Wesfarmers (WES) AGM 2024 summary

Opening remarks and agenda

• The meeting began with a welcome, acknowledgment of traditional owners, and an outline of the agenda, including board introductions and procedural matters for voting and questions.

• Shareholders were informed about hybrid participation options, voting procedures, and the opportunity to ask questions both in person and online.

Financial performance review

• Net profit from continuing operations reached a record AUD 2.6 billion, up 3.7% from the prior year, with a fully franked dividend of AUD 1.98 per share, also up 3.7%.

• Kmart Group was the standout performer, with a 25% profit increase; Bunnings, Officeworks, Health, and Industrial and Safety also saw profit growth.

• Revenue for the year was over AUD 44 billion, with significant contributions to suppliers, employees, and the community.

• The conglomerate structure helped offset downturns in some divisions with growth in others.

Board and executive committee updates

• Three directors stood for election or re-election: Alison Watkins, Kate Munnings, and Tom von Oertzen, all of whom addressed shareholders.

• Vanessa Wallace and Anil Sabharwal retired from the board; Julie Coates was announced as a future board member.

• The board sought and received approval to increase the non-executive director fee pool by AUD 400,000 to AUD 4 million per annum.