5 questions lodged at 2026 Reece (REH) hybrid AGM

Q1. If Peter Wilson wants to continue with putting all of his non-executive directors up for election every year, could he please include himself on the slate next year? Whilst I support annual director elections generally, I'm a bit nervous about it at Reece because it means the controlling family could potentially threaten to remove any independent director who spoke up too much at every AGM. In light of this, could you please return to the usual 3 yearly election cycles for the independent directors and perhaps keep putting the Wilson family directors up for election every year?

Answer: I stuffed up part of this question accusing Reece executive chair Peter Wilson of not putting himself up for election when he did. Do your research, idiot. But am getting cold feet on annual director elections at Reece because the 70% shareholder can punt indies every year. Peter Wilson said he thought annual elections of directors was working well, so it will continue. Watch video of exchange via Twitter.

Q2. Could Peter Wilson and Gavin Street please both comment on whether Gavin should be classified as an independent director. Isn't he a friend of the family having been their hand-picked and trusted Reece company secretary and CFO for many years? A test of friendship is often measured by home visits. How many Wilson family homes has Gavin visited over the years. Does he regard any members of the Wilson family as personal friends and has he historically been invited to Wilson family functions?

Answer: Case closed on Gavin Street. Fair enough to classify him as an independent director after this exchange. Peter Wilson explained that it's simply a business relationship and Gavin has never visited a Wilson family home. It's not even clear if Gavin was at the virtual AGM because they just had 5 people on the stage for the webcast and he wasn't one of them. Watch video of exchange via Twitter.

Q3. At last year's AGM, executive chair Peter Wilson said that his father, Emeritus Chair Alan Wilson, could basically do what he likes and does attend board meetings. Twelves months on, he is now 85 and presumably slowing down a bit. What overall proportion of full board meeting time did Alan Wilson attend over the past year and where would he rank in terms of contributing to the debate? How does his current contribution compare to when he was executive chair? Significantly lower and not in the top 50% or only modestly lower to the extent that he remains one of the most influential people at board meetings? Also, does he have his own dedicated office at Reece's head office with a dedicated executive assistant?

Answer: 86yo Reece Emeritus Chair Alan Wilson does attend most board meetings but his son, executive chair Peter Wilson, reckons he doesn't say much and “he really is an observer”. Peter said his dad loves visiting stores and has just been on a week long golf trip. Kudos for such openness in this answer. Watch video of exchange via Twitter.

Q4. In terms of the Australian operation, how many enterprise agreements with unions does our company have across the business and were we impacted by the various industrial relations law changes by the Federal Government such as the right to disconnect and "same job, same pay" rules. JB Hi Fi, Baby Bunting and Domino's all said at recent AGMs that they pay award wages, have no enterprise agreements and virtually non-existent union membership amongst its workforce. Is our situation the same? Also, do unions have any presence in our New Zealand and US operations?

Answer: Sounds like there isn't a single union member on the Reece payroll. Does that partly explain their success? Watch video of exchange via Twitter.

Q5. Which proxy advisers recommended against the rem report and what reasons did they give? Also, well done to the Wilson family for not voting on the last item when they could have. This is good practice and respectful of independent shareholders.

Answer: Reece chair Peter Wilson appreciated the compliment re not rem voting when they could have. Then company secretary Chantelle Duffy provided an excellent summary of the rem proxy adviser recommendations which was Ownership Matters and ACSI recommending in favour and ISS and Glass Lewis going against with quantum being part of the issue. Next time a chair says proxy adviser recommendations are confidential, show them this. Watch video of exchange via Twitter.

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