This article by Ann Crotty on the Woolworths Annual General Meeting is worth a read. Including the comments by Aeon Investment Management.
Woolworths chairman Simon Susman told shareholders at Tuesday’s annual general meeting that the board was confident of the group’s Australian strategy. “We believe in the strategy and we believe in Ian [Moir, the CEO] and his team … but we are in the eye of the storm,” said Susman.
Moir said the board “thoroughly believes” in the overall strategy but acknowledged the execution of that strategy “has let us down in some areas”.
Despite the disappointing financial 2017 results and the almost halving of the share price over the past two years, only one institutional shareholder attended the meeting and quizzed the board on the group’s performance.