6 questions lodged at 2026 Baby Bunting (BBN) hybrid AGM
October 13, 2026
Below is the text of the 6 written questions submitted at the 58 minute Baby Bunting (BBN) 10am hybrid AGM in Sydney and via Computershare on October 13, 2026. See notice of meeting detailing 6 resolutions. Attended in person in Melbourne last year when prepared these questions in advance. Market cap $143.7m on 2026 AGM day. The proxies were disclosed early in a separate ASX announcement to the AGM slide deck and revealed 99%+ in favour of all 6 resolutions. Well done. David Kingston was the only other shareholders asking questions. Listen to this audio file of part of his contribution.
Q1. Thank you for upgrading from a physical AGM in Melbourne last year to a hybrid AGM today via the excellent Computershare platform, but why the switch to Sydney when we're a Melbourne-based company? Is this a permanent switch to Sydney or will we be running a hybrid AGM in Melbourne next year? Also, thanks for disclosing the proxies early to the ASX and well done for receiving such strong voting support on all 6 resolutions.
Answer: There was no running away from Melbourne after last year's in person engagement at the Baby Bunting AGM. They've been rotating between Melbourne and Sydney for years. Do your research, Stephen! Delighted to hear chair Stephen Roche commit to a Melbourne hybrid next year. He appreciated the overall plaudits in this question. Watch video of exchange via Twitter.
Q2. Ernst & Young (EY) was officially appointed as our external auditor at the 2017 AGM. Have we conducted a full competitive tender since then and, if not, when are we next likely to tender the audit? Please don't talk about 5 yearly audit partner rotation. We all know that is the law. The UK has moved to mandatory audit tenders every ten years. Where do we sit on this issue?
Answer: Baby Bunting chief lawyer and question wrangler Corey Lewis has excellent intonation. There's no way chair Stephen Roche would have repeated 5 yearly audit partner rotation after the way this was sternly read out. Turns out EY has done 9 audits with no tender, but chair Roche said they'll look at the issue. He also said EY are doing a great job, of course. Watch video of exchange via Twitter.
Q3. Does anyone at today's AGM know what happened to Aussie Super? They were our second largest shareholder with 12.14% when last year's full year results were released and now they are no longer a substantial holder. Do you know if they have sold out completely and did we meet with them after the full year results this year? Also, how do we deal with our largest shareholder, the activist investors from HMC Capital? How active are they in their engagements with us?
Answer: Wow, Aussie Super sold out of Baby Bunting because their small caps manager retired and the portfolio got merged with the rest of the Australian equity holdings. You don't hear this sort of detail very often. Well done to chair Stephen Roche, who was right across everything today. He said the relationship with HMC was "constructive". Watch video of exchange via Twitter.
Q4. Since we gathered at the 2025 AGM, there has been a lot of press about retail crime with suggestions that it is worse in Victoria than other states. What has our experience been in recent years across the different states? Have we had to invest more into security and how big a problem is shop lifting at our stores, including in Victoria?
Answer: Chair Stephen Roche made it sound terrible in every city, but must have been talking about retail generally as CEO Mark Teperson said it remains at historically low levels at Baby Bunting with Victoria no worse than any other state. Watch video of exchange via Twitter.
Q5. Thank you to Gary Levin for his 12 years of service on the board. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In his final contribution as a Baby Bunting director, could Gary please comment on what he regards as the best 2 decisions Baby Bunting made during his time on the board and, if he had his time again, what should we have done differently?
Answer: Gary rated the 2014 IPO, getting a much more professional logo, more than doubling sales and stores and hiring the current CEO Mark Teperson, who I agree is excellent. Watch video of exchange via Twitter, plus these additional comments by Gary Levin including the quote of the day: "Retail is detail and if you're not making any mistakes you're not trying enough things.” However, he said they didn't make any major mistakes.
Q6. You've run a near perfect hybrid AGM today. All you need for best practice is to publish the full webcast archive and disclose the head count data in the poll results, like with a scheme or arrangement. Computershare has the data. How about it?
Answer: Baby Bunting chair Stephen Roche knocked back head count voting disclosure for the second straight year. When you've got 99%+ in favour of all 6 resolutions, who wants to disclose that some retail shareholders had a different view? They were so close to making it onto his best practice list with just 6 companies. Oh well, maybe next year. Watch video of exchange via Twitter.
Copyright © 2026 The Mayne Report. All rights reserved
