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Stakeholder engagement
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Wesfarmers regularly engages in discussions with our
stakeholders to help identify and manage our businesses and operations,
including positive and negative impacts that our activities may have on
stakeholder interests. We also seek to understand stakeholder expectations and
how these expectations are changing.
Wesfarmers considers the interests of a cross-section of
stakeholders in a variety of ways, determined by the actual or potential impact
of our business on their interests.
Shareholders and investment analysts
Wesfarmers engages with and listens to our retail and
institutional shareholders through our annual general meeting, at strategy and
results briefings, through meetings and events, and in response to ad hoc
correspondence. The Wesfarmers share register is managed by Computershare
Investor Services Pty Limited.
Wesfarmers is engaged with investors through regular forums and
meetings, usually in small face-to-face formats, which makes for more
meaningful engagement.
Investor briefings relate to Wesfarmers’ financial results,
strategy and operations. These are open to all shareholders to listen to live
via public webcasts or delayed through our website and are an opportunity for
investment analysts and the largest institutional investors to ask questions on
behalf of the wider investment community of the Managing Director, Chief
Financial Officer and divisional managing directors.
The main issues that shareholders raised during the 2024
financial year related to operating environment, opportunities for growth,
individual divisional strategies, progress on the Group’s sustainability
agenda, our approach to capital allocation and the Group’s outlook.
In relation to our approach to sustainability, investors have
engaged on topics including ethical sourcing, circular economy, climate
resilience, cyber security and corporate governance. These topics are discussed
in investor briefings and at our annual general meeting.
Team members
As at June 2024, Wesfarmers employed
approximately 120,000 team members. Wesfarmers uses multiple channels to listen
to and communicate with team members, including enterprise social networks such
as Workplace, periodic divisional team members surveys, personal contact,
including through yarning circles, a whistleblower process, the website and via
email. Wesfarmers maintains contact with key unions representing team members.
As in previous years, during the 2024 financial year the Group
received reports related to various issues including alleged breaches of the
Wesfarmers Code of Conduct and items related to professional development and
individual work-related grievances. The Group and divisions act on the feedback
they receive and individual concerns are
investigated and addressed.
Whistleblower reports are provided to our highest governance
body, the Board Audit and Risk Committee annually, with processes in place to
escalate whistleblower issues to the Board if required.
Customers
Wesfarmers’ customers provide regular feedback to team members
in our businesses and make contact through emails, letters, websites, telephone
calls and in person. Customer feedback received by email is monitored every
working day and addressed as soon as possible by the area of the Group that is
best positioned to respond.
Suppliers
Wesfarmers is committed to long-term outcomes that benefit
shareholders and our suppliers. We recognise robust negotiations are part of
normal and acceptable business practice and contribute to innovation,
efficiency and the long-term sustainability and competitiveness of all parties.
The divisions have close working relationships with their
suppliers. They all maintain ethical sourcing policies and review systems for
higher-risk suppliers. Team members are often members of supplier bodies and they recognise suppliers for positive
actions and contributions through awards and meet with suppliers regularly and
as requested.
Government
During the 2024 financial year, Wesfarmers liaised with the
federal and state governments on a range of issues that affect our businesses,
including industrial relations, industry policy, climate change and modern
slavery.
Significant time and resources are committed to support
government enquiries and reviews, either directly or through submissions made
by peak bodies. We endeavour to contribute in a constructive manner where
issues are relevant to our business.
Media
Wesfarmers engages with external media organisations
and we use our own media channels to communicate regularly with stakeholders.
‘Earned’ or independent media is an important avenue for this communication. We
work with international, national and local media organisations because we
believe it provides transparency and contributes to Wesfarmers’ reputation.
During the year, media commentary and enquiries focused on sustainability,
transparency, integrity, corporate governance coupled with a long-standing focus
on financial and operational performance.
Our engagement with media organisations includes holding media
conferences to coincide with financial results announcements and other major
events, as appropriate. Our corporate affairs departments consider all media
enquiries and respond appropriately, guided by what is in the best interests of
our company and businesses. The Chairman, Group Managing Director, Chief
Financial Officer and Executive General Manager of Corporate Affairs, along
with divisional managing directors, are available for other media interviews on
request.
The focus of media interest in the 2024 financial year was
around financial performance and the strategies of our new divisions. Other
areas of growing media interest included our response to climate change,
domestic and international economic conditions and our actions supporting
reconciliation in Australia.
Non-government organisations
Wesfarmers’ divisions work collaboratively with diverse
non-government organisations (NGOs) and experts on specific issues or contexts
for a range of projects.
We continue to build relationships with accredited and reputable
NGOs, industry associations and subject matter experts. NGOs engage with the
Group on issues such as human rights, labour rights, environment and public
policy. In 2024, their engagement focused on ethical sourcing, climate change,
reconciliation and inclusion, and extended to areas of policy and legal reform.
We work with a range of industry associations appropriate for
our operations, including the Business Council of Australia, Australian
Packaging Covenant Organisation, the Carbon Market Institute, Chemistry
Australia (formerly Plastics and Chemicals Industries Association), the
National Retail Association, the Fashion Industry Charter for Climate Action,
Sustainable Apparel Coalition, Australian Hydrogen Council, Australian Energy
Transition Initiative, and the Global Home Improvement Network. While we work with
these organisations, we formulate our own position on diverse issues affecting
our business that may not always align with the positions adopted by these
organisations.
Wesfarmers’ divisions and corporate teams have also participated in industry forums, such as the Climate Leaders Coalition and the United Nations Global Compact (UNGC) working groups.
We welcome your feedback on our sustainability performance or reporting.
Contact sustainability@wesfarmers.com.au
GRI 2-12, GRI 2-16, GRI 2-28, GRI 2-29, GRI 3-3