4 questions lodged at 2025 Woolworths hybrid AGM

Q1. At the close of trade last night Sigma, the owner of Chemist Warehouse, had a market capitalisation of $35.6 billion, $2.7 billion more than Woolworths on $32.9 billion. Surely it is time for the archane restrictions on pharmacy to be lifted now that Chemist Warehouse has gamed the system to reach a market share of close to 50%. What are we doing to lobby governments to allow more pharmacy products to be sold in our supermarkets and does the CEO agree Chemist Warehouse has gamed the system, taking substantial value away from the likes of Woolworths and Coles.

Answer: The chair... Watch video of exchange via Twitter.

Q2. Thank you for offering a best practice hybrid AGM but could chair Scott Perkins please explain why he doesn't do the same at Origin Energy, which he also chairs. Also, will you follow the lead of Qantas, Suncorp, Tabcorp, Stockland, ASX Group, Computershare, Myer and many other companies by disclosing how many of 370,000 retail shareholders voted for and against this remuneration report item, like at a scheme meeting. This will make public Woolworths retail shareholder sentiment on issues like remuneration and forestry practices, rather than having the voting results dominated by US-based index funds and the likes of Australian Super. Such disclosure will also stimulate future retail shareholder participation. Last year you rejected this request. Why? You have the data so please let the sun shine in on Australia's chronically low retail shareholder voting rates.

Answer: The chair... Watch video of exchange via Twitter.

Q3. At last year's AGM, 30.4% of directed proxies supported a shareholder resolution on salmon farming practices which the board opposed, yet you dismissively stated in the notice of meeting that the resolution was proposed by the owners of just 0.004% of the company, something you have done again this year. How impactful was that big shareholder protest vote last year and have there been any similar protest on any of this year's shareholder resolutions. Did any of the proxy advisers recommend a vote in favour? I also don't understand your opposition to a constitutional amendment to allow for opinion-based shareholder resolutions. Why not amend the constitution to allow for these, but only from shareholders speaking for more than 5% of issued capital, similar to the voting power required to call an EGM?

Answer: The chair... Watch video of exchange via Twitter.

Q4. This Woolworths AGM has been another classic example of why public companies should disclose the proxy votes to the ASX prior to the commencement of the AGM along with the formal addresses, something Origin Energy, which Scott Perkins also chairs, has been doing continuously since 2008. Sadly, you delayed disclosure today, which is a bit like asking Antony Green to run election night analysis without any voting data. Why didn't you reveal the 15% remuneration report protest vote until after closing the debate on that item? What is the issue? You only flashed up the proxies on these shareholder resolutions at about 12.40pm. Those proxies showed a stunning 34.17% in favour of item 5b, even more than the 30.4% achieved last year. Your shareholders, not just those who own 0.004% of the company, are clearly revolting. Which of the proxy advisers backed the shareholder resolutions and will you undertake to disclose the proxies early before next year's Woolworths AGM, like you do as chair of Origin Energy, so all stakeholders can have a more fully informed debate?

Answer: The chair... Watch video of exchange via Twitter.

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