6 questions lodged at 2025 Domino's hybrid AGM
November 14, 2025
Below is the text of the 6 written questions submitted at the 65 minute Domino's Pizza (DMP) 3pm Brisbane time hybrid AGM via the Link/MUFG platform on November 12, 2025. Market cap $1.9b after another poor year. See notice of meeting. The proxies were not disclosed early in the formal addresses. Biggest protest 10% against nomination committee chair Ursula Schreiber and came through with extra voting data for the first time. General counsel and company secretary Craig Ryan did a great job with the question wrangling. See ridiculous 26 questions asked at last 3 Domino's AGMs.
3 questions on the resolution relating to acting executive chair and billionaire 25.66% shareholder Jack Cowin's re-election
Q1. When Jack Cowin talks to CEO candidates, how does he respond when they ask him how long he intends to remain as chairman of Domino's? Health permitting, is it his intention to serve out a full 3 year term, at which point he would be 86. Is this the last time Jack will be seeking re-election or could we be doing this again in 2028?
Answer: The chair went through his usual routine of saying he's the same age as Joe Biden, who is buggered, and similar to the Rolling Stones, who are still going strong, just like him. He's giving no signals about retirement and seemed pretty sharp, despite the stoop. Watch video of exchange via Twitter.
Q2. The latest ASIC report summarising net short positions across the ASX300 shows that 17.42% of our total shares on issue are currently sold short, which makes us one of the 5 most heavily shorted stocks on the ASX. Do we know which of our institutional shareholders are lending their shares to short sellers and could chair Jack Cowin confirm that he his not lending his stock to short sellers? If not Jack, who is doing this? Do we know the identity of the short sellers, have we observed any tactics by short sellers to try and drive the share price lower and how are we generally handling this overall tricky situation?
Answer: As expected, Jack said he hadn't lent any of his shares to short sellers but it was surprising that he had no idea who was shorting the stock. The comment about "media bribes" was a bit over the top but he basically issued the short sellers a warning that Domino's was being turned around and they'd better watch out if the share price keeps recovering. Watch video of exchange via Twitter.
Q3. We've talked about the Domino's debt position but what about Jack's 25.66% stake in the company? Are those shares leveraged or pledged to any third party financier? If not, why hasn't Jack emulated other prominent chairs under pressure from short sellers, a falling share price or press criticism, by stepping into the market and buying more shares? Does Jack have the capacity to do that and what has been the trading windows situation since he became executive chair in July?
Answer: The chair said he hadn't sold a share since first buying in way back in 1986 and then he made the very strong points that he has used the DRP over the last two years and buying on market can be tricky from a perception point of view regarding insider trading. A very good answer. Watch video of exchange via Twitter. Domino's general counsel and company secretary Craig Ryan did a stand out job wrangling the online questions today. No censorship and here he is jumping in at the end clarifying the trading windows situation. Jack can buy tomorrow.
Q4. Which of the proxy advisers covered us this year and did any 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? Please don't say they are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant.
Answer: ISS recommended against Peter West's election due to his lack of independence but that was the only one and it produced a modest 5% protest vote.
Q5. Could new director Peter West and the chair comment on the recruitment process that led to his appointment to the board. Was a head hunter involved and did the full board interview any other candidates? Did Peter know any of our directors before engaging with the recruitment process and how large are the related party transactions with his current employer Coke that make him a non-independent director?
Answer: Turns out ISS recommended against over the non-independent issue but Peter West then explained that he Coke has none of the Australian Domino's business and just a small “rounding error” slice in NZ. Watch video of exchange via Twitter. Uschi Schreiber chairs the Domino's nomination committee. She was re-elected today but, unlike chair Jack Cowin, promised this would be her last term having served since 2018. Here she is explaining the process through which Peter West was recruited to the board.
Q6. Is Peter West available to be our next CEO? Switching a non-executive director into the CEO role is quite a common practice amongst ASX listed companies. He sounds great. Give him the job!
Answer: The chair Jack Cowin took this one and spoke on Peter West's behalf saying that he wants to slow down after retiring as Coke's Australasian CEO at the end of calendar 2025 and is therefore not available. Watch video of exchange via Twitter.
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