients. Our teams in Investor

Relations, Share Plans, Company Secretarial and

Governance are here to help you navigate your

next meeting. With 94% of clients surveyed rating

our AGM management as either very good or

excellent, we are confident that our services can

fit your needs as well as your investors’.

Connecting people to their assets is core to our

business at Link Group. We hope you enjoy the

insights from our Meeting Services team.

3Link Group AGM Snapshot 2019

Link Group AGM Snapshot 20194

Online Voting – Volumes

Percentage of proxies received since 2004The internet has fuelled the growth of online voting trends since 2004.

The S&P/ASX 200+ had 56.46% of votes received online, up from 49.07% in 2018. Shareholders increasingly embraced online voting, particularly with the recent development of the Link Group voting app.

For the first time, Link Group saw a category with more online votes received than paper.

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

7.28

%

4.91

%

5.52

%

4.53

%

6.10

%

11.0

0%

13.6

0%

15.6

0%

18.4

0%

21.5

0%

24.3

5%

25.3

8%

28.6

0%

30.7

9%

34.0

0%

38.5

0%

2019 AGM Season Statistics

Total Online VotesPercentage of online votes received by S&P/ASX index.

S&P/ASX 100

30.63%

2.37%

S&P/ASX 200

45.47%

4.40%

S&P/ASX 201+

56.46%

7.39%

Electronic Communication

Percentage of holders who received AGM documents via email and postHolders receiving AGM documents electronically slightly increased since 2018 with 53.19% receiving their documents via email. Link Group continues to work with clients to encourage holders to move to electronic communications. This provides clients with greater efficiency in holder communications and costs.

As a result

The percentage of votes received online in comparison to the number of holders emailed AGM documents stands at 2.71%.

Percentage of holders voting via paper compared to the number mailed – 5.18%. Interestingly, the relative participation via online voting is less than by paper proxy.

The percentage of holders receiving documents electronically in 2019 increased to 53% from 52% in 2018.

Post Email

Link Group AGM Snapshot 2019 5

Form Volumes (Online & Paper) & Number of AGMs HeldThe average return for proxy forms in 2019 of 3.87% is consistent with 2018 (3.57%). Proxy form return has been low for a number of years now and there is no indication of an increase, despite the inclusion of business reply envelopes in AGM mailings.

VotingClients within the S&P/ASX 200 had the highest percentage of holders lodging a vote at 5.6%. This is consistent with previous years, except for 2018 which saw a decrease of 1.81% but then increased by 2.61%.

There was a slight increase in voting participation across all clients compared to 2018.

2019 2018 2017 2016 2015

All clients 3.87% 3.57% 3.94% 4.01% 3.89%

S&P/ASX 100 3.57% 3.60% 3.91% 3.78% 3.73%

S&P/ASX 200 5.60% 2.99% 4.80% 4.91% 4.45%

S&P/ASX 201+ 4.59% 3.74% 3.77% 4.61% 4.21%

Direct Voting17 clients offered direct voting in 2019. The holders electing to direct vote was particularly high this year with an average 19.32% of issued capital voting using the direct vote option – up from 5.95% in 2018. 38.99% of the holders who voted in these meetings, opted for the direct vote.

2019 2018 2017 2016 2015

S&P/ASX 100 10 12 8 8 8

S&P/ASX 200 2 1 1 3 3

S&P/ASX 201+ 5 6 8 5 3

Issued Capital Voted

Percentage of Voting Issued CapitalAcross all indices, the issued capital voted was considerably greater than 2018.

The S&P/ASX 201+ held the highest increase by 10.89%, followed by the S&P/ASX 200 by 6.81%.

2019 2018 2017 2016 2015

65.0

7%

73.4

1%

54.3

6%

63.6

4%

66.6

0%

43.4

7%

65.5

1%

66.2

1%

53.1

4%

69.7

0%

71.7

3%

66.2

4%

72.0

8%

77.0

5%

63.4

8%

S&P/ASX 100 S&P/ASX 200 S&P/ASX 201+

0

50000

100000

150000

200000

250000

300000

0

75

150

225

300

375

450

Form Volumes Number of AGMs

Tota

l Pro

xy fo

rms

rece

ived

Num

ber

of A

GM

s he

ld

2014 2015 2016 2017 2018 2019


AGM Shareholder Attendance

Percentage of shareholders attending AGMsAGM attendance remains low with only 0.19% of holders attending meetings across the country. The vast majority of AGMs are held during business hours, resulting in retired people being the largest demographic of shareholders attending.

Conduct of Polls

Total PollingAll Link Group clients in the S&P/ASX 100 conducted a poll at their AGM with 92.14% taking all resolutions to poll. Polling was also high in the S&P/ASX 200 with 94.29% conducting a poll at their AGM.

There was an increase in companies in the S&P/ASX 200+ taking resolutions to poll, up 15.29% from 2018.

Polling trends in 2019

2019 AGM Season Statistics10

0.00

%

94.2

9%

55.0

5%

100.

00%

82.3

5%

39.7

6%

94.2

9%

78.3

8%

33.3

3%

94.5

9%

77.7

8%

31.7

2%

96.6

7%

87.8

0%

67.8

6%

92.1

4%

96.9

6%

90.4

2%

7.86

%

3.04

%

9.58

%


2018 2017 2016 2015 All Resolutions Some Resolutions2019

2019 2018 2017 2016 2015

0.19% 0.17% 0.18% 0.17% 0.15%



Meeting DurationThe majority of meetings lasted between 1 and 2 hours. However, client AGMs subject to increased shareholder activism, and investigations into corporate conduct, saw increased shareholder questions with the longest meeting lasting six hours.

Meeting Attendance Shareholders represented the largest portion of attendees at AGMs in 2019. However, the media had a heightened presence this year, particularly with interest in the findings of the 2019 Banking Royal Commission. A representative from the Australian Shareholders Association was also present at the majority of meetings.

