Coles Group Limited (CLEGF) Earnings Call Transcript & Summary

Coles wishes to acknowledge the traditional custodians of the land on which we are gathered today. We recognize their strength and resilience and pay our respects to their elders past and present. Coles extends that respect to all aboriginal and Torres Strait Island people and recognizes their rich cultures and continuing connection to land and waters.

Good morning, everyone. It's my pleasure to welcome you to Coles' 2025 Annual General Meeting. My name is Daniella Pereira, and I'm the Group Company Secretary. On behalf of Coles, I would also like to acknowledge the people of the nation as the traditional custodians of the land. I pay my respects and present and also to my respects to those present here today, -- also to those aboriginal and Torres Strait Island people's present here today. For those online, I would also like to acknowledge our additional lands from where you join us today. A few housekeeping matters to begin with. As a courtesy, could you please ensure that your mobile phones are silenced. In the event of an emergency, there will be an announcement over the PA system with further instructions from the Melbourne Park staff. Before we move to the formalities of today's meeting, we will play a short video outlining the procedures for asking questions and for voting during today's hybrid meeting. [Presentation] This video explains how to ask a question and vote at today's meeting. Shareholders, proxy holders, attorneys and corporate representatives may ask a question and vote in person or using the online platform. The Chairman will address questions relating to a particular item of business during discussion on that item. If you are attending online, we encourage you to submit written questions at any time from now. For those attending in person today, if you hold a handset or a yellow or red card, you may ask a question. If you hold a white card, you are a visitor and you are welcome to attend, but you will not be able to speak or vote. During the discussion on a particular item of business, if you have a question relating to that item, please move to a microphone, give your name and show your handset or yellow or red card. If you are not attending in your personal capacity, please also state your affiliation. Your name will be announced to the meeting. If you are unable to make your way to a microphone, please raise your hand and a microphone will be brought to you. For those joining the meeting online to ask a written question, click on the messaging tab, select the category of your question, type your question and click Send to submit. You can view your questions under my messages. To ask a live audio question, click on the request to speak button. This will pause the broadcast enter the topic of your question and click submit request. Please then click join queue and follow the instructions to test your microphone. Once you have tested your microphone, you will be able to hear but not see the meeting. When it is your turn to speak, the moderator will introduce you, and you will hear a beep. Please then ask your question. All questions at the meeting must relate to an item of business and the company as a whole. If a question has already been asked, please don't ask it again. To give all shareholders a reasonable opportunity to be heard, please ask no more than 2 questions or make 2 comments initially. If we receive a number of similar online questions, we may need to answer them collectively. We may also need to summarize questions in the interest of time. If your question is of a personal nature relating to your shopping experience at any Coles Group business, please visit the booth in the foyer where the attendance will be delighted to assist you. Our executive leadership team will also be available in the foyer following the meeting to answer your questions. For questions relating to your personal shareholdings, please make your way to a Computershare attendant. If you are attending the meeting online, please contact our customer care number or the Computershare Registry number shown on the screen. Moving on to voting. For those attending in person, if you hold a handset or a red voting card, you may vote. This handset should have a white plastic card inserted and should display your name, the resolutions and voting options. To vote on the first resolution, press the green square button to vote for the resolution, press the red triangle button to vote against the resolution or press the blue trackball to abstain. There is no enter button. Once you have entered your vote, use the blue trackball to scroll to the next resolution. You can change your vote up until the Chairman closes the poll, simply move the trackball to the relevant resolution and reenter your vote, the final selection on your device at the close of polling will be counted as your vote. Please return the handset to an assistant when you leave the meeting. For those voting online, click the voting tab to display the resolutions. To submit your vote on each resolution, select either for, against or abstain. The selected option will change color. Your selection is automatically recorded, and there is no submit or send button. You can change your vote up until the Chairman closes the poll. Detailed instructions on how to use the online platform are set out in the online meeting guide available on our Annual General Meeting web page or under the documents tab on the Lumi platform. If you have any technical issues, please call Lumi using the phone number shown on the screen. You can also find the number on the home page of the platform. Thank you.

I hope that video was useful. If you require any assistance during the meeting with your handset or if you have any questions in relation to the meeting procedures, please raise your hand and 1 of our attendants will assist. As noted in the video, for our online attendees, we encourage you to please submit your written questions any time from now. And it is now my great pleasure to introduce our Chairman, Peter Allen.

