4 questions lodged at 2025 TWE hybrid AGM
October 16, 2025
Below is the text of the 4 written questions submitted at the 80 minute TWE hybrid AGM held prematurely at 10am in Melbourne on October 16 2025 and via the excellent Computershare platform. See notice of meeting and voting results with 14.47% vote against chair John Mullen the biggest protest vote. Market cap was $4.97b on AGM day. The proxies weren't disclosed early in the formal addresses. Because chair John Mullen didn't follow the agenda and just offered one job lot opportunity for questions, shareholders in the room were into the free wines by 11.10am, which is just too early.
Q1. Thank you for once again voluntarily putting all directors up for election. It would have been better if the proxy votes were disclosed early with the formal addresses but could chair John Mullen disclose what sort of proxy protest vote he has suffered this year related to the over-boarding issue? Apart from ASA, which of the other proxy advisers recommended against his re-election. I'm a shareholder in TWE, Qantas and Brambles and am curious as to which of his 3 big complex multinational chair roles is currently taking up the most of his time and which is taking up the least amount of his time. Can John point to any other person in recent history who has simultaneously chaired 3 ASX100 companies and will this situation be fixed by the time we get to next year's AGM?
Answer: The chair gave a slightly cranky answer and disclosed that ISS also recommended against him. Watch video of exchange via Twitter.
Q2. 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?
Answer: The chair is very bullish about the AI opportunities at TWE. Watch video of exchange via Twitter.
Q3. The annual report says that we have 87,793 shareholders but less than 2000 will bother to vote at today's best practice hybrid AGM after all is said and done. Will the chair follow the new practice you have embraced at Qantas and disclose how many shareholders voted for and against each item in the poll, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment, including on important issues like the remuneration report and the chair's re-election. Even our own share registry provider Computershare does this at its AGM so I'm puzzled why you are still resisting. Is the chair hiding the fact that his workload problem is making him the least popular TWE director amongst retail shareholders?
Answer: The chair waffled on about various matters and eventually said he would look into this. Watch video of exchange via Twitter.
Q4. Thank you to Lauri Shanahan for her 9 years of service on the board. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In her final contribution as a TWE director, could Lauri please comment on what she regards as the best 2 board decisions made during her time on the board and does she have any regrets?
Answer: The chair blocked Lauri from answering with a smart alec comment about setting up a private phone call. Wasn't looking to be selectively briefed but for the 87,793 currently hurting shareholders to receive some honest reflections from a long serving independent director, which has happened at dozens of AGMs over the past 3 years. Having dominated for the full 80 minutes because TWE is between CEOs, the mansplaining chair should have let Lauri speak for herself. Watch video of exchange via Twitter.
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