4 questions lodged at 2025 Reece hybrid AGM
November 21, 2025
Below is the text of the 4 written questions submitted at the 48 minute Reece (REH) 10am Melbourne time virtual AGM via Computershare platform on November 21, 2025. Nominated for the board and they commendably published the platform in full in the notice of meeting. See nomination letter. The platform included the following: “Stephen nominated for the Reece board out of concern about the company's excessive secrecy, poor communications with shareholders, lack of independent directors, abandonment of the independent chair model, high recent turnover of independent directors and the 60% slump in the share price since September 2024. Stephen is the first person not endorsed by the controlling Wilson family to nominate for the Reece board since it listed in 1974. His candidacy is intended to provide a safe platform for shareholders to register their concerns and consequentially open opportunities for dialogue with company representatives about reforms whilst knowing that the controlling family will ensure his candidacy is unsuccessful.” Sadly, few shareholders took the opportunity to send a protest vote as only managed 0.63% in the poll. As ASA noted in last year's Reece AGM report, the directors were effusive about luring former NAB CEO Ross McEwen on as lead independent director, but then he quit a few months later after winning the race to chair BHP. They are still looking for a new lead independent director. Market cap was $6.64 billion on AGM day. The proxies were not disclosed early in the formal addresses. See AFR write-up of the meeting.
Q1. Will a copy of the AGM webcast be made available on your website for the benefit of shareholders unable to watch live. Also, why don't you publish recordings of earnings calls online and why do you refuse to even put a copy of the Reece constitution on your website? As an ASX100 company, I'm puzzled by all this unnecessary secrecy. What other ASX100 company refuses to publish its constitution online?
Answer: Quite a bit of waffle from executive chair Peter Wilson but at least they came through with the AGM webcast. The hidden constitution remains an unexplained mystery. Watch video of exchange via Twitter.
Q2. When disclosing the outcome of voting on all resolutions today, please advise the ASX how many of our 9,278 shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions beyond the dominating Reece family on director elections and the institutional investors on remuneration matters, along with insight into the chronically low retail shareholder participation rate which has plunged to below 3% since the move away from paper after COVID. The likes of Qantas, ASX, Suncorp, Tabcorp, Myer, Flight Centre, Stockland and even our own registry provider Computershare have all voluntarily provided this data at their most recent AGMs. You've got the data, so why not be more transparent and voluntarily let the sun shine in?
Answer: The chair... Watch video of exchange via Twitter.
Q3. What sort of of access does our 84 year old former executive chair and founder Alan Wilson get to board papers now that he has the title chairman emeritus? Does he get sent the board paper, does he attend board meeting, will he interview candidates for the role of lead independent director and was he aware of the buyback proposal before it was announced to the wider market?
Answer: Alan's son Peter Wilson said he does attend board meeting and can basically do whatever likes, even though he is not a formal director any more. However, Alan doesn't attend board committee meetings because they are boring. Watch video of exchange via Twitter.
Q4. Well done for embracing annual director elections but why isn't executive chair Peter Wilson putting himself up rather that using the Corporations Law exemption made available for one executive director each year. Give CEO Sasha Nikolic a break from elections and put Peter Wilson up each year please.
Answer: Peter Wilson declared this to be a good question then said there was nothing sinister in it as the situation was purely procedural but they may just swap it out next year. Given the family owns 70%, he was right to say it won't make any difference. Watch video of exchange via Twitter.
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