5 questions lodged at 2024 Westpac hybrid AGM
December 14, 2024
Below is the text of the 5 written questions submitted at the Westpac hybrid AGM held on December 13 2024, plus a summary of the answers and some video grabs via Twitter. No early proxy disclosure and only protest 34% in favour of board opposed shareholder resolution on climate transition plan.
Q1. Could new chair Steven Gregg please comment on the biggest changes in board process, delegations, reporting lines and governance that he has implemented since taking over as chair after last year's AGM? Could the CEO Peter King also comment as to whether Steven Gregg is more or less hands on than John McFarlane as a chair? Also, could Steven please provide more details on why both Nora Scheinkestel and Audette Exel resigned from the board on the day the notice of meeting was released when both were up for re-election today?
Answer: The chair... Watch video of exchange via Twitter.
Q2. Under our constitution, external nominations for the board must be lodged at least 35 business days before the AGM. With this rushed pre-Christmas AGM, the latest nomination date was October 25. However, Westpac didn't release its full year results until November 6, the same day it released the notice of meeting. New chair Steven Gregg dismissed this concern last year. Could he please defend this clear governance breach of closing board nominations before even telling shareholders how the directors performed for the year.
Answer: The chair... Watch video of exchange via Twitter.
Q3. I'm puzzled why this board and so many other boards are opposed to shareholders being allowed to put up opinion based resolutions which are common in the US. What are you afraid of? A vote for this is not to endorse the contingent resolution on your carbon transition plan, but to support a constitutional amendment that gives a voice to shareholders. If we're allowed to have a non-binding opinion on rem policies, why should the board have a monopoly on deciding whether shareholder opinions on other matters should be tested?
Answer: The chair... Watch video of exchange via Twitter.
Q4. Did any of the proxy advisers recommend a vote against the board's recommendations on any of today's resolutions, including this transition plan item? If so, what reasons did they give? Also, please get with the transparency program next year and release the proxies to the ASX along with the formal addresses. Will Steven Gregg commit to doing this next year, moving on from this old school "hold back the proxies" approach that we've seen today which leaves shareholders debating in the dark? If NAB can do it, why not Westpac?
Answer: The chair... Watch video of exchange via Twitter.
Q5. When disclosing the outcome of voting on all resolutions today, including this remuneration item, please advise the ASX how many shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment & insight into the chronically low retail voting rate. The likes of Qantas, ASX, Suncorp, Tabcorp and Computershare have all voluntarily provided this data during the current AGM season. You've got the data, so why not let the sun shine in?
Answer: The chair... Watch video of exchange via Twitter.
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