4 questions asked at 2023 Wesfarmers AGM
November 7, 2023
Here is the text of the 4 written questions asked at the 2023 Wesfarmers AGM held on October 27, along with a summary of the answers. Watch the full 2 hour 44 minute webcast archive.
Q1. The likes of Dexus, Brambles, NAB, JB Hi Fi, Origin Energy, Viva Energy and many other companies have all disclosed the proxy votes to the ASX before their latest AGMs started along with the formal addresses. Will the board agree to do this next year so that interested shareholders and other stakeholders, including institutional investors and proxy advisers, have an early insight into the proxy position before the AGM debate commences. Did any of the proxy advisers recommend against the rem report and is it correct that a majority of shareholders voting by proxy opposed the remuneration report, but this has been overwhelmed by big institutional shareholders voting in favour?"
Answer: chair said proxies were all in favour and no progress with getting results by shares and shareholders.
Q2. Now that the National Party has returned to power in New Zealand, is there a risk that former NZ prime minister Bill English could be lured into a range of government roles in New Zealand which impinge his ability to fulfil his duties as a director of Perth-based Wesfarmers. Also, could Chairman Chaney comment on why he's never offered a Board position to any of our 6 living former Australian prime ministers? Are they not good enough? The Murdochs have just appointed Tony Abbott to the Fox Corp board."
Answer: chair Chaney said they wanted a Kiwi on the ground and the former Aussie PMs didn't the necessary skills to fill any gaps on the Wesfarmers board - watch video of exchange via Twitter.
Q3. Mr Chaney spent 23 years as an executive of Wesfarmers from 1983 until 2005 and then, after a 10 year break, has been chairman for the past 8 years. Thank you for clarifying that he will retire in 2026 if elected for one final 3 year term today. Does Mr Chaney agree that the 2001 Howard Smith takeover for $2.7 billion was the best deal in our history, given the subsequent success of Bunnings. What other acquisitions does he regard highly over the years? Apart from the folly of taking Bunnings into the UK, does he have any regrets?"
Answer: Chaney agreed Howard Smith was great and also mentioned the purchase of the Curragh coal mine.
Q4. Could CEO Rob Scott summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated and the CEO could factually summarise the situation in 60 seconds."
Answer: chair Chaney protected his CEO who wasn't asked to answer - watch video of exchange via Twitter.
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