3 questions lodged at 2026 Wesfarmers (WES) hybrid AGM

Q1. Our shares fell by 4.17% today after investors digested this morning's update. The stock dropped by 7% on AGM day last year. Could new chair Ken Mackenzie set himself a target to ensure investors are not overly confident going into next year's AGM and aim for the stock to move by less than 1% on AGM day? Why has this happened two years in a row? Could out-going chair Michael Chaney and the CEO reflect on whether we need to make any tweaks to our continuous disclosure policies and practices?

Answer: The chair Michael Chaney, 77, made light of this, joking that Ken Mackenzie should adopt a hang dog posture leading into next year's AGM. If the market is fully informed you should not see a 4% or 7% drop on AGM day after the first quarter update. Watch video of exchange via Twitter.

Q2. How much have we agreed to pay new chair Ken Mackenzie? Will there be an increase on what Michael Chaney received in 2025-26? Regarding AGM practice, could Ken please undertake that he won't try to introduce BHP-style AGMs at Wesfarmers where live online voting and questions have been banned for the past 5 years? Also, Woolworths got with the program at its AGM this morning and disclosed the proxy votes early to the ASX along with the formal addresses. Michael Chaney has never done this in 43 years of involvement with public companies when it is becoming common best practice. Will Ken Mackenzie undertake to look at early proxy disclosure next year as market practice moves, led by the likes of Woolworths, ASX Group, Qantas, Computershare and many others?

Answer: Very disappointing that the out-going 77yo chair Wesfarmers chair blocked new chair Ken Mackenzie from answering any of my questions. However, he did confirm that Ken Mackenzie's chair fee would be the same as his. And Chaney claimed only "a couple" of companies have moved on early proxy disclosure. Try almost 100, chair. You need to check out this list. Watch video of exchange via Twitter.

Q3. Ken Mackenzie will be the first non-Perth resident to chair Wesfarmers. How much time is he planning to spend in Perth and will the company maintain a dedicated office for him in Perth and/or his home town in Melbourne? Are we supplying him with an executive assistant? How much contact has Ken had with CEO Rob Scott so far and how frequently is he expecting to be in touch with him each week. Is his style to have daily interactions with the CEO, with regular texts and emails or is he more hands off? Also, does he have any plans in mind for changes to the committee structure or leadership and is he likely to chair any committees?

Answer: Once again, Ken was not invited to respond and with no microphone in front of him on the stage (he was sitting out of view in the front row of the audience), he couldn't answer even if he wanted to. Instead, Michael Chaney just talked about what he does, including a regular Tuesday meeting with the CEO. However, Chaney did say Ken's Wesfarmers-funded office would be maintained "near" their Melbourne HQ and he would also have a company-funded EA out of Melbourne, not Perth. Watch video of exchange via Twitter.

Copyright © 2026 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel