I attended the AGM yesterday and overall was very happy with the interactions. In my view the company is well ahead of most similar size listed businesses when it comes to governance. It’s a skilled and capable Board. The rem plan is well aligned with shareholders and incentivises sustainable growth. They didn’t use discretion this year to pay out short term incentives despite getting close to the targets. The Board and management seem well aware of cyber risks and are pro actively working at mitigation. They are measuring customer satisfaction with NPS and injury rates are roughly 80% below the industry average. Not a perfect business as none are. They cancelled the expansion project in NSW this week as they couldn’t complete the deal on mutually favourable terms. However given the current market cap and short time as a listed business they are very well set up for a successful and sustainable future and the valuation upside is in tact in my view.