71.0

2%

58.5

6%

58.9

0%

4.43

%

4.92

%

6.87

%

24.5

5%

36.5

2%

34.2

3%

Shareholders Proxy holders Visitors

S&P/ASX 100

S&P/ASX 200

S&P/ASX 201+

Up to 30 minutes 0.00% 5.71% 12.77%

30 minutes – 1 hour 17.65% 14.29% 47.66%

1 – 1.5 hours 11.76% 57.14% 30.21%

1.5 – 2 hours 26.47% 5.71% 6.38%

2 – 2.5 hours 17.65% 8.57% 2.55%

2.5 – 3 hours 8.82% 8.57% 0.43%

3+ hours 17.65% 0.00% 0.00%

2019 2018 2017 2016 2015

January 10 17 1 10 11

February 26 18 11 13 6

March 13 15 16 12 9

April 12 22 24 23 14

May 84 76 71 48 37

June 29 16 27 17 15

July 17 19 16 16 17

August 33 15 20 19 8

September 28 40 21 20 17

October 112 108 109 99 81

November 297 331 298 292 211

December 30 30 18 30 10

Totals 691 707 632 599 436

Total Meetings & Ballots2019 was an extremely busy year for the Link Group Meeting Team, managing 691 meetings and ballots. These included ballots for Amnesty International, NRMA, RACQ, Australian Institute of Company Directors, Australian Military Bank and the Real Estate Institute of Queensland.

Significantly, we ran the largest creditor meetings on Australian record, for companies such as Ralan Group and RCR Tomlinson Group.

While April/May is popular for AGMs, November continues to be the busiest month with the majority of AGMs held at this time.

A number of clients held meetings in regional Australia in 2019 and the team travelled to towns including Mackay, Tamworth, Bendigo, Coffs Harbour, Jerilderie, Hobart and Newcastle.


2019 AGM Season Statistics

Question topics 2019

Performance or financial reports 14.49%

Remuneration Report 13.16%

General Suggestion 12.43%

Customer Service 10.37%

Future Direction/Strategy 6.42%

Board Management 5.97%

Dividends/Shareholder Benefit 5.48%

Sustainability/Environment 4.29%

Share Price 3.49%

Resolution being put to the AGM 2.13%

Royal Commission 0.73%

Other 19.41%

The number of clients offering questions increased

across all indices.

Shareholder Questions The number of clients offering questions increased in all indices. These questions give our clients an insight into the topics that may be raised at the AGM and allow them to prepare.

76.4

7%

45.7

1%

23.1

3%

64.1

0%

44.1

2%

14.8

4%

74.2

8%

32.4

3%

21.7

1%

70.2

7%

47.2

2%

15.1

7%

80.0

0%

43.9

0%

13.0

4%


20182019 2017 2016 2015

2019Percentage of clients offering questions in

the S&P/ASX 100

76.47%

Types of questions received from shareholders prior to the meeting


2019 2018

Over 90% 72.73% 71.81%

80% – 89.99% 18.18% 15.38%

75% – 79.99% 0.00% 2.56%

60% – 74.99% 9.09% 2.56%

40% – 59.99% 0.00% 2.56%

Less than 39.99% 0.00% 5.13%

Show of Hands 0.00% 0.00%

2019 2018

Over 90% 78.79% 84.85%

80% – 89.99% 15.15% 6.06%

75% – 79.99% 0.00% 3.03%

60% – 74.99% 6.06% 6.06%

40% – 59.99% 0.00% 0.00%

Less than 39.99% 0.00% 0.00%


2019 2018

Over 90% 34.55% 46.82%

80% – 89.99% 9.09% 7.01%

75% – 79.99% 2.55% 3.50%

60% – 74.99% 2.18% 5.10%

40% – 59.99% 2.91% 2.55%

Less than 39.99% 0.73% 1.91%


Remuneration Resolution

S&P/ASX 100

S&P/ASX 200

S&P/ASX 201+

72.73% had a ‘For’ vote

of over 90%

0.92%


of over 90%

6.06%


of over 90%

12.27%

Employee voting statistics


2019 1st Strike 2nd Strike

S&P/ASX 100 1 0

S&P/ASX 200 1 1

S&P/ASX 201+ 11 5


S&P/ASX 100 3 0

S&P/ASX 200 2 0

S&P/ASX 201+ 25 4


S&P/ASX 100 1 0

S&P/ASX 200 1 0

S&P/ASX 201+ 22 6

2019 Meeting Season Statistics

Strikes in 2019Of the 30 Link Group clients receiving a first strike in 2018, only 6 of these received a second strike in 2019.

13 Link Group clients received a first strike this year.

2.9%

14%

13.3%

4%

of clients offered online voting only –no paper voting facility was provided

compared to

81%

94.3%in 2018

70%of issued capital voted

compared to 66%in 2018

3.6%of employees entitled to vote, voted in 2019

compared to 6.5%in 2018

81%of employees lodged

their vote onlinecompared to95%

in 2018

LocationsOur staff travelled to client locations in almost every state. With the majority of clients based in Sydney, NSW was the most popular destination totalling 161 meetings. Clients also had a great presence in Melbourne, with a total of 89 meetings.

These figures are consistent with the last AGM reporting season.


SA – 7

OTHER – 1 TAS – 2

161NSW

70QLD

89VIC

49WA

ACT – 2


Link Market Services Australia Season Wrap 2019 was another busy year for Link Group’s meeting team, running 691 meetings and ballots. This included ballots for NRMA, RACQ, Amnesty International and the Australian Institute of Company Directors.Statistics within this edition show the key trends that emerged from AGMs held in 2019. Voting and attendance numbers remained low despite the increase in shareholder activism, which has been developing in recent years. Shareholder resolutions were supported for four of our clients in 2019, with lodgments made by Market Forces, Mercy Investment Services and ACCR. The main focus of these resolutions, were climate change, human rights’ risks, and transition planning disclosure.

A group calling themselves ‘Bank Warriors’ were proxy at a number of meetings in the financial sector and amongst other things, focused on ensuring organisations adhered to the Model Litigant Rule.

We once again travelled all around the country and visited a number of regional Australian towns including Mackay, Tamworth, Coffs Harbour and Bendigo. With the devastating effect of the bushfires, it would be gratifying to see other clients consider holding their AGM at impacted areas to assist with the revival of these towns.