Thank you, Daniella. Good morning, everyone, and welcome to our 2025 Annual General Meeting. Thank you for joining us here today in the room and online and for your continued investment and support of Coles. Before I begin, I would like to note that today is Remembrance Day. We honor the service and sacrifice of those who have served and pay our respects for those who gave their lives for Australia. At 11:00 a.m., there will be an announcement over the PA system for us to observe a minute silence. As we have a quorum, I now declare the meeting open. I'd like to start by introducing my fellow board colleagues starting from my far right are Wendy Stops, Andy Penn, Jacqueline Chow, who is standing for reelection at today's meeting, and Jacqueline Chow, Chairman of our People and Culture Committee. And to my far left is Abi Cleland, Scott Price, who will also be standing for reelection at today's meeting. Leah Weckert, our Managing Director and Chief Executive Officer; and Daniella Pereira, our Group Company Secretary. At the front of the meeting, our members are our executive leadership team, together with Mr. David Shewring from the company's auditor, Ernst & Young. A notice of meeting has been distributed, and I take it as read. Voting on all resolutions will be way of poll, and I will now declare the poll open. The poll will remain open until the end of the meeting. Tim Heughan of Computershare will act as a returning officer for the poll and will oversee the counting of the votes. The final results will be made available after the meeting to the ASX and on our website. This is my first AGM as Chair. I joined the Board as a Nonexecutive Director in September 2024 and was honored to become the Chair in May this year. I'd like to acknowledge and thank my predecessor, James Graham, who is here with us today. James was a Chair of Coles for its demerger and the ASX listing, the disruptions of COVID and oversaw significant capital investment. On behalf of the Board, our team and shareholders, thank you, James, and also thank you, Helen, for your support. I'd also like to thank Terry Bowen for his services as a Nonexecutive Director from 2022 to 2025. Terry has recently retired from the Board to take up a full-time executive role, and we wish him all the best. Over the past 6 months, I've visited stores, distribution centers and support centers across Australia and met suppliers and partners in all of our regions. I've been inspired by the passion of our team and partners and their focus on delivering for our business and customers. Coles has been part of Australian life for more than a century, creating local jobs, building and operating a central infrastructure in our national food system. Supporting Australian producers and suppliers and most importantly, providing quality food and drinks at great value to families. In the 2025 financial year, Coles contributed $46 billion to the Australian economy. This reflects wages for our more than 115,000 team members spend with our 8,000 suppliers, taxes, community support and dividends for 400,000 shareholders. We've also had the privilege of serving millions of customers each week. We're proud of that and determined to keep building on it and playing our part. This year, we delivered on our long-term investments in automation. We've ramped up our 2 customer fulfillment centers in Sydney and Melbourne, transforming our home delivery proposition across the catchment of more than 10 million people. Those facilities have significantly improved our online offer with an expanded range, improved freshness and higher perfect order rates. We now also have 2 automated distribution centers fully operational in Queensland and New South Wales, with a third under construction in Victoria. These ADCs have transformed our product flows from our suppliers to our stores, leading to better product availability and more efficient operations. Together, these 4 sites have step changed our customer offer and the resilience of our supply chain. For the 2025 financial year, Coles net profit after tax was $1.07 billion, up 2.4% on the prior year on a normalized basis. This reflects the strength of our strategic investments. We declared a fully franked total dividend of $0.69 per share returning more than $925 million to shareholders in FY '25 and benefiting the many Australians who hold Coles shares indirectly through their super funds. A strong profitable business is what enables us to keep delivering for all our stakeholders. Turning to sustainability. In the 2025 financial year, we made significant progress. We achieved our target of 100% renewable electricity for our operations, along with our target to reduce Scope 1 and 2 emissions by more than 75%, which was achieved 5 years ahead of plan. We've also met our waste diversion target. In FY '25, 88% of the group's solid waste was diverted from landfill and our aim is to maintain that above 85% through to FY '30. We also look to the future and set a science-based target, independently validated by the science-based targets initiative to cut forest land and agriculture emissions by 30.3% by FY '30. We will achieve this by working closely with our suppliers and partners to reduce emissions and nature-related impacts. Regarding responsible sourcing, I'd like to make some brief remarks on the resolutions at Item 6 which have been repositioned by a group of shareholders holding approximately 0.0021% of Coles issued capital. I note that since the release of our notice of meeting in September, Item 6.2 has been withdrawn by the requisitioning shareholders. Coles takes responsible sourcing seriously, and we're committed to continuous improvement of our seafood sourcing due diligence practices and monitoring and addressing environmental risks and the impacts of farm seafood on undated species. To this end, as reported in our 2025 sustainability report, we've already commenced a review of our due diligence processes as they relate to seafood sourcing and are committed to considering a range of appropriate guidelines and frameworks to build on our due diligence approach. With regard to Macquarie Harvest specifically, we have taken a heightened approach to our due diligence practices in relation to salmon farming. Since 2019, we've engaged directly with a range of stakeholders to inform our understanding of the potential impacts of salmon farming in Tasmania and in particular, Macquarie Harbour. This has included engagement with NGOs, scientists from the University of Tasmania's Institute of Marine and Antarctic studies and the Tasmanian Environmental Protection Authority. As part of this engagement, members of management and our Board have recently visited Tasmania. Most recently, Leah Weckert, and I visited Macquarie Harbour in October, and we're encouraged by the actions being taken by scientists and industry to address this complex issue. This includes initiatives such as Macquarie Harbour oxygenation project which is a joint collaboration between the Australian government's Fishery Research and Development Corporation and Salmon Tasmania. We recognize that certain stakeholders may have a particular view on Cole's approach to sourcing salmon from Macquarie Harbour and the specific standards that Coles should adopt. However, we believe that these matters fall within the purview of the company's Board and management. While the conclusions formed by Coles as part of our ongoing due diligence with respect to salmon farming Macquarie Harbour may not directly align with the views of those shareholders who requisitioned resolution 6.3. This does not negate the fact that we have undertaken a heightened due diligence and made an informed decision in relation to our salmon sourcing, taking into account the current information available to us. We will continue to review our due diligence processes as they relate to seafood sourcing together with any scientific updates in relation to Macquarie Harbour specifically, and we'll consider our position in light of any developments. We believe our current and planned actions remain the most responsible and effective path to sustainable seafood sourcing and disclosure. Resolution 6.3 will duplicate work already underway in relation to due diligence processes and assessments and potentially add costs without adding clear environmental benefit. For these reasons, the Coles Board recommends voting against the shareholder requisition resolutions. This time last year, we addressed the regulatory environment in which we're operating and we've continued to engage constructively with government and regulators over the past 12 months. In March, the ACCC published findings from its 12-month inquiring to supermarkets. We've already made changes in response to key recommendations and remain open to industry-wide working solutions, working closely with our suppliers. In the Fair Work Ombudsman proceedings, the court delivered an initial judgment in September. As disclosed to shareholders, our preliminary estimate is $150 million to $250 million in additional remediation, which includes interest and on costs such superannuation. The judgment is complex and several issues relating to the General Retail Industry Award remain outstanding and here and will require further court hearings to determine. Following the determination of outstanding issues by the court, we will consider our appeal rights. Having regard to the complexities in this area, in conjunction with the Australian Retail Association and several other retailers, we are engaged in a number of processes with the Fair Work Commission, which we hope will result in clarity and simplicity being brought to the interpretation of the award for all retailers in Australia. Proceedings in relation to the ACCC's action on the downtown program are ongoing, and we continue to defend these. In closing, Coles is well positioned for the future. We are focused on continuing to deliver a differentiated and compelling customer proposition and sustainable returns for shareholders. To enable this, we have a clear strategy and disciplined long-term investment plans. Thank you to my fellow directors, the executive leadership team, our Coles team members across Australia our suppliers and partners and our shareholders for your trust and support. I would now like to invite our CEO, Leah Weckert, to address the meeting.

