5 questions lodged at 2025 Bega Group (BGA) hybrid 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?

Answer: The CEO said they were losing about 450 roles this year but it wasn't all AI but more plant closures. However, he was very keenly leaning in on the AI efficiency opportunities. Watch video of exchange via Twitter.

Q2. The AFR last week reported that we were poring over the sale documents at Capilano and are expected to lodge a bid for Australia's biggest honey business, which we previously owned a stake in. What is our history with Capilano? If we do buy Capilano and launch a capital raising, please ensure retail shareholders are given an opportunity to participate. Could Barry please outline his memory of Bega's history in dealing with retail shareholders in capital raisings?

Answer: The executive chair Barry Irwin was very cagey and offered up nothing in response, not even even a mother hood statement on looking after retail shareholders. Watch video of exchange via Twitter.

Q3. After a series of controversies, our long term corporate adviser David Williams has this morning quit as chair of ASX-listed Polynovo ahead of being voted out as a director at tomorrow's AGM. What is our history with Mr Williams and is he currently advising on the Capilano and Fonterra situations? The Kidder Williams website quotes our chair Barry Irvin saying “Kidder Williams will work all hours of the day and night to make sure their clients are successful”. Has the Polynovo situation caused a review of this relationship?

Answer: Not asked, because they didn't return to general business questions at the end.

Q4. Thank you for disclosing the proxies early with the formal addresses. There was a modest 8.7% protest vote against this remuneration report item. Was that just retail and farmer shareholders lashing out or did one of the proxy advisers recommend a vote against. If so, is the company aware of what specific concerns those voting or recommending against had? Also, when disclosing the poll results could you please include the headcount data so we can see how many of our nearly 16,000 shareholders voted for and against each item?

Answer: The chair Barry Irwin gave a good summary saying 1 of the 4 proxy advisers recommended against rem and he even laid out the reasons. Watch video of exchange via Twitter.

Q4. Could new director Janette Kendall and the chair comment on the recruitment process that led to her appointment to the board. Was a head hunter involved, did the full board interview any other candidates and did Janette know any of our directors before engaging with the recruitment process?

Answer: The chair Barry Irwin gave a very interesting response saying that a recruiter had identified Janette's excellent relevant skills and he had basically pursued her for a few years to join the board. He's like a majority shareholder executive chair but doesn't actually own a material stake in the business, just has power and credibility from long term performance in building Bega from a sleep co-op to a major listed branded goods company over 20 years. Watch video of exchange via Twitter.

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