Link Group was delighted to work with RACQ on their first hybrid meeting for their 114th AGM in November. RACQ were extremely happy with the solution that the team at Link Group provided, with the webcasting component provided by Orient Capital. It was 1 of 4 hybrid meetings held on the same day with Mirvac, REA Group and A2 Milk Company.

The A2 Milk Company hit a record number of online attendees with 528 logging in to the online portal. With 180 in the room at the meeting, total meeting participation in 2019 rose to 708 attendees, from 444 in 2018. Link Group is excited to witness this technology becoming more prominent in this space.

Company performance was one of the main focus areas for questions in the lead up to, and at the meeting. The impact of recent natural disasters, sustainability, climate and environmental issues saw an increase in questions on the floor around these issues. Remuneration and director accountability continued to dominate the questions as well.

2020 is shaping up to be another big year for the meeting team at Link Group. We strongly encourage clients to engage with us early, not only with your Client Relationship Manager, but also other stakeholders including Orient Capital if you are planning a proxy campaign, the Australian Shareholder’s Association and proxy advisors. Early engagement remains the key to running successful meetings and increasing investor participation.

AGM Season Wrap

Hybrid Meetings held in Australia in 2019

Attendance 2019 Attendance 2018

Meeting Attendees Physical Online

Meeting Attendees Physical

NRMA 94 57 37 238 199

Xero Limited 208 82 126 187 71

Link Administration Holdings 157 73 84 91 33

OZ Minerals Limited 156 96 60 207 114

Mirvac Group 134 68 66 150 86

REA Group 106 82 24 70 33

Cogstate Limited 25 25 0 18 10

RACQ 146 93 53 – –


Company Matters AGM season wrap upCompany Matters works with over 400 clients each year, from S&P/ASX 200 entities to small caps and not-for-profits. We therefore have visibility over a diverse range of entities, sectors and industries and we manage and attend a lot of AGMs in our role as company secretary.

In 2019, Company Matters attended over 60 members’ meetings, prepared over 60 notices of members’ meetings and participated in over 1,250 board and board committee meetings.

Our key observations from the 2019 AGM season are:

• While remuneration matters were still a key issue at AGMs, we observed a lower number of entities in the higher end of S&P/ASX indices receiving a “strike” on their remuneration reports than in 2018; although we also saw a number of entities further down the S&P/ASX indices receive strikes and become subject to increased scrutiny on their remuneration structures, specifically in relation to transparency and complexity of structures.

• Continuing the trend observed in 2017 and 2018 and driven in part by the Financial Services Royal Commission, there was an increased focus on director re-elections; specifically director re-elections if the entity was underperforming or there were broader governance or risk concerns.

• We again observed an increase in the number of investors requesting that directors seeking re-election address the meeting and outline:

− the reasons why investors should vote in favour of their re-elections; and

− the skills they bring to the board.

Many entities pre-empted this by having each director up for re-election address the meeting ahead of the vote.

• Also, continuing the trend from recent years, there was an ongoing focus on environmental, social and governance (ESG) matters, with the results indicating that more investors see ESG as critical to their investments.

A lesson for the 2019 AGM season is perhaps that further engagement with investors is warranted ahead of the AGM, given the high number of ‘against’ votes received by some entities this season.

Ahead of the 2020 AGM season, ASX listed entities may wish to consider how technology could be used to facilitate the participation of investors at AGMs. In the Fourth Edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the Council encourages listed entities with large or geographically diverse registers to consider this issue, including, for example live webcasting of meetings and hybrid meetings that allow investors to attend and vote in person, by proxy or online.1

Increased focus on director re-elections Similar to trends in recent years, we have continued to see an increased focus on individual director re-elections, particularly in organisations with poor financial results or governance issues.

The recent AGM season has also shown that investors are willing to extend their ‘against’ votes to organisations which are not necessarily the target of the ‘against’ vote – in that if directors are also directors of entities which are in the spotlight for the wrong reasons, some investors have shown a willingness to vote against a director’s re-election at entities which are not experiencing issues.

There were a number of protest votes against director re-elections, specifically where the director was long-standing, part of the board in place at the time of the poor performance and potentially had the ability to influence and approve certain outcomes or at least should have been aware of certain issues during that time.

Historically, many entities viewed director re-elections and re-elections as ‘non-events’ which were often passed with nearly unanimous support and little to no questions from investors.

While some entities as a matter of practice, request that their directors subject to re-election address the meeting and provide a brief biography and outline of the reasons they believe they should be elected to the board, this is not necessarily common practice.

Again, continuing on from 2017 and 2018, we observed at a number of meetings, investors requesting directors subject to re-election address the meeting and outline the benefits and attributes they would bring to the board composition as well as an increase of questions asked by investors in regards to director re-elections.

1 ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, Fourth Edition, commentary on Recommendation 6.2, page 24.


Remuneration remains front and centre Remuneration matters continued to dominate a number of AGMs although we saw a decrease in strikes from the high of 2018.

Some of our clients who have historically received almost unanimous support for their remuneration reports, had ‘no’ votes creeping close to a strike (e.g. a near miss).

The underlying explanation for this in financial services entities was the Financial Services Royal Commission.

2019 also saw the continued trend of using the remuneration report to express discontent not only relating to remuneration related matters, but extending to a company’s general and financial performance.

In addition, some of our smaller clients which had previously not been the subject of proxy advisors and detailed scrutiny on their remuneration frameworks, this year came into the spotlight.

Environmental, social and governance matters Continuing recent years’ trends, there was a focus on environmental, social and governance (ESG) issues, especially at the top end of the S&P/ASX indices.

We expect this trend to continue in 2020 given the recent bushfire crisis in Australia, as well as an increased focus on environmental and sustainability matters.

Investors are continuing to use shareholder resolutions as a way of drawing attention to certain issues and to use the AGM as a platform to agitate for change.

The ESG focus this year was not limited to environmental matters, with some entities facing questions about human rights issues. With the introduction of Modern Slavery reporting from 20202, we expect this focus to continue.

2 The Modern Slavery Act 2018 requires certain entities to publish Modern Slavery Statements from 2020.

ASX Listing Rule 7.1A – additional 10% capacity In 2012, ASX introduced Listing Rule 7.1A which allows an eligible entity to seek securityholder approval at an AGM to issue equity securities of 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 the entity maximum flexibility to raise capital if required during the year.