Thank you, Peter. It is my pleasure to welcome you all to the 2025 Annual General Meeting, including a number of the Coles family who are with us today. I am immensely proud of what we have achieved this year. Together, we have made great progress across our strategic pillars of destination for food and drink, accelerated by digital and delivered consistently for the future. Pleasingly, in FY '25, customer experience improved across all of our key metrics. With cost of living front of mind, we continue to invest in value meeting customers where and how they choose to shop. Our commitment to providing value at the checkout through thousands of weekly specials, everyday low prices and extended great value hands down seasonal campaigns, provided relief throughout the year as customers look for ways to balance their household budgets. Our exclusive to Coles range continues to set us apart and remains a growing reason why our customers are choosing to shop with us. Over the past financial year, we launched 970 new products into the range, achieving sales growth of 5.7%. And within this, Coles finer sales grew at 13.6%, demonstrating how own brand innovation is resonating with customers. Our Flybuys loyalty program also provided value for customers. This year, we increased Flybuys active members by 4.4% and saw a 13.3% increase in customers redeeming Flybuys points for dollars off their shop through Coles supermarkets. Our continuity campaigns, including our SMEG knives and Curtis Stone glass containers promotions proved very popular, and were a key driver of customer engagement and sales. Australians are becoming more and more digitally engaged. And in FY '25, our e-commerce sales growth was 24.4% in supermarkets and 7.2% in liquor. This was supported by the introduction of a windowless rapid offer, app and web feature enhancements and simplification of our checkout process online. In our liquor business, we commenced the national rollout of Simply Liquorland, which is progressively bringing all of our liquor stores under the Liquorland brand. We can already see the benefits through improved sales and customer experience in the converted stores. Our Retail Media business, Coles 360, is continuing to grow rapidly with income up 13.5% in the past financial year as we help our supplier partners connect with customers in new ways. In the year ahead, our strategy will remain firmly focused on strengthening our core supermarkets and liquor businesses, particularly through the use of data and AI to unlock productivity enhance customer experiences and enable smarter, faster decision-making processes across our operations. At Coles, we feel a deep responsibility to the communities we serve. Natural disasters again affected several communities this year, and we are immensely grateful to our teams across Western Australia, Northern New South Wales and Queensland who kept our stores and transport networks operating in the face of both cyclones and floods. In addition to providing relief in times of crisis, we are also proud to offer ongoing year-round support to many community groups and charities. With the support of our team members, customers and suppliers, we contributed $40.2 million to community and charity causes and also donated the equivalent of 39.1 million meals to people facing food and security through our food rescue Partners, SecondBite and FoodBank. We are proud to once again be recognized as the #1 corporate giver as a percentage of profit in the giving large report. Our strong relationships with our 8,000 suppliers underpin the range and quality we offer. Many also play an important role in our community programs through donations and fundraising and I want to acknowledge and thank them for their partnership across multiple fronts this year. At Coles, we are continuing to invest in a vibrant and sustainable food manufacturing and farming industry which we know benefits all Australians. And since 2015, we have provided over $40 million in financial support to small and medium Australian farmers and producers through the Coles Nurture Fund to promote innovation and sustainability. The dedication and hard work of our more than 115,000 team members is a key component of our success. In FY '25, we achieved our highest ever team member engagement score, reflecting 5 consecutive years of improvement. This result places us in the top quartile of large companies. We continue to strengthen diversity at Coles. And this year, we saw even greater representation of women in leadership roles at 42.7%. Our First Nations workforce representation remained above target at 3.5% and more of our leaders identified as culturally diverse. In May, we achieved platinum status in the Australian Workplace Equality Index, recognizing our work and progress to foster an inclusive, supportive and safe environment for LGBTQ+ team members. Sadly, the retail industry continues to experience a rise in violence and aggression towards frontline workers. We have actively worked to reduce threatening situations through crime prevention initiatives, training, technology and post-incident support as well as industry partnerships and advocacy. I'll now comment briefly on our most recent financials. Our first quarter financial results released in late October showed early momentum for Coles this financial year. Supermarket sales increased by 4.8% and excluding tobacco, increased by 7%. Liquor sales decreased 1.1% for the quarter. Total supermarkets price inflation excluding tobacco, was 1.2% for the quarter. And pleasingly for customers, grocery staples like avocados, pantry oils and infant nappies were all in deflation. E-commerce continues to perform strongly and after strong year-on-year sales growth in our supermarkets in FY '25. In Q1, we reported e-commerce sales growth of 27.9% in supermarkets and 6.8% in liquor, showing that our investment in digital continues to resonate with customers. As we look ahead to the rest of the financial year, we will continue to focus on providing value, quality and an improving customer experience. With the festive season fast approaching, our team members are working tirelessly to deliver an exciting Christmas range for celebrations in every corner of the country. With over 225 new exclusive to Coles products, there is something for every taste and budget. Before concluding, I want to acknowledge the extraordinary efforts of our team members over the last 12 months and the support of our more than 400,000 shareholders. And finally, to all of our customers. Thank you for your continued trust and for choosing Coles to serve you and your families every day. Thank you to everyone in the room, again, for joining us today. I hope you all have a wonderful Christmas and festive season. And before handing back to Peter, I'd now like to share with you our Christmas television ad, which showcases the beautiful product and products that we are offering at Coles this festive season. Thank you. a chance. [Presentation]

Thank you, Leah. I'll now turn to the formal agenda items of today's business at this meeting. The Notice of Meeting sets out the information regarding the items for consideration. I'll introduce each item separately and then invite questions and comments for each item. Please ensure that your questions and comments are relevant to the resolution being considered and to all shareholders. For each item, I'll first ask for questions from the room, and then we'll turn to questions received via the online platform, addressing written questions first and then audio questions. Jessica Tangri from our corporate affairs team will introduce the online questions. As set out in the Notice of Meeting, Items 2 to 6 require a shareholder vote. The Board supports items 2 to 5 and recommends that shareholders vote in favor of these resolutions. The Board does not support Item 6.1 and 6.3 and recommends that shareholders vote against these resolutions. Following discussion on each item, details of the proxies and direct votes received will be shown on the screen. I will then ask shareholders and proxy holders to vote on the item, noting that you may have already done so. As set out in the notice of meeting, I intend to vote all available undirected proxies held by me as the Chairman of the meeting in favor of items 2 to 5 and against Item 6.1 and 6.3. I'll now turn to the first item of business, which is to receive and consider the financial report of the company and its controlled entities and the reports of the directors and auditor for the year ended 29 June 2025. These reports are in the 2025 annual report available on our website. While there's no requirement to put this item to a vote, this is an opportunity for shareholders to ask questions relating to these reports. Mr. David Shewring from Ernst & Young also available to answer questions regarding the audit. The text of this first item of business is now shown on the screen. And now I invite any questions or comments from the room regarding the financial report, the directors report or orders report.

Mr. Chairman, I would like to introduce shareholder, Mr. Michael Muntisov from the ASA.

Good morning. I'm Mike Muntisov. I'm from the Australian Shareholders Association. Today, I hold proxies from 600 shareholders, representing, in aggregate, 1.9 million shares. And thank you to all those shareholders who appointed ASA as their proxy. Before I get to my question, I'd like to thank the company for your continued use of the hybrid meeting format, which allows the maximum opportunity for shareholder engagement and also for the time you took to meet with ASA before today's meeting. My question -- I have 2 questions. They relate to the liquor business. Coles Liquor business continues to trail its major competitor in terms of EBIT margin. What more do you need to do? And over what time frame to at least match your competitors' margin performance?

