2 questions asked at 2024 JB Hi Fi hybrid AGM
October 31, 2024
Below is the text of the 2 written questions submitted at the 50 minute JB Hi Fi hybrid AGM held on October 31, 2024, plus a summary of the answers and some video grabs via Twitter. No early disclosure of the proxies with these formals and disappointing they didn't follow the agenda.
Q1. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against any of today's resolutions? If so, what reasons did they give and will you disclose the proxy votes before the debate on each resolution so shareholders can ask questions about the reasons if there have been any protest votes? Please don't say they are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant without publishing the full proxy adviser reports, of course.
Answer: The chair Stephen Goddard explained that ISS and ASA recommended against the CEO's LTI grant which sent the voting support down to 71%. Watch video of exchange via Twitter.
Q2. A few years ago at one of your cheap and cheerful physical AGMs in Computershare's sparse facility in Abbottsford, the then CEO claimed you had the lowest ratio of rent to sales at just 2% because you tried to locate your stories in cheaper grungy locations. These days, you seems to be in most of the 42 Westfields. What is the equivalent figure in 2024 and please provide a couple of examples of stores with very high rents but still perform well because of the traffic provided by that particular shopping centre.
Answer: The chair Stephen Goddard declined to provide much detail beyond "we always watch our costs". Watch video of exchange via Twitter.
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