Generally an entity seeks such approval for flexibility reasons, not with a specific capital raising or corporate action in mind. Often entities obtain this approval as a matter of course and do not use this capacity during the year.

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 there has been an increase in votes against the resolution, perhaps driven by the views of some of the proxy advisors.

We have also seen commentary from proxy advisors (and proxy advisors 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 (to allow flexibility, not approval in relation to a specific transaction).


Orient Capital AGM SeasonThe 2019 AGM season saw a continuation of the key trends experienced in 2018 and 2017. Remuneration, as always, was front of mind for investors, with an increase in strikes received by ASX300 companies compared to 2018. Investors raised concerns around STI structures, inadequate disclosure and transparency regarding targets to achieve incentives which makes it difficult to analyse pay-for-performance. Additionally, excessive CEO remuneration was, and will continue to be, a problem for investors.

Investors are increasingly seeking more active engagement with issuers and are actively voting against resolutions that are not aligned with their interests to ensure their concerns are heard and acted upon. Shareholders are increasingly focused on issuers employing best practice governance policies to demonstrate that they have a long-term approach to creating value for shareholders, with many, particularly those with dedicated governance/ stewardship teams engaging with issuers in advance of a meeting.

To garner investor support, issuers need to provide assurances that board, management and shareholder goals are aligned, with continued focus in the following areas; transparency in disclosures, structure of executive remuneration in driving behaviours to support long-term growth and that board members are justifiably nominated for election (or re-election).

RemunerationOrient Capital’s campaigns saw a decrease of 11% in the number of super funds voting against remuneration resolutions when compared to 2018 figures (28% in 2018 v 18% in 2019), and an increase of 1% of investment manager against votes on the remuneration (up from 6% in 2018 to 7% in 2019).

It is pertinent to note that while the number of strikes has increased, they aren’t as severe as 2018, with only three issuers receiving more than 50% against the remuneration resolution compared with 7 in 2018.

In 2019 the highest was over 58% against the remuneration reports compared with a high of over 88% in 2018 (with a further 5 strikes with more than 60% against the same year).

Directorship

Director scrutiny continued in 2019, with directors under the microscope more than in previous years. More resolutions received votes against director elections/re-elections when compared to 2018. Areas of concern related to directors were; the independence of directors and the composition of boards as a result, over-boarding and material governance and risk failures.

47 director elections received more than 20% against votes. Overall we saw super funds increase the instances they voted against a director nomination by 7% and investment managers rising by 4%.

Activism

Activism is leading to a significant increase in the number of shareholder resolutions lodged with an increase from 17 resolutions across 7 companies in 2017 and 2018, to 31 across 12 companies in 2019. The majority of these were directly related to amending the constitution, climate change and human rights. None of these resolutions obtained enough support to pass, but we can expect to see this trend continuing in 2020. ACCR and Market Forces were the 2 most prominent activist organisations in 2019 with Market Forces and their commitment to holding to account “institutions that are financing environmentally destructive projects” being profiled in the AFR and the Guardian last year, bringing the concept of climate risk related shareholder activism to a more mainstream audience.

Proxy Advisors

The role and influence of proxy advisors is consistently under scrutiny. We examined their impact on 2019’s AGM results by looking at the number of times Glass Lewis, ISS and Ownership Matters recommended shareholders vote against a remuneration resolution and the times that has led to a strike. Due to their different methodologies and approach to making their recommendations, it is rare that we see all 3 advisors making a vote against recommendation for the same Issuer. Of those companies that received a strike in 2019, only 6 had all 3 advisors recommend a vote against the remuneration.


When looking at their recommendations across the ASX 300, we found that on the occasions that Glass Lewis went against the board recommendation on the remuneration, 50% of the time issuers received a strike, while for ISS that figure is 41.67% and 36.73% for Ownership Matters.

We know that the vast majority of investors do use proxy advisors to guide their voting decisions, but alongside a variable source of other information, a negative recommendation is not necessarily a guarantee that a strike is coming. Our data suggests that there continues to be a decrease in the influence proxy advisors hold when recommending shareholders vote against the remuneration. On average we have seen that when a proxy advisor makes a negative recommendation, super funds follow that recommendation on 25.7% of occasions, with investment managers doing so 12.9% of the time.

The year aheadIn 2020 we expect a continuation of these trends. Shareholders are increasingly becoming more active in their asset ownership, while developing more of a conscience around the environmental and societal impact of the assets they own, so it is vital that issuers adopt a pro-active approach to shareholder engagement and ensure that they understand, not only who their investors are, but exactly what drives them and how that ties into their voting policy. See Orient Capital’s Ownership Trend report to understand the flow of funds and the increasing influence of Passive Investors and Super Funds and the move away from more traditional asset managers.

The United Nations-supported Principles for Responsible Investment (PRI) is an international network of investors working together to incorporate ESG issues into their investment analysis, ownership policies and engagement practices.

PRI has seen membership increase since 2006, with a 22% increase (421 signatories) from 2018 to 2019 and has 2,372 signatories globally with a membership increase of 15% in Australia and New Zealand since 2018.

With climate change being etched in the public conscience following recent events, we’ve recently seen Blackrock announce that ‘Climate Risk is Investment Risk’, Norges commitment to divest from oil and gas exploration, and Anne Richards, CEO of Fidelity stating that active asset managers can change the behaviour of companies on environmental issues. We can expect more investors to follow suit, seeing funds flow to those issuers who adopt strong and transparent ESG principles and policies.

Case Study

An S&P/ASX 100 company who is a long-standing Orient Capital client engaged us to assist with solicitation ahead of their AGM to help formulate an engagement strategy including a priority target list of shareholders for the issuer to engage with ahead of the notice of meeting.

Once the NOM was released to market, two proxy advisors recommended that shareholders vote against the remuneration resolution. Our analysis showed that those proxy advisors could influence around 28% of issued capital. Through our custodial campaign, where we obtained disclosures from custodians and nominees, as well as analysed voting and engagement policies of key investors, we were able to see where the opportunities were for the issuer to engage with the appropriate investors.

