3 questions asked at 2022 Wesfarmers AGM

October 28, 2022

Here is the text of the 3 written questions lodged at the 2022 Wesfarmers hybrid AGM held on October 27.

1. How many enterprise agreements do we have across the business and are we worried about these proposed changes to federal industrial relations law. JB Hi Fi said at its AGM today that it only pays award wages, has no enterprise agreements and virtually non-existent union membership amongst its workforce. What is our situation?

Answer: chairman Michael Chaney said the system it too complicated, they have lots of EBAs with different unions and the BOOT test is ridiculous. Unlike JB Hi Fi, he also said they generally pay above award wages.

2. Like many other companies, could you please publish a transcript of the full AGM debate on your website, along with a copy of the webcast. Similarly, when disclosing the outcome of voting on all resolutions today, 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 on all resolutions and was a disclosure initiative adopted by the likes of Metcash, Altium and Dexus after their 2021 AGMs. Tabcorp agreed to do this yesterday. Finally, please follow the lead of Brambles, Dexus and many other companies and disclose the proxy position to the ASX along with the formal addresses ahead of next year's AGM.

Answer: chairman Michael Chaney was dismissive in his response. Watch this video via Twitter.

3. In 2019, Treasury Wine Estates voluntarily moved to annual elections for directors in line with best practice that occurs in both the US and the UK. Dual listed companies like News Corp and Rio Tinto all do this due to the laws in the US and UK and BHP, where our chair once served on the board, has continued doing it even after its UK DLC ended last year. Can the chair comment on whether our company will follow this TWE lead and move to annual elections of directors at the 2023 AGM to embrace best practice accountability to shareholders?

Answer: chairman Michael Chaney dismissed the idea.