Coles Group (COL) AGM 2025 summary

Shareholder proposals

• Approval was sought for grants of SCI shares and performance rights to the CEO as short- and long-term incentives, with the board recommending in favor and the CEO abstaining from voting.

• Shareholder-requisitioned proposals included amending the constitution to allow shareholder opinions on board powers and a resolution on seafood sourcing policy; the board recommended voting against both.

• The constitutional amendment (item 6.1) did not pass, so the related seafood sourcing resolution (item 6.3) was not put to a vote.

Q&A with stakeholders

• Shareholders raised concerns about responsible sourcing, especially regarding Tasmanian salmon and the endangered Maugean skate, urging alignment with global best practices and transparency.

• The board emphasized ongoing due diligence, engagement with scientific bodies, and reduction in salmon sourced from Macquarie Harbour, but maintained reliance on scientific advice for future decisions.

• Questions addressed animal welfare, plant-based alternatives, and the use of Bovaer in the beef supply chain, with commitments to cage-free eggs and protein diversification.

• Stock theft and loss were discussed, with a reported 25 basis point reduction in total loss for FY2025 and ongoing collaboration with authorities.

Overview of voting outcomes

• The board recommended in favor of CEO incentive grants and against shareholder-requisitioned constitutional and seafood sourcing amendments.

• The constitutional amendment failed, preventing the seafood sourcing resolution from proceeding to a vote.