We identified the key contacts within the governance /stewardship team or portfolio managers of that target group to ensure that, with their earlier engagement efforts, we could confirm that the remuneration resolution would pass comfortably, days before the proxy close.

https://insights.linkgroup.com/FormBuilder/_Resource/_module/sEWV08wDIE-hXLh5dNDWWQ/ORI076_OC%20Ownership%20Trends%20Brochure%204pp_v5.0_INT.pdf

https://insights.linkgroup.com/FormBuilder/_Resource/_module/sEWV08wDIE-hXLh5dNDWWQ/ORI076_OC%20Ownership%20Trends%20Brochure%204pp_v5.0_INT.pdf


2019 Client Survey

As part of our ongoing commitment to innovate and improve our service delivery, we engaged with our clients in January 2020 via our client engagement survey.With the increase of technology solutions being used in the 2019 AGM season we see this trend continuing to grow in the near future as per our survey results.

Together with our people and suite of technology solutions for meeting services, we look forward to supporting our clients as they transition to a more technology-based engagement solution for the management of their meetings.

AGM Technology

Survey responses indicated that 51% of clients will use this technology in the future.

Our AGM Services

How do you rate the management of your AGM by Link’s Meeting Team?

Excellent 60%

Very Good 34%

Average 6%

94% of clients’ rate Link Group AGM service as very good to excellent

Case Study: Amnesty International Australia Ballot

Amnesty International is the world's largest human rights organisation. Amnesty International has created a worldwide movement with a mission to prevent and stop grave human rights’ violations, supporting the right to physical and mental integrity, freedom of conscience and expression, and freedom from discrimination.

Amnesty International appointed Link Group to run the ballot for their General Meeting voters using the Scottish Transferable Voting System (preferential voting):

• There were 7 elections for 7 regions across Australia

• Approximately 5,500 members eligible to vote

• The number of General Meeting voters to be elected was between 6 and 12 per region

• Accessible and user-friendly online voting systems required

• User-friendly hard copy voting system required

Amnesty International was very happy with the process implemented by Link Group.

“The team at Link Group were fantastic. Not only did they run an incredibly smooth and user friendly process – the first time we had done this after changes to aspects of our governance – but they were incredibly responsive to all of our requests and helped us through various teething problems that go along with new processes. They were a delight to work with and the results were excellent.”

Kate Wood Legal Counsel and Company Secretary

Amnesty International Australia

18 Link Group AGM Snapshot 2019

RACQ Hybrid Meeting

Link Group and RACQ set new AGM recordLink Group set themselves a new record in November 2019 when it deployed its hybrid AGM voting platform to RACQ’s 1.6 million voting members – making this the largest number of eligible voting members to have access to the Link Group digital AGM voting platform in Australia and New Zealand to date.RACQ members were able to remotely attend and vote at the motoring body’s 114th AGM on Tuesday, 19 November via the Link Group hybrid meeting technology, making participation more accessible to members who could not physically attend the meeting. Hybrid AGMs enable participants to either attend the meeting in-person, or participate remotely via an online platform.

It was one of 4 hybrid AGMs facilitated by Link Group in one day, in addition to the Mirvac, REA Group, and A2 Milk Company AGMs, with the latter welcoming 528 online participants – the largest number of online participants at a hybrid AGM to date, plus 75 physical attendees.

Link Group facilitated 22 hybrid AGMs across Australia and New Zealand this season, a 22 per cent increase from last year (18), and Co-CEO Corporate Markets, Lysa McKenna said this trend is only likely to accelerate over the coming years.

“In the 2019 AGM season we’ve facilitated a record number of hybrid AGMs, with an increasing number of online participants, and with RACQ now – a record number of voting members able to access our hybrid meeting technology,” Ms McKenna said.

“There is a clear trend towards this technology, both from listed and unlisted companies seeking to improve engagement with, and participation from, their shareholders and members, and from the shareholders themselves who are rapidly adopting the technology.”

The Link Group hybrid meeting technology replicates the physical AGM experience by enabling online participants to view a live webcast of the meeting and presentation slides on the screen. Participants can also download relevant meeting documentation, and if they are verified investors or members, they can ask questions and submit their online voting card.

The hybrid meeting technology is part of Link Group’s broader range of services facilitating and enabling AGMs and stakeholder engagement through technology and innovation.



Planning is key. Start scheduling your AGM and related activities now

6 months prior

✓ Confirm your AGM date and time

✓ Confirm your venue booking – this should have been booked after your last AGM

✓ Advise your Link Group client relationship manager (CRM) of meeting details (date, time and venue)

✓ Determine if any changes to your constitution are required and seek advice on drafting these

✓ Check with your Link Group CRM to see if there have been recent changes to Listing Rules and Corporations Act concerning meetings

✓ Check which directors are due for retirement or rotation

✓ Engage your webcast provider (Orient Capital)

✓ Commence your proxy campaign planning by engaging Orient Capital early

2 – 3 months prior

✓ Finalise all resolutions to be put to the meeting

✓ Confirm printer for your annual report (AR)

✓ Submit draft AR, notice of meeting (NOM) & explanatory memorandum (EM) to directors for review and approval

✓ Publish the close date for nomination of election of directors

6 – 8 weeks prior

✓ Prepare and review final AR, NOM and EM with lawyers and other advisors

✓ Send AR to print

✓ Send NOM/EM to Link Group to draft proxy form

✓ Work with Link Group on mailing requirements and Link Group will prepare your mailing timetable

✓ Directors’ subcommittee to approve NOM, EM and proxy form

✓ If required, lodge your NOM and other documents with ASX for review

4 – 6 weeks prior

✓ Send NOM and other meeting documents to printer to prepare proofs (or to Link Group if they are organising printing)

✓ Confirm with your CRM when your mailhouse requires delivery of the ARs

✓ Finalise approval of NOM and EM from ASX

✓ Send letter to your key management personnel asking them to confirm their holdings and those of closely related parties

✓ Sign off documents for printing

✓ Sign off text for email broadcast with Link Group

About 4 weeks prior

✓ Mailing/email broadcast of AGM documents

✓ Display relevant information including annual report on your company’s website

✓ Lodge AGM documents with the ASX

✓ Online voting goes live

✓ Link Group to provide online proxy reporting login (Votetrak)

