Ignition Australia December 2018 - January 2019 | Page 5

CAPRICORN
AGM 2018
Thank you to all the Members who participated in and
attended Capricorn’s 2018 Annual General Meeting. Mr Mario Pirone’s re-appointment as Capricorn Independent
Director for a further 4 year term was ratified.
It gave me great pleasure as your Chair to talk about the
excellent performance of Capricorn for the year ended
30 June 2018. Capricorn Member purchases were A$1.86
billion for the financial year, a new Capricorn record.
Capricorn also continued to deliver fantastic returns to
its Members including over A$32 million of reward points. Thanks once again to all those Members who participated
in the AGM whether in person or by making sure their voice
was heard by sending in their votes. For those who did
not make it, please do consider attending next year as it
is a great opportunity to meet your Directors and ask both
formal and informal questions. We hope to see you in 2019.
As Chair I also reflected on the following highlights for
the year:-
• the continuation of the “Rediscover Capricorn”
campaign which rewarded Members for engaging with
the valuable products and services available to them
as a Capricorn Member;
• the launch of CapTV, a great opportunity for Members
to learn more about Capricorn and the various
benefits that come with membership, through a series
of short videos;
• the launch of The Workshop online community, an
interactive site where Members can connect and
shape the way their cooperative is run;
• the continued use of Capricorn Service Data;
• the launch of the Capricorn Rising Stars program
recognising and rewarding the talented young people
who represent the future of our automotive repair
industry;
• the launch of AutoBoost, a new Capricorn Member
benefit for small workshops with big plans; and
• our successful Capricorn Convention in Salou, Spain.
Subsequent to the end of the financial year and in light
of Capricorn’s excellent trading performance, Capricorn
declared a Net Dividend of 11% (effective 15.7% Gross
Dividend Yield) for Capricorn’s contributed equity as at
30 June 2018. References to gross yield mean where full
franking credits are available. The dividend has been paid
and was fully franked in Australia and partially franked
in New Zealand. You will already have received details of
your dividend.
A trade rebate of AU$5 million has also been declared and
paid by way of additional reward points. The Trade Rebate
was paid in proportion to each Member's share of overall
Member purchases for the last financial year.
The meeting also approved the selective share buy-back
resolution meaning that Members can continue to unlock
value stored in Capricorn shares. In the last financial
year, Capricorn returned approximately A$11.4 million to
Members through the buy-back scheme.
Proposed changes to the Capricorn Constitution,
permitting Capricorn to benefit from any regulatory relief
for the method of approval for our share buyback scheme,
were also approved.
Russell Becker
Chairman
WA & QLD
Director Elections
Thank you to all our West Australian and Queensland
Members who voted in the recent Capricorn Director
Elections. The results of this year’s elections were
announced at Capricorn’s Annual General Meeting in late
October.
In Western Australia, there were six nominations in total.
Ms Julie Wadley was re-elected to serve another 4 year
term. The vote count was Julie Wadley 89 votes, Matthew
Negus 77 votes, Nigel Oborne 43 votes, Wayne Rice 27
votes, Robert Stoate 19 votes and Zeljko Abramovic 5
votes.
In Queensland, there were two nominations in total. Mr
David Kemp was re-elected to serve another 4 year term.
The vote count was David Kemp 181 votes and Steven
Pickering 85 votes.
Congratulations to Julie and David, who bring as Directors
a range of skills and experience that will benefit the Board
and Capricorn and its Members.
Thank you to all Members who participated and all
Candidates who stood for election.
Member participation in the Director Election process is
very important. The cooperative principle of "democratic
member control" is central to Capricorn. It means that the
majority of Directors are appointed by Members through
a democratic vote. One Member, one vote.
CAPRICORN IGNITION HOLIDAY EDITION 2018 5