Mike, good to see you again. Thank you for joining. Yes, the liquor business is something which we see as really important for the Coles overall business. Liquor is probably the closest aligned business to or drinks, in particular, is the closest aligned business to supermarkets. And we see that it's very important in terms of ensuring that we can get the best out of those 2 together. I think we have seen a sales decline as you've rightly said, and this is due to a number of different reasons. Probably first off with regards to the consumer demand, health of the consumer and the cost of living that people are going through and the issues that they're facing. The second 1 there also seems to be there's changes in consumption habits across not just Australia but also globally. And so what we're doing to address that is to focus on a number of 3 things: the first 1 is to really focus on how do we get efficiency out of our business. And so 1 of the projects which we're doing now is Simply Liquorland. What Simply Liquorland is doing is it's ensuring that we have all of our 3 Coles liquor brands under 1 banner. What that provides is it provides us much more simplicity in dealing with our suppliers. It ensures that we have a single price point offering to our customers. And it also ensures that we're providing the right brands and drinks to our customers for those particular locations. But this pathway is only just started. It's a rollout of our -- just started. We're probably halfway through the rollout of our over 1,000 stores in terms of our liquor stores across Australia. But what we are doing is we're very careful and minded to ensure that we're able to continue to grow this business and grow our market share. .

Okay. You touched on my second part of the question, which is what's the plan to compensate for what is overall a positive trend in terms of society as a whole of reduced alcohol consumption among young people in particular? .

Yes. Mike, as I said, I think, that the key is for us to ensure that we've got the right product in our stores that our customers want. And as you say, in terms of the reduced consumption of alcohol, the different products that our young people, certainly, my kids are drinking. It's very important that we are able to understand that and ensure that we have those type of products in our store. And to be able to make sure that we also have other products within our Liquorland stores to be able to, in effect, combine and looking at our business, not just from a supermarket point of view or liquor independently, but as 1 business and also to look at our online business as 1 business and ensure as Leah said in her speech, continue to drive our growth in terms of sales through our liquor business.

Mr. Chairman, I would like to introduce shareholder, Ms. Adele Chaisson.

Thank you. Good morning, Chair. Good morning, everyone. My name is Adel. I work at the Wilderness Society. My question is about your directors' report. Australia is in the group of a deforestation crisis with unique forests and bushland destroyed every day for supermarkets products, particularly beef and timber pallets. And for several years, Coles was the only big supermarket in Australia with a commitment to going deforestation free. But in August, calls announced a long-awaited commitment to ensure its own brand products don't come from deforestation and disclosed actions it's taking and challenges it's facing, sorry, in tracing its supply chains, particularly for beef. The welcomed this commitment, and I want to do that again today. As a major step in calls taking a leadership role in helping end deforestation station in Australia. But Coles still has some blind spots and a lot of work to do to actually protect forest and bushlands in Australia. So my question is, will Coles' next public update on deforestation, one, disclose how much of its beef supply chain has been verified as deforestation free and how the supermarket is confirming this. Two, will Coles next public update, provide details about the next steps Coles is taking within its phased approach to tackling deforestation particularly regarding how the supermarket is taking action to clean up its sourcing of timber pallets.

Thank you very much for your questions. With regards to your first question, yes, we are committed to continue to provide transparency in what we're doing and how we're verifying the amount of deforestation that has happened within our Coles owned brand products. And it's not only just beef, but we're also looking at cocoa soy, timber in terms of pulp and paper products for our own business as well. And so that's certainly something which we're going to be focusing on and certainly providing more disclosure, so we can confirm that. With regards to, as you say, we've got a progressive view in terms of how we focus on our commitment to deforestation. And as you're aware, it's a very complex thing in terms of ensuring that we are able to get that certification and confirmation in terms of that deforestation. We're certainly fully aware of the issues that are confronting with regards to pallets. And we're working together with those pellet suppliers that we don't necessarily control in terms of trying to make sure that we're getting full verification in terms of how they source the timber for those pallets. So we will provide any updates in terms of what we're able to receive for that. And as you said, we've got this progressive movement towards our deforestation commitment, and we will see in terms of when that comes about going forward. So thank you very much for the question. Thank you microphone 3. Sorry, I've got to keep looking.

Mr. Chairman, I would like to introduce shareholder proxy, Ms. Tara Jones.

Thank you. I am Tara Jones, Program Manager Plastics and Packaging from the Australian Marine Conservation Society. Australia's leading national charity dedicated solely to protecting our precious ocean wildlife. By the time this AGM ends an estimated 60,000 kilos of plastic will have entered Australia's environment, equivalent to around 3 million single-use plastic water bottles. It's clear that there's an urgent need to prioritize solutions that prevent plastic pollution at its source. Yet Coles Group remains silent on the total amount of plastic packaging it uses each year. For the third consecutive year, Coles has failed our independent audit of Plastic Packaging use in Australian supermarkets. Our 2025 unwrapped report released today found that Coles sustainability reporting still lacks transparency and detail needed to assess progress and that online customers receive unwanted plastic produced bags even when selecting loose options. In most cases, a single bulb of garlic was delivered in its own plastic bag. My question is, will Coles commit to publishing data annually on how much plastic it uses overall, beginning with the 2025-'26 sustainability report to provide shareholders and customers confidence that Coles is taking genuine responsibility for its contribution to Australia's plastic pollution crisis.

Thank you for your question, Ms. Jones. Yes, we are committed to transparency and continuous improvement in the reporting of what we're doing with regards to plastics. I agree with you at something which -- it's very difficult for us to look overall at the amount of plastic, which is used in our business and across our industry. We are very focused in particular in what we're doing ourselves with regards to Coles own brand our Liquorland branded products. I think some over 87% of our product packaging is recyclable. And certainly, in last year, we took out 191 tonne of single-use plastic out of our business through Coles and Coles Liquor Land. So we're on the path in terms of being able to meet our needs and meet the requirements in terms of our customers and our other stakeholders. But it's very difficult for us to commit to providing the detail across the whole industry. With regards to the report that has just come out, well, I haven't read it, apologies, it's just come out today. But I do know that we will read that report thoroughly. I'm certainly sure that our team will inquire about that report and look at how we can improve our reporting on that. So thank you, Ms. Jones, for your question. It appears there are no further questions from the room. So Jessica, are there any online questions?

Chairman, we have received an online question from Mr. Stephen Mayne to the following effect. Congratulations to Peter Allen on being chosen by the Board to chair our company. Peter joined the Board in September and became Chair 7 months later on May 1, whilst Peter recruited last September to be the next chair -- or was it a competitive internal process this year? -- who ran the chair succession process, and internal search firm, certain non-Canada directors or the Company Secretary. How did it work? Did the formal process extend to presentations from multiple internal candidates, interviews and a formal internal vote of the Board.