✓ Prepare list of exclusions (if required) to give to Link Group

AGM Checklist


2 – 3 weeks prior

✓ Arrange AGM venue site visit with your CRM to confirm set-up including audio visual food and drink, registration area, poll room and seating

✓ Prepare draft chairman’s address and meeting procedure script and send to chairman for review

✓ Prepare any additional audio visual presentations

2 weeks prior

✓ Ongoing review of draft chairman’s address – let your CRM know if you intend to go to poll on some or all of your resolutions

✓ Contact major shareholders and institutions to obtain comments or questions on proposed AGM resolutions

✓ Finalise admission/voting cards with Link Group

✓ Confirm that auditors, lawyers, tax advisors and other key people have been notified and are attending the AGM

1 week prior

✓ Refer to votetrak for voting reports and provide feedback to chairman

✓ Confirm proxy forms have been lodged by substantial shareholders, directors and staff

✓ Prepare script including draft questions and answers for the chairman/CEO at AGM

✓ Finalise the list of staff, advisors and others you would like pre-registered for the AGM and send to your CRM

✓ Contact Australian Shareholders Association and any other relevant parties to find out if they have any questions they intend to ask at the AGM

48 hours prior

✓ Deadline for lodgement of proxy forms

1 day prior

✓ Final proxy reports from Link Group – send these to your chairman and directors

✓ Finalise chairman’s address and send to Link Group

✓ Review poll procedure and constitution

✓ Finalise venue set up including banners, displays, annual reports

Day of AGM

✓ Make sure the board of directors table is set up correctly, name cards are in the right place and there is water available

✓ Link Group to provide pre-registered cards for all directors who hold shares and place their cards on their table before the start of the AGM

✓ Obtain votes on floor report from your CRM

✓ Lodge ASX release of chairman’s address and press release before the start of the AGM

✓ Obtain results of your meeting from Link Group and lodge ASX release of the results of all resolutions

Day after AGM

✓ Obtain attendance schedules from Link Group

✓ Put chairman’s address and results on your website


Spotlight on: The United KingdomReview of 2019 AGM season and a look at the 2020 season As the 2020 AGM season gets underway it is tempting to expect a repeat of 2019. However, voting results from the 2019 AGM season show some interesting changes and taken together with the regulatory and reporting changes expected in 2020, there could be more significant change as the year develops.

What we didIn 2019 we analysed the voting results of over 1,000 client general meetings (GMs) in the UK and Ireland to uncover trends and investment behaviour. We also looked at the record of shareholder dissent on the Investment Association’s public register of resolutions receiving over 20% votes against as we believe that responding to this will have an increasing role to play in how shareholder engagement develops.

1,069 General meetings analysed

Almost 10,000 resolutions put to shareholder votes

3.7 million shareholders eligible to vote

This all brought significant movement in the right direction:

141% increase in voting on the web (up to 8.2%)

27.9% decrease in shares voted via paper (down to 24.3%) 7% increase in shares voted via CREST (up to 67.5%)

8.8% increase in shareholders who voted (up to 6.2%)

Please note the above percentages are averages from the GMs analysed.

Electronic voting

Electronic voting is gradually gaining ground whilst paper voting sees a significant drop. Of the shares voted, over 8% were registered on the web. Whilst this is still a modest percentage it is a significant increase from 2018. The drive to reduce waste associated with paper proxy cards that are not returned is gathering momentum. We have seen a corresponding decrease in the use of paper at the GMs, down from 33% in 2018 to 24% in 2019.

Engagement

Engagement is high on the business agenda as new corporate governance reporting requirements are embedded in corporate culture. The average amount of issued capital being voted on at meetings is rising and may reflect efforts by the industry to make voting easier using multiple voting channels as well as the desire by companies to reach out to shareholders. Resolutions voted on at GMs generally receive very positive levels of voting approval in the high 90%. However, there were indications in 2019 that shareholder activism was becoming stronger and more of a regular feature for GM planning and execution.

Activism and dissent

There were some high profile instances of large institutional investors taking active positions in opposition to company proposals as well as general unrest amongst retail shareholders. In 2019 this shareholder dissent (a significant vote against of 20% or over) was recorded by the Investor Association Public Register3 (IA) for over 260 resolutions with a further 33 resolutions being withdrawn by companies before they were voted on. Remuneration policy and remuneration report resolutions received 66 instances of such dissent votes and director re-elections attracted 88 significant votes against.

In 2019, the Financial Reporting Council (FRC) expected companies to begin to follow the strengthened provisions relating to these dissent votes as detailed in the UK Corporate Governance Code 2018. Affected companies must not only comment at the time the results of the vote are announced, but also give an update within 6 months of the vote. IA guidance explains what investors would like these updates to contain. It is likely we will see many companies seeking to engage with shareholders in 2020 to explain progress and action where they had such dissent votes in 2019.

3 Investment Association Public Register https://www.theinvestmentassociation.org/publicregister.html

The International AGM Landscape

https://www.theinvestmentassociation.org/publicregister.html


ESG and environmental

Shareholder activism on climate change led to the requisitioning of some shareholder resolutions in 2019. Several major energy and mining companies engaged with activists and this trend is likely to continue in 2020 as companies look to focus on environmental, social and governance (ESG) issues, and especially the effects of climate change and how to measure and manage the risks.

FRC guidance for this year states that companies should report on the effects of climate change on their business where this is relevant. It is therefore likely that ESG will feature much more prominently in the scrutiny of companies at their GMs in 2020.

Article changes and engagement

Article of Association changes made by companies at GMs in 2019 are strong pointers to expected changes in the behaviours of companies going forward.

In 2019 over 30 FTSE350 companies changed their articles with 12 of those companies including provisions to allow company meetings to be held by electronic means primarily as hybrid meetings. A hybrid meeting allows investors not physically present at meetings to take part by electronic means. Whilst the take up of such hybrid meetings in the UK has been limited to date, they are becoming increasingly popular in the USA and Asia/Pacific. Link Group in Australia and New Zealand have supported a number of these virtual/hybrid meetings in the last few years including its own AGM. In the UK, Link Group is developing in-house technology to host all aspects of a hybrid event.

