DGL - Director Independence Outcome - D McKay

DELEGAT GROUP LIMITED – MARKET UPDATE
OUTCOME OF ANNUAL MEETING AND DIRECTOR INDEPENDENCE REVIEW

Delegat Group Limited held its Annual MeeƟng on 27 November 2024, during which Mr.
Doug McKay stood for elecƟon as a non-execuƟve director. It was noted at the meeƟng that
approximately five years ago, Mr. McKay provided professional consultancy services as a
one-off project to the Delegat Family Office. The Board discussed Mr. McKay’s independence
at length. While Mr. McKay had saƟsfied himself that he was “independent,” the Board, in an
abundance of cauƟon, determined that Mr. McKay should be considered not independent at
that Ɵme.
Shareholders requested clarificaƟon on why Mr. McKay was not standing as an independent
non-execuƟve director, especially given that the Corporate Governance Code recommends
that the Board should have a majority of independent directors. By appoinƟng Mr. McKay as
not independent, the Company could not achieve this majority.
The Chairman advised the meeƟng that this decision would be reviewed in the new year.
Following this review, the Board has subsequently met and has saƟsfied itself that Mr. McKay
is indeed independent.

ENDS
For further informaƟon, please contact:

Murray Annabell
Chief Financial Officer
Delegat Group Limited
Telephone 64 9 359 7310