Stephen, thank you for your question. As far as the appointment of me coming on to the Coles Board, given I was not part of that process, I will not comment on that. With respect to the process in undertaking the share selection after James' retirement, that was led by a process led by the Nomination Committee of Coles. And it was also open to any Board member of Coles to participate in that. I think that's all I can answer in regards to that question. Thank you, Jessica. Any further questions?

Chairman, we have an online question addressed to Ms. Leah Weckert, from Mr. Stephen Mayne. The question is, could CEO, Leah wacked please comment on how many full-time equivalent staff we currently have and whether this is likely to fall over the coming 12 months with the rapid rollout of AI which parts of our business and operations are the most prospective AI productivity gains and how energetically are we embracing those opportunities.

Thank you, Mr. Mayne. I'll try and answer that question before seeing whether Leah can add any value to it. But we certainly believe that our full-time equivalent numbers will remain the same. With the application of AI across our business. And the reason for that is that what AI is doing in terms of the areas of our focus is to improve productivity within our work to focus on a lot more of the complex information and data and analytics. To ensure that we're able to give our customers, our teams more time to be in our customer-facing roles. So we believe that our FT equivalents will remain the same. But what will happen is the change of work will happen. AI also helps in an upskilling of our team members and growth within our staff across our environment. Leah, any further to add? Thank you, Mr. Mayne, for your question. We have a question on the floor again microphone. .

Thank you, Mr. Chairman. I would like to introduce. Mr. Ron Gay from the regional Trade Union Human Rights shareholder group. .

Thank you. Just another question concerning plastics. In Victoria, recently, there's a lot of opposition against the incinerators for burning plastic. So presumably part of the circular economy, but there's a couple of community summaries, I think, the last 1 that's opposed the issue. And I was wondering whether -- on the reduction of plastics that the Coles is headed towards, can the company oppose household and commercial waste incinerations. That the consideration of the polluting of farmlands, waterways and air with cancer causing dioxins and asthma producing fine particle matters. These plants are banned in New South Wales and Canberra, phasing out in Europe, but the start-up in Victoria is causing a bit of concern to the local communities. And Australia is signed up to 3 international treaties. The Minamata Convention, the Stockholm Convention and the Basal Convention. So I was wondering if you could join on to that campaign.

Well, Mr. Guy, thank you for the feedback and the comment. We certainly take that on notice, and I'll ensure that our team here in Victoria do review the situation and see what we can do in terms of supporting that. As I mentioned in 1 of my previous replies, we're focused on reducing single-use plastics. So done a reasonably good job last year, and we'll continue to do that. We're also focused in terms of removing the soft plastic waste pile that was built up and working collaborative with others in terms of being able to find a better way in terms of disposing and using that plastic. So we'll take that comment on notice and acknowledge that. So thank you very much.

Yes. Thanks. If I could just have 1 more question, I guess. So the company has been working hard to get -- to remove the modern day slavery, the itinerant work is the treatment that's been happening to them in Australia, which is great, and we've been working with the unions on that. I wonder if you could update to whether there's any contracts from suppliers in the supply chain that's happened over the last 12 months or at least being improved? Or is it .

Well, certainly, Mr. Guy, thank you. We have a very strong ethical sourcing policy so that all of our suppliers have to abide by that policy. We do regular audits in terms of those suppliers to ensure that they meet the policy and the conditions that we have. We're working very closely with those suppliers to ensuring that, that is the case. Some of the things which you are doing in terms of working with the unions for example, particularly when you think about agriculture, horticulture as well as the meat workers is setting an accommodation standard, which we've introduced this year to ensure that those itinerary workers and other workers are housed properly. So we are working with that, and we're continuing to do that, and we'll continue to report on that in our sustainability report. Yes. Thanks, Mr. Guy. Jessica, are any further questions?

Chairman, there are no more online questions or comments on this item. .

Thank you. As there are no further questions, we'll move on to item 2 on today's agenda. This item of business relates to 2 directors standing for reelection. Each of these directors will shortly provide an address, which will include some back information on their background. Item 2.1 relates to the reelection of Ms. Jacqueline Chow as a Director of the company. The text of the resolution is now displayed and Jacqueline's details are set out in the Notice of Meeting. Jacqueline has served as the Director of the Coles Group since our demerger in 2018. Over the past 7 years, she has been highly diligent and value contributor to the Board, bringing deep operational insights from our FMCG background. I now invite Jacqueline to address the meeting.

Thank you, Chairman. Good morning, shareholders and guests. I am honored to be standing for reelection to the Board of Coles Group. I take this responsibility very seriously. I've run several large-scale businesses end to end with my last executive role spanning 80 countries. Having hands-on operational experience, for context for what it truly takes to deliver on our promises. We must make sustainable and acceptable returns to you, our shareholders, and we must stay in intuned to the expectations of our diverse constituencies, be they our own workforce team members, our customers, our communities, governments or regulators. I've almost entirely served customer-facing businesses with household brand names and Biscuits, Construction Materials, Fisher & Parke Appliances, Kellogg Company to name a few. Using artificial intelligence and data analytics to garner insights so I can constantly appreciate the very real challenges of our Australian households. I sought to learn what are their pain points? How to make their lives easier with innovation and technology solutions, all to build customer loyalty. Finally, the last few years of geopolitical uncertainty, macroeconomic volatility and societal shifts have all caused businesses to redefine their supply chains and mitigate their risks. And as an executive, I was always an FMCG, fast-moving consumer goods supplier to Coles supermarkets. So I bring an important perspective on how to harness a productive and trusted partnership with suppliers. I am motivated to contribute toward our purpose of helping Australians eat and live better every day. And I would be honored to receive your support to serve as Director. Thank you.

Thank you, Jacqueline. The Board with Jacqueline abstaining, unanimously staining recommends the reelection of Jacqueline Charles, a Director. I now invite any questions on this item of business -- it appears that there's no questions on the floor. So Jessica, are there any online questions?

Chairman, there are no online questions or comments on this item.

Thank you. If there are no further questions, we have now finalized discussion of this item. The details of the proxies and direct votes received on this item will now be displayed. Please now enter your votes for item 2.1, if you have not already done so. Turning to Item 2.2, which relates to the reelection of Mr. Scott Price as a Director of this company. The text of the resolution is now displayed and Scott's details are set out in the notice of meeting. Over the past 3 years as a Coles Group Director, Scott has brought his invaluable insights and global perspective to the board, drawing on his extensive retail, FMCG and logistics experience. Particularly in relation to complex supply chains and business transformation. I now invite Scott to address the meeting.

