- Times and locations of upcoming AGMs can be viewed here.
- To read all our voting intentions and AGM reports, click here.
- To learn how you can give us your proxies and set up a standing proxy, click here.
Upcoming AGM Overview
The upcoming AGMs are expected to be uncontroversial. Westpac shareholders will witness non-executive director Steven Gregg chairing his first AGM at Westpac. This meeting will also mark the farewell of CEO Peter King and hopefully provide an opportunity to meet the new CEO, Anthony Miller, before he officially assumes the role on 16 December.
Voting Intention Reports published in the past week
This week, we have published the voting intention reports listed immediately below which you can read via the links on the headings.
Westpac Banking Corporation (ASX: WBC) – AGM Friday 13th December 2024
For some years, Westpac has struggled with significant issues which impacted on their reputation. The company has made steady progress and is now in a more reasonable position with APRA giving a clean bill of health on completion of the CORE Enforceable Undertaking.
However, there is still need for more progress in areas such as technology, hence the intention to allocate a large capital outlay towards its IT improvement and simplification program called ‘UNITE’. The depth of technology, digital and data skills on the board has been lifted by the addition of Andy Maguire who brings deep experience in technology infrastructure in the banking sector and digital transformation.
Financially, the company had a solid year with a slight decrease in Net Profit After Tax but a significant increase in share price and dividend payments. ASA will be supporting the resolutions including the re-election of directors and the approval of the Remuneration Report. We will be voting against the shareholder requisitioned resolution to alter the constitution, and we note shareholders voted 92% in favour of the Westpac’s Climate Change Position Statement and Action Plan at the 2023 AGM.
Orica (ASX: ORI) – AGM Tuesday 17th December 2024
Orica has delivered strong underlying profit, with the Digital Solutions group lifting 29% and the earnings before interest and tax from all regions achieving double digit growth. The company has achieved 47% reduction in Scope 2 emissions reduction, compared to its target of 45% by 2030. ASA will be supporting all the resolutions to be considered which include the re-election of Denise Gibson as a director, the adoption of the Remuneration Report, the grant of performance rights to the Managing Director and CEO under the Long-Term Incentive Plan, and the approval of potential leaving entitlements for directors of Orica subsidiary entities
National Australia Bank (ASX: NAB) – AGM Wednesday 18th December 2024
This year, NAB has continued to focus on its customer-centric strategy, showing some positive results despite challenges. The bank’s Total Shareholder Return over the past three years was 51%, significantly outperforming its peers. However, cash earnings were 8.1% lower than the previous year, mainly due to margin pressure from home lending competition. On the positive side, NAB has made substantial investments in technology modernization and fraud prevention, including the development of BioCatch for scam detection. We will be voting for all the resolutions including the election of Mr Warwick Hunt MNZM who if elected will be an independent non-executive director of the Bank of New Zealand, a significant subsidiary of NAB. We are voting against the shareholder requisitioned resolution to alter the constitution. NAB has disclosed its customer transition plan assessment framework in its 2024 Climate Report, which will apply from 1 October 2025.
AGM Reports:
Read about ASA at these AGMs:
Pilbara, Lynas, Ramelius, Qube, LendLease, Ramsay Healthcare, Accent