Current attendance at the majority of company GMs is low. There is a strong argument that utilising hybrid meeting technology enables and encourages active engagement from shareholders. We should see some movement in this regard.

Shareholder Rights Directive II and engagement

Aspects of the second Shareholder Rights Directive (SRDII) were implemented in June 2019. This covered related party transactions, directors’ remuneration and regulations for proxy advisers. The UK Government has indicated that they will aim for a September 2020 implementation for the remaining aspects of the Directive to improve the facilitation of shareholder rights through the intermediary chain for beneficial or end investors.

Until the detail of the UK implementing regulation is available, it is not clear how these changes will impact market users. However, we have tried to indicate some of the current challenges and possible implications for issuers.

Significant movement in the right direction increasing electronic voting and reducing the dependence on paper coupled with regulatory requirements are going to make the 2020 GM season an interesting one. Activism and engagement will grow and become enabled by technology that allows investors to access information wherever they are and then exercise their rights freely.


Spotlight on: GermanyThe new power of shareholdersThe German 2019 AGM season was certainly more turbulent than many of the previous ones. One can already see an emerging shareholder power. The role of the institutional investors has changed as a result of the corresponding requirements of various codes, laws, but also a certain amount of self-interest which has been coming since STADA in 2015/2016 and ThyssenKrupp in 2018. Institutional investors have no longer withdrawn to exercising their influence only in the back room in discussions with the Board of Management and Supervisory Board, but have increasingly demonstrated their influence by issuing instructions. When things are critical, they even use the stage at an annual general meeting and demand urgent and eloquent changes in management, strategy and/or business conduct. It is not only the activist but also the active shareholder who challenges the issuers.

Presence continues to riseThe increased interest is also evident in the increased attendance: at just under 65%, the presence of shareholders in the 2019 AGM season was not as high as in the past 15 years and represented a further increase of just under 4% compared with last year's peak value. In the MDAX it is even higher at 72.47%. This increase is clearly attributable to the increased participation of institutional investors. The number of AGM participants did not rise to the same extent.

Demands of institutional investorsHowever, the increasing influence of the institutional players is also reflected in the general meetings, more precisely in the agendas, votes and results. Investors refuse to grant discharge to the Management Board and/or the Supervisory Board. The best-known example here is Bayer AG, where discharge was withheld from the management boards.

In particular, companies where the situation was more critical bowed to investor pressure and instead of the usual block voting on the discharge of the Management Board and/or Supervisory Board, individual discharge was put on the agenda. Even large investment companies such as DWS, for example, have pushed for individual discharge from liability and then deliberately refused to grant discharge to individual members of the Management Board or Supervisory Board – OSRAM.

The reasons for not granting discharge to members of the Board of Management are usually poor performance, inadequate risk management or inadequate communication. In the case of the Supervisory Board, on the other hand, potential reasons for not granting discharge include a lack of transparency, inadequate remuneration of the Management Board, lack of independence, failure to comply with governance standards and unacceptable handling of information.

Trend 2019: DigitalisationAs in other countries, digitalisation of the AGM process is a big issue. Electronic admission tickets, registration processes and voting – electronic and at the meeting itself – are increasing. In 2019, most companies were still obliged to send the meeting invitation to shareholders by post. But the number of shareholders asking for an electronic version increases with a view to speed and sustainability. Legislation has also finally reflected the digital demands of the market, with EU-SRD II now considered in the legal requirements – which come into effect September 2020 – that shareholder information should now be electronic.

Quite noticeable is the trend towards electronic tools in the demand for admission tickets. Up to 25% of the admission tickets were issued electronically as online or mobile tickets on mobile devices (e-ticket). Out of the 190 meetings Link Market Services in Germany supported, 64 customers used iPads® to vote at the meeting in the registration process in 2019.



Spotlight on: New ZealandDuring 2019, the New Zealand office successfully facilitated 67 shareholder and member meetings. This represented an increase of 12% from 2018.

Hybrid meetingsFurther growth was seen in hybrid meetings with 14 hybrid meetings completed during 2019. This represented a 27% increase in the number of hybrid meetings from 2018.

Six of the S&P/NZX 10, 5 of which are Link Group clients, conduct hybrid meetings. A key consideration for these companies is the ability to engage more of their shareholders regardless of location.

Six of the hybrid meetings had a greater number of online attendees, than in person, with the A2 Milk Company having 293% more online attendees.

Constitution changesThe former NZX Main Board and Debt Market Listing Rules (dated 1 October 2017) were replaced by updated listing rules; ‘New Listing Rules’ (dated 1 January 2019). As a result, listed companies were required to update their existing constitutions, if not current, by way of a special resolution.

The amendments to the constitutions do not impose or remove a restriction on the activities of the listed companies or affect the rights attached to shares.

The principal amendments to constitutions for the purposes of alignment with the New Listing Rules are:

• Director and managing director rotation

• Board composition – minimum of 2 independent of directors and 2 directors must ordinarily reside in New Zealand

• Updating wording for clarification and consistency with the New Listing Rules.

All future votes will be via shareholder polls rather than a show of hands.

Voting and attendance trends3.96% of holders have lodged a vote this season representing 37.95% of the total number of shares on issue. 63.11% of all proxies were voted online which represents a decline in the proportion of online voting from the 2018 peak.

Attendance, remains low with only 0.62% of holders attending meetings in person.

Meetings topicsBoard diversity and environmental, social and governance factors were very prominent topics at a large number of the meetings.

We also observed a slight increase in shareholder activism at meetings, with shareholders raising societal issues and the need for companies to be good corporate citizens.

Issuer

Attendance 2019

Meeting Attendees Physical Online

Trademe Group Limited 133 59 74

Z Energy Limited 83 45 38

Pacific Edge Limited 124 50 74

Fisher & Paykel Healthcare Limited 301 128 173

Air New Zealand Limited 342 175 167

Kathmandu Holdings Limited SM 67 22 45

Auckland International Airport 245 198 47

Port of Tauranga Limited 257 225 32

Tourism Holdings Limited 118 84 34

Spark NZ Limited 242 129 113

Contact Energy Limited 280 166 114

A2 Milk Company Limited 708 180 528

Kathmandu Holdings Limited 54 29 25


Spotlight on: IndiaShareholder Engagement – It’s time to revitalise Corporate AGMs The archaic format for conducting AGMs across the globe has been preventing retail shareholders’ efforts to receive justice and answers to many questions concerning corporate governance.