Thank you, Chairman. Good afternoon, shareholders and guests. As a fellow shareholder of Coles, I'm very pleased to be here today standing for reelection. For over 30 years, I have worked in the consumer goods, the retail and the logistics industries. I began my career with Coca-Cola. At that time, had an opportunity to live in Australia, where my family and I fondly recall shopping at the Coles store in Birkenhead Point. I then left to join DHL as President of their Japan operations, subsequently CEO of Asia and then CEO of Europe, leading all aspects of those markets. I then enjoyed working for Walmart, a global retailer, starting as the Chief Executive Officer of the Asia business, a number of stores throughout the region as well, opening stores in new markets. I then took on a global role covering global sourcing technology, house brands, real estate direct manufacturing. I joined UPS and was the first executive outsider in 112 years in that company, which they reminded me of frequently, led a substantial transformation program at that company globally. And my last role was the President of their international operations, which covered all 220 markets outside the United States. I joined the Board 3 years ago and have really enjoyed being part of Coles over the last 3 years. Subsequent to that, I took on a role as Chief Executive Officer of DFI Retail group based in Hong Kong. DFI's business encompasses 7,500 stores across 11 countries in Asia across the formats of food, health and beauty, as well convenience stores, home furnishing and restaurants. The comprehensive portfolio of that business allows me to bring a unique perspective I enjoy fulfilling my obligations as a Coles director attending all board meetings, committee meetings, strategy session, study tours and enjoy the opportunity to tour stores with executives of the business, whether they enjoy that or not, I do not know. I'm honored to be a Coles team member and to continue working with such a great management team and as well Board.

Thank you. Thank you, Scott. The Board with Scott abstaining, unanimously recommends in favor of the reelection of Scott Price as a director. And I invite any questions on this item of business. Microphone #3.

Mr. Chairman, I would like to reintroduce shareholder Mr. Michael Montes from the ASA. Mike?

Yes, hello again. Scott told us about his considerable international experience in retail, including at Walmart and now in Asia. I wonder whether he can share with shareholders how supermarket operations in Australia compare against global benchmarks, which he's familiar with. And is he seeing the political pressure on supermarkets that we have here in other parts of the world?

Yes, I'll get Scott to answer that question. Thank you, Mike.

Thank you for the question. Actually, we have an opportunity as a Board to travel around the world. We were in Toronto, Canada this last year and are able to benchmark the operations. I continue to be impressed by the operations of Coles, not only in just in terms of Coles service to its communities in terms of mass food retailer, but also keeping up with technology including both digital and as well the technologies that enable the business in terms of supply chain. I think Australia is unique in as much that as a food retailer, we are advocate for our customers. and customers of Australia have a quite narrow view on country of origin. They want to buy Australian, which offers quite a few complexity in terms of, I think, versus other markets in the world. So I do believe that Coles is a very, very good operator around the world. As to your second question, I was so attuned to the first. I have now forgotten the second half.

It. Was about political pressure on supermarkets. Is that -- are you seeing that elsewhere? Or is it an Australian phenomenon?

I would suggest that probably Walmart had probably the most significant role as a bit of a political bellwether. And I've learned quite a bit from how that company navigated. We are advocates for 100% of our customers. As a result, we have to be neutral. But at the same time, when you were at scale, you have an obligation to ensure that the regulatory environment is adhered to. So I don't think the pressure is any lesser or greater than any large-scale food retailer around the world.

Thank you, Mike. It appears there's no further questions from the room. So Jessica, are there any online questions? .

Chairman, there are no online questions or comments on this item.

Thank you. If there are no further questions, we now have finalized discussion on this item. The details of the proxies and direct votes received on this item will now be displayed. Please now enter your votes for item 2.2, if you've not already done so. I'll now turn Ion 3, which is an advisory vote on the 2025 remuneration report, which can be found on Pages 58 to 76 of the 2025 annual report. I now invite Richard Freudenstein as Chairman of our People and Culture Committee, to address the meeting. Richard?

Thanks, Peter, and good morning, everyone. The remuneration structure for the Coles executive leadership team comprises fixed compensation, an annual short-term incentive, including an equity deferral and a long-term incentive based on performance over a 3-year period. The short-term incentives payable to the executive KMP for the 2025 financial year range between 74.8% to 82.1% of the maximum opportunity. The long-term incentive, which covered performance over the 3-year period between the 2023 and 2025 financial years vested at 79.8% of the maximum opportunity. The Board considers the outcomes for both the short-term incentive and long-term incentive to be appropriate considering the rigor of the process by which the targets were set, the financial performance and strategic objectives delivered by management in the 2025 financial year. Within the 2025 remuneration report, the Board announced a 3.5% increase in the total fixed compensation for the Managing Director and Chief Executive Officer, as well as an increase in STI opportunity to 100% of total fixed compensation that target and 150% of total fixed compensation at maximum. These changes better align the total remuneration package to the benchmark peer group and represent the first increase in remuneration for the CEO since her appointment on 1 May 2023. The Board also determined to replace the Ocado transformation objective in the CEO's individual balance scorecard for the 2026 financial year short-term incentive with an objective focused on our accelerated by digital strategic pillar. Performance will be assessed against the achievement of revenue growth in the Coles 360 offer and evolving the digital customer value proposition. I would also like to take this opportunity to speak to resolutions 4 and 5 relate to the allocation of equity to our CEO, Leah Weckert. Resolution 4 relates to the approval sought to allocate 42,864 shares to Ms. Weckert, pursuant to the 50% deferral into equity of the short-term incentive earned in the 2025 financial year. These shares will be subject to a 2-year deferral. Resolution 5 relates the approval to allow Ms. Weckert 167,864 performance rights being equivalent to 175% of Ms. Weckert's total fixed compensation. The terms of the long-term incentive grant are set out in the notice of meeting and importantly, they are entirely performance-based. Thank you.

Thank you, Richard. The text of the resolution of Item 3 regarding the remuneration report is now displayed. While voting this item of business is advisory only, the Board takes account of the discussion and voting when reviewing our remuneration practices and policies. The Board recommends that shareholders vote in favor of the adoption of the remuneration report. I now invite any questions on the remuneration report. There appears to be no questions on the floor. So Jessica, are there any questions online?

Chairman, we have received another online question from Mr. Stephen Mayne. He has asked. It was a shame you didn't disclose the proxies to the ASX along with the formal addresses, allowing for a more fully informed debate. Did any of the proxy advisers recommend a vote against any of today's resolutions, including this remuneration report item. If so, what reasons did they give and did this translate into any material protest votes? Please don't say protest adviser recommendations are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant. And I could show you examples of more than 50 chairs responding positively to this question.

Mr. Mayne, thank you for your question. We do believe, as far as the proxy adviser firms are concerned that the information is confidential to those who subscribe to those proxy adviser reports. Notwithstanding that, we do not put up our proxies beforehand. I don't believe it is respectful for those shareholders who are here in the room to be able to make their own informed choice as to how they're going to vote on the resolution at the time. So we do have no intention of putting up the proxies prior to the voting. Thank you, Mr. Mayne. Jessica any further questions. .

