ARB Corporation (ARB) 2015 AGM Report

Company/ASX Code : ARB Corporation Limited (ARB)
Venue :
11am Westin Hotel (Westin Room III)
205 Collins St,
Melbourne, Victoria
Monitor : Mr Brett Morris
AGM Details / NoM : Thursday 15th October, 2015
# of Attendees : 60 shareholders
# Holdings represented by ASA : 67
Value of Proxies : $2.7 million
# Shares Represented by ASA : 204,000
Market Capitalisation : $1.05 billion

ARB drives to higher heights

Executive Chairman, Mr Roger Brown, chaired a vibrant and interesting meeting and demonstrated his strong knowledge of ARB of which he was a founding member.

Mr Brown announced that ARB had achieved 10.7% growth in sales and 3.6% growth in net profit. Sales growth of over 17% occurred in export and Australian Original Equipment with the Australian After Market growing by 7.6%. ARB has continued to have a focus on research and development resulting in new high quality products to the market including the ARB Ascent Canopy, OME BP51 Shock Absorber and various bull bars in the last 18 months. ARB invested of over $46 million in additional property, plant and equipment during the year.

ASA asked the board about the annual report having details of its environmental impact and measures. Currently, ARB does not make any reports in its annual report with respect to its environmental outcomes. However, ARB stated that it had internal measures which it had not yet reported and had other details available on its website.  ASA policy guidelines include that companies have a table of key financial indicators over a 5 year period so shareholders have an easy to understand profile of the company’s performance. The board has previously said that this would be considered; it was not in the 2015 Annual Report and we reiterated our request for inclusion.

Mr Roger Brown answered many questions from shareholders and demonstrated an excellent knowledge of the ARB business from the selection of manufacturing site around the world, impact of the changing currencies, competition and a variety of other company related questions. Shareholders appeared pleased with ARB’s performance.

The ASA supported all of the resolutions at the AGM, and each was carried on a show of hands. This resulted in adoption of the remuneration report and re-election of Directors Mr John Forsyth and Mr Andrew Stott.