In light of the heightened risk environment, there is a need to see greater shareholder democracy in action. Recently there has been a notable change where large corporates have witnessed lively interactions with shareholders.

‘Speaking up’ has seen a gradual increase and this is clearly demonstrated by changing voting patterns and increased AGM duration. Retail investors clearly want to play a more active role in corporate affairs.

The Problem of Miniscule Attendance Even as retail shareholders are showing an active interest in corporate governance, the ‘in-person meeting’ format suffers from obvious shortcomings. Therefore, shareholders who aren’t physically present at the meeting have limited means of knowing what transpired.

Our research shows that the fraction of physical shareholder attendance is as low as 0.05% for many large corporates.

Corporate Law and Interventions by Regulatory BodiesThe Companies Act 2013 made it mandatory for widely-held companies (more than a 1,000 shareholders) to offer electronic voting facilities as an alternative to postal ballots, retail investors have actively used these votes to make their voice heard at AGMs.

A proxy advisory firm has noted that 2018 has been the ‘tipping point’ for shareholder activism with almost 45% of the top 100 Companies facing 20% dissenting votes on at least one AGM proposal.

Indian market regulator Securities and Exchange Board of India (SEBI) has directed top 100 companies based on market capitalisation to webcast live proceedings of their AGMs.

The Journey from ‘Physical’ to ‘Virtual’

Virtual or electronic AGMs usually entail a combination of a webcast where the management makes a business presentation, and an open-house session where shareholders call in with their questions. Some of the marquee names in the market already webcast their AGMs live. These companies will only need to add on a facility for live shareholder interactions, to go virtual.

The way forward is to establish these meetings in a way that matters concerning corporate governance, disclosure and transparency, eligibility and role of independent directors, accounting and audit related matters are brought to the fore and suitably addressed to give investors’ confidence a boost.


National Venue List



Sydney

VenueCapacity (max) Address Phone Web

Amora Hotel 300 11 Jamison Street, Sydney

02 9696 2500 www.sydney.amorahotels.com

ANZ Stadium 1,500 Olympic Boulevard, Sydney Olympic Park

02 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 Accountants

100 33 Erskine Street, Sydney

02 9290 1344 www.charteredaccountantsanz.com

Australian Institute of Company Directors

50 20 Bond Street, Sydney

02 8248 6600 http://aicd.companydirectors.com.au

Carriageworks 800 245 Wilson St, Eveleigh

02 8571 9099 www.carriageworks.com.au

City Recital Hall 1,200 Angel Place, Sydney

02 8256 2222 www.cityrecitalhall.com

Cliftons Conference Centre 190 Level 13, 60 Margaret Street, Sydney

02 9250 0999 www.cliftons.com

Christie Conference Centre North Sydney

150 3 Spring Street, Sydney

02 8249 4003 www.christieconference.com.au

Christie Conference Centre Sydney

130 100 Walker Street, North Sydney


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


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


Doltone House Jones Bay Wharf

800 26-32 Pirrama Road, Pyrmont


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

Justice and Police Museum

100 Corner Albert and Philip Streets, Sydney

02 9252 1144 www.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 180 Level 1, 111 Harrington Street, Sydney

1300 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

National Venue List



Museum of Sydney 120 Corner Philip and Bridge Streets, Sydney


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 900 176 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 Quay

250 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

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 3320 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


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


Brisbane


Brisbane Convention and Exhibition Centre

2,740 Corner 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


Cliftons 120 3/288 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 100 Level 31, 1 Eagle Street Waterfront Place, Brisbane


Karstens 180 Level 24, 215 Adelaide Street, Brisbane


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

60 Melbourne and 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 0800 www.rydges.com/accommodation/brisbane-qld

Tattersalls Club Brisbane 300 215 Queen Street, Brisbane City

07 3331 8888 www.tattersallsclub.com.au

Treasury Casino and Hotel 120 130 William Street, Brisbane City

07 3306 8852 www.treasurybrisbane.com.au

Victoria Park Function Centre 540 309 Herston Road, Brisbane City

07 3252 0666 www.victoriapark.com.au

National Venue List


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 6222 www.crowneventsandconferences.com.au

Dexus Place 50 Level 14, 385 Bourke Street, Melbourne


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

Institute of Chartered Accountants

50 Level 3, 600 Bourke Street, Melbourne

03 9641 7400 www.charteredaccountants.com.au

Karstens 180 123 Queens Street, Melbourne


Melbourne Convention and Exhibition Centre

1,500 1 Convention Centre Place, South Wharf

03 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 1,990 90–120 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

900 192 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 200 Collins Square, 727 Collins Street, Melbourne

03 9252 7699 www.collinssquare.com.au

The Forum Theatre 1,500 Flinders and Russell Street, Melbourne

03 9299 9800 www.forummelbourne.com.au

The Regent Theatre 2,200 191 Collins Street, Melbourne

03 9299 9800 www.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 120 Ground Floor, Parmelia House, 191 St Georges Terrace, Perth

08 9480 0999 www.cliftons.com/venues/perth

Crown Perth 1,800 Great Eastern Highway, Burswood, Perth

08 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

Fraser's Function Centre 585 Fraser Avenue, Kings Park, West Perth

08 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 and Exhibition Centre

2500 21 Mounts Bay Road, Perth

08 9338 0300 www.pcec.com.au

QV1 Converence Centre 90 QV1 Level 2, 250 St Georges Terrace, Perth

08 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 3000 www.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 Australia

280 Hackett Drive, Crawley

08 6488 4820 universityclub.uwa.edu.au/ conference-banquets/venues

National Venue List


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

Link GroupLevel 12, 680 George Street Sydney NSW 2000, Australia linkgroup.com

[email protected]

Link Administration Holdings Ltd ABN 27 120 964 098 LM

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