Chairman, there are no more online questions or comments on this item. .

Thank you. If there are no further questions, we now have finalized discussion on this item. The details of the proxies and direct votes received for this item will now be displayed. Please now enter your votes for item 3, if you have not already done so. I'll now turn to Item 4, which is the approval of the grant of STI shares for our Managing Director and Chief Executive Officer, Leah Weckert. As a deferred component of a short-term incentive award for the 2025 financial year. The text of the resolution is now displayed. Details of proposed grant are set out in the notice of meeting. The Board, with Leah abstaining, considers the grant of SCI shares to be appropriate in the interest of shareholders and unanimously recommends that shareholders vote in favor of Item 4. I will now invite any questions on the approval of the short-term incentive grant. There appears to be no questions on the floor. So Jessica, are there any questions online?

Chairman, there are no online questions or comments on this item. .

Thank you. If there are no further questions, we have now finalized discussion on this item. The details of the proxies and direct votes received on this item will now be displayed. Please now enter your votes on item 4, if you've not already done so. I'll now turn to Item 5, which is the approval of the grant of performance rights to Leah Weckert, as a long-term incentive award for the 2026 financial year. The text of the resolution is now displayed. Details of the proposed grant are set out in the notice of meeting. The Board, with Leah abstaining, considers this grant of performance rights to be appropriate in the interest of shareholders and unanimously recommends that shareholders vote in favor of item 5. I now invite any questions on the approval of Leah's long-term incentive grant. There appear to be no questions from the floor. So Jessica, are there any questions online?

Chairman, we have received another online question from Mr. Stephen Mayne, who has asked when disclosing the outcome of voting on all resolutions today, including this proposed LTI grant to the CEO, please advise the ASX how many shareholders voted for and against each item similar to with the scheme of arrangement. This will provide a better gauge of retailer shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate, the likes of Qantas, ASX Suncorp, Tabcorp, Myer, Flight Centre, Stockland and even the world's biggest share registry provider, Computershare, have all voluntarily provided this data at their most recent AGMs. You've got the data, so why not let the sun shine in. Qantas revealed last week that less than 1% of its 155,000 shareholders voted at the AGM, how many of our 480,551 shareholders voted today on this LTI grant and were the majority against. Did you even make it to a 1% turnout? .

Mr. Mayne, thank you for your question, which we will take on notice. But as you're aware, our practice is not to disclose the number of shares voted -- so our practice is to disclose the number of shares voted rather than number of shareholders as business approach is basically in line with the Corporations Act as well as the ASX listing rules. And we believe we're consistent with other companies, but we'll take that notice -- that question and notice. Thank you, Mr. Mayne. Jessica, any further questions?

Chairman, there are no more online questions or comments on this item.

Thank you. If there are no further questions, we have now closed discussion on this item. The details of the proxies and direct votes received for this item will now be displayed. Please now enter your votes on item 5, if you've not already done so. I'll now move on to Item 6, which was initially in 3 parts: 6.1, 6.2 and 6.3. As noted earlier in my address, all 3 items were requisitioned by a group of shareholders under Section 249N of the Corporations Act. As announced to the ASX on second of October, Item 6.2 has been withdrawn. Item 6.1 concerns a special resolution proposing to men Coles constitution to include a provision enabling shareholders by ordinary resolution to express an opinion or request information about the way in which a power of the company vested in the Board has been or should be exercised. The text of the resolution is shown on the screen. The Board unanimously recommends that shareholders vote against this resolution. Detailed reasons as to why the Board does not support this resolution. Item 6.1 is set out on Page 16 of the notice of meeting. In summary, the Board considers that it is not necessary or desirable to amend the constitution given that the existing rights of shareholders under the Constitution and Corporations Act. The resolution proposes a special resolution which means it will only be passed if at least 75% of votes are cast on this resolution are in favor. Irrespective of the vote on Item 6.1, there will be an opportunity for discussion of Item 6.3, following the completion of Item 6.1. And I ask that you hold your questions on that -- in that time. At this stage, I invite any questions or comments only on Item 6.1 which relates to the proposed amendment to Cole's constitution. It appears that there's no questions on the floor. So Jessica, are there any questions online?

Chairman, there are no online questions or comments on this item. .

Thank you. If there are no further questions, we have finalized discussion on this item. The details of the proxies and direct votes received for this item will now be displayed. The directors unanimously recommend that shareholders vote against this resolution. Please now enter your votes on item 6.1 if you've not already done so. Based on the proxy and direct votes received ahead of the meeting and the number of votes that have been -- I've been informed and represented on the floor and online today, -- it is a pound that Item 6.1 for the amendment of Coles' constitution of the company will not be passed. Therefore, Item 6.3, which was contingent on amending the constitution will not be put to the meeting for voting. However, as I previously mentioned, I will shortly invite shareholders to ask questions or comment upon Item 6.3. The text of the resolution for Item 6.3 is shown on the screen. As discussed in my address earlier, this item was not supported by the Board. Detailed reasons as to why are also set out on Pages 16 and 17 of the notice of meeting. I now invite shareholders to ask questions or comment on Item 6.3. Well, I'll start with 1 because it's an easier number. Microphone 1 first. Thank you.

Mr. Chairman, I would like to introduce shareholder, Mr. Linden O'Neill.

Yes, my name is Lindon. I'm a Tasmanian original tuck-in a man born and raised in Northwest of latrine Tasmania. I have 4 sums and we're shopping Coles. I founded healthy Country services and consulting, built on traditional ecological knowledge, woven into contemporary conservation and ecosystem management. I pay my respects to all of you, your family and your ancestors. More than a century ago, the man who would go on to found Coles first worked in his father's small general store in the village Wilmont, not far from the Wild Rivers that flow west into the Macquarie Harbor. The waters of Macquarie Harbor were pristine then, a world of deep oxygenated water, brackish layers were the mountains and mortars, mixed with the oceans. Supporting the abundant and thriving life of the harbor. Among that life, there are species older than the dinosaur, found nowhere else on earth. It's called Maugean skate. The then was abundant uninterrupted for over 60 million years. The land and waters of Tasmania were clean, resilient and self-sustaining Today, I can share with you that the skate cannot survive if we continue to support its demise. So as a company with these strong ties to the Tasmanian community, we carry our moral responsibility to the landscapes and the waters that gave rise to our brand. Now our sourcing choices have the potential to either help or harm the last surviving members of this ancient keystone species. Coles has positioned itself as a leader in responsible sourcing and sustainability. Yet, if we continue to sell salmon farmed from the Macquarie Harbor, we undermine that promise. So in an era where consumers increasingly choose products aligned with their values, sourcing from a compromised environment is not on neutral act. In Wilmont, the Coles family built their store upon a simple idea that good business serves people and place alike. If their store could thrive in that era when Tasmania's natural systems were strong and healthy then surely Coles can thrive today by protecting those systems, not exploring them. The skate has shared its waters with Tasmanian communities from millennia. It now depends on us, on Coles to decide whether those waters will remain a living part of our national story or a cautionary tale of what we failed to protect. Our shareholders and Tasmania, we owe it to our founders and to future generations to ensure that Coles growth never comes at the cost of Tasmania's living heritage, but stand by our origins for integrity. Today from this moment and into the future, will you stand with me for a Tasmanian living dinosaur. For Earth for nature and for all life. Thank you.

