Tesco (TSCO) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with safety instructions and introduction of board members, including recent changes and new appointments.

• Emphasis on shareholder engagement, voting on resolutions, and opportunity for Q&A.

Board and executive committee updates

• Dame Carolyn Fairbairn joined as independent non-executive director and will succeed Byron Grote as Senior Independent Director.

• Karen Whitworth to become Audit Committee Chair.

• Thanks expressed to outgoing directors for their service.

Financial performance review

• Achieved over 7% sales growth and nearly 7.5% top-line growth, with GBP 2.8 billion operating profit, up almost 13%.

• Strong cash conversion of just over GBP 2 billion, enabling progressive dividends and continued share buybacks.

• Largest ever investment in hourly pay, raising UK hourly rate to over GBP 12.

• Full-year dividend of GBP 0.121, up 11% from last year.