4 questions lodged at 2022 Coles hybrid AGM
November 9, 2022
Here is the text of the 4 questions lodged at the 2022 Coles hybrid AGM held on November 9, plus a summary of the responses by old school chair James Graham, along with video grabs via Twitter.
1. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against either of the remuneration items today? Will you disclose the proxy votes before the debate on the remuneration questions so shareholders can ask questions about the reasons if there have been any protest votes? Also, why not disclose the proxies to the ASX with the formal addresses like Afterpay, Brambles, Carsales, JB Hi Fi, NAB, Origin Energy, Seek and Viva Energy have all done in the past and Sims Group did only yesterday? That would allow for a more fully informed debate, wouldn't it?
Answer: No. Watch video via Twitter.
2. Given the interesting discussions across a range of topics today, including this STI grant for the CEO, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? Whilst we have made the webcast available since 2019, the likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produced their 1st AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003.
Answer: No. Watch video via Twitter.
3. When disclosing the outcome of voting on all resolutions today, including the remuneration report, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment and was a disclosure initiative adopted by the likes of Metcash, Altium and Dexus last year and Webjet and Tabcorp so far this AGM season.
Answer: No. Watch video via Twitter.
4. I have a problem listening to Richard Freudenstein talking about remuneration when he spent decades working for the Murdoch family where executive pay has long been out of control. Richard remains a Murdoch nominee to the REA board. Does he agree that it was ridiculous that Murdoch men have been paid more than $1.5 billion by public companies since 2000, using their gerrymandered board control to overpay themselves. Please appoint a Coles rem committee chair not tainted by association with Murdoch family pay.
Answer: Richard is a great director and that is not relevant. Watch video of question and chair's response via Twitter.
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