4 questions lodged at 2025 Metcash hybrid AGM
September 30, 2025
Below is the text of the 4 written questions submitted at the 102 minute Metcash (MTS) hybrid meeting in Sydney via the Lumi platform on September 10, 2025. There were only questions, not voting, online. See notice of meeting. Market cap $4.42 billion on AGM day. No early disclosure of the proxies with the formal addresses. There were no protest votes and extra data in the voting results. Also, see 6 questions asked at 2024 AGM and 7 questions asked at 2021 AGM.
Q1. How many full time equivalent staff do we currently have and is this likely to fall over the coming 12 months with the rapid roll out of AI? Which parts of our business and operations are the most prospective for AI productivity gains and how energetically are we embracing those opportunities? Also, the 6 most valuable US big tech stocks - Microsoft, Apple, Amazon, Meta, Alphabet and Nvidia - are together worth more than $20 trillion, largely because they have enormous pricing power and are over-charging customers the world over. Could the CEO comment on which of the big global technology companies we are most reliant on and what would we do if they suddenly put their prices up by 30%?
Answer: The chair Peter Birtles summarised the key AI focus areas but downplayed the idea this would lead to reductions in its 12,500-strong workforce. Watch video of exchange via Twitter, plus these additional comments from the CEO on the key Microsoft relationship.
Q2. Could new director Dave Whittle please outline his approach to independent directors standing up for good governance on behalf of independent shareholders. During his last 3 years on the Myer board, control effectively passed to billionaire Solomon Lew, who only owns 26.8% of the company. Dave appeared to meekly retire at the Myer AGM held on November 28, 2024, without putting up a fight. Myer now has a 4 person board, an executive chair and no clear majority of independent directors. Why did Dave agree to retire from Myer without first ensuring a clear majority of independent directors would remain in charge? Was it because Mr Lew's interests voted against his re-election at Myer in 2021, causing a 36.45% protest vote, and were threatening to repeat the treatment if he didn't quietly retire? Also, had Dave stayed on the Myer board, does the chair believe he would have been able to join our board, or would that have been a conflict of interest?
Answer: The chair Peter Birtles protected Dave Whittle from answering this important governance question but said they recruited him knowing he was exiting Myer. Watch video of exchange via Twitter.
Q3. Why did we withhold disclosure of the proxy position to the ASX along with the formal addresses when this is becoming common practice to facilitate fully informed AGM debate? 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, including this remuneration report item? If so, what reasons did they give and did this translate into any material protest votes? Finally, please continue with last year's excellent practice of disclosing the poll results like with a scheme or arrangement, including the head count data as well as the normal shares metric.
Answer: The question wrangler Steve Ashe broke this into 3, but it was fine. They'll do the extra voting data again, there were no protest votes or against recommendations and they will consider early proxy disclosure next year. Watch video of exchange via Twitter.
Q4. Thank you to Murray Jordan for his 9 years of service on the board that will finish on October 31, as per today's announcement. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In his final public contribution as a Metcash director, could Murray please comment on what he regards as the best 2 decisions made during his time on the board and does he have any regrets? Also, why is he going 11 months before the expiry of his current 3 year term, especially given he received a whopping 99.35% mandate at the 2023 AGM?
Answer: Murray said more than doubling the share price was a key achievement and he was also happy with their improved support for independent owner-operators. Watch video of exchange via Twitter, plus these additional comments about good choices in leadership in what was overall and interesting and useful response.
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