Wesfarmers (WES) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a welcome, acknowledgment of traditional owners, and an outline of the agenda, including director elections and shareholder voting procedures.

• Shareholders were briefed on voting and question procedures, both in-person and online, ensuring broad participation.

Financial performance review

• Net profit from continuing operations reached a record AUD 2.6 billion, up 3.7% from the prior year.

• Fully franked dividend increased by 3.7% to AUD 1.98 per share.

• Kmart Group delivered a 25% profit increase, with Bunnings, Officeworks, Health, and Industrial and Safety also recording gains.

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

• The company maintains a strong balance sheet and solid cash flows, supporting future growth.

Board and executive committee updates

• Three directors stood for election or re-election: Alison Watkins, Kate Munnings, and Tom von Oertzen, all receiving strong support.

• Two directors, Vanessa Wallace and Anil Sabharwal, retired at the meeting.

• Julie Coates was announced as a new board member joining in May next year.