Thank you, Mr. O'Neil, for your comments as well as your question. Yes, we do take responsible sourcing very seriously and certainly understand and are trying to manage the potential impacts. With regards to Coles getting sourcing salmon from the salmon farms in Macquarie Harbour. We acknowledge that, that salmon farming is government approved, it's EPA licensed. It's farmed under strict certification. And we also do our own due diligence in terms of understanding the impact that, that is having on the Macquarie Harbor. As you may be aware, I think we mentioned it in our sustainability report, we have reduced the amount of salmon that we are taking out of Macquarie Harbour. We've also trialed other overseas salmon for our consumers to see whether they are prepared to buy overseas salmon rather than Australian salmon. Unfortunately, notwithstanding the price differential where the Australian salmon is higher, our Australian consumers have voted to continue to buy Australian salmon. That doesn't stop us though in terms of working out ways in which we can find alternative supplies to ensure that, like you, we want to see Macquarie Harbour and the continues to survive. We've been working and engaged with Salmon Tasmania with our suppliers, with the EPA with unit versus Tasmania, as I mentioned, the institute of something and something and Antarctic Services that to really understand the impact that salmon farming is having on. The scientists are saying that there are some positive signs that they are seeing within the harbor, as I mentioned, with the benefits of the reoxygenation project that is taking place with the reduction with the amount of salmon farmed but also with the general environment itself, as you -- given from the area that harbor is impacted quite dramatically by not just the harbor itself and the depth of that harbor and the within that harbor, but also in terms of the narrow opening to the sea in terms of the amount of oxygen water flowing in from the sea and also the impact potentially of the hydroelectric waters in terms of the release coming down the rivers and the impact that, that has on the Macquarie Harbour itself. But we're continuing to do our due diligence and we'll continue to do so. And as I said in my opening remarks, we will make decisions based on the science at the time. Because, again, as you said, we don't want to be in a position where we do not source responsibly because we have that obligation not just on ourselves, but for all of our stakeholders and our shareholders. So thank you, Mr. O'Neil microphone #2. Thank you.

Mr. Chairman, I would like to introduce shareholder, Ms. Jes, who is here today with SIX. Hello.

Thank you for having us. I've traveled from the 2 Editas mania. I represent environment Tasmania. We formed part of the SIX Invest coalition who put this resolution forward. Coles continues to sell farm salmon from Macquarie Harbour, a place where an ancient species, the is being pushed towards extinction by the impacts of summon farming. The creature has survived since Gondwana, it's lived through ages and yet it may not survive your supply chains. Last year, almost 39% of shareholders voted for our resolution asking you to address this in your supply chain despite the Board's recommendation to vote against it. Your shareholders sent you an extraordinary signal. Since then, in the Tasmanian salmon industry, we've seen worse mass fish deaths, pollution and public outrage as the industry has publicly conceded that it sells diseased salmon for human consumption and its standard practice. We now have a harbor and an industry literally on life support. The FIDC funds, that oxygenation program with taxpayers money, so we are all here paying a salmon tax regardless of whether we eat it or not. It's there to offset the oxygen being taken down from the salmon. It's keeping those salmon alive, not the. While we recognize the step forward by Coles in assessing the threats to farm salmon the threat of farm salmon, through species identified under the EPBC Act. And publicly, you have acknowledged the threat to the. We also appreciate that you have removed your responsibly sourced labels from all Tasmanian farm salmon products sold under your Coles own brand seafood. In recognition of this, SIX Invest and the co-filers, Environment Tasmania, neighbors of fish farming and Jeff Cousins have withdrawn 1 of our resolutions, in an act of good faith that you will continue in the right direction. However, I'm here today to remind you that you can't keep looking away from your complicity in what is happening in Macquarie Harbour and emerge and you can emerge as a leader in sustainability ahead of your competitors. Resolution 6.3 goes to the heart of what kind of company calls wants to be. Coles can emerge as a leader in this space and champion the ideals of sustainability that the team works to achieve noting. However, that you do not appoint a sustainability representative on the Board of the company. It calls for Coles to align Seafood's sourcing policy with global best practice. Already used by major retailers in Europe and North America. It's credible, it's achievable, and it would help in show Coles is never again associated with the extinction risk or cut. The adoption of global best practice outlined by the Conservation Alliance for Seafood Solutions would ultimately help your business safeguard against unethical practices and reputational risks in supply chains. By addressing the root cause of the issue at play. Importantly, it would make Coles it would help Coles, make sure it's meeting its due diligence obligations under the OECD responsible business conduct guidelines. Governments expect major companies like Coles to comply with those guidelines, guidelines that expect companies to conduct a heightened due diligence whereby diversity harms involve UNESCO World Heritage areas and protected spaces. The Maugean skate is a protection spaces that is listed as a world heritage value under the Tasmanian Wilderness World heritage area. A 1/3 of the Macquarie Harbour forms the World Heritage Area and the guidelines also say that certifications must be fit for purpose. Those in Macquarie Harbour that you quoted are not. They do not require certified farms to detect their impact on the skate. These flawed certifications fail to safeguard the skate, and they fail to safeguard Coles from contributing to an extinction. By aligning with global best practice secure seafood policy, Coles could safeguard our supply chains while protecting shareholders and the skate or while leaving Coles' biggest competitor, Woolworths, lagging behind in disgrace. Industrial salmon farming, and let me just make it clear to everyone in the room, Tasmanian farmed salmon is not native. It's Atlantic salmon. It doesn't belong in our waterways, is causing an extinction event in Macquarie Harbour. Coles must make a decision on addressing its supply chain. As you've mentioned in the past, you have reduced your supply from the harbor. And I would like to ask whether or not you continue to plan to reduce and by how much -- is there a plan to transition entirely away from Macquarie Harbour when sourcing your farmed Atlantic salmon.

Thank you for your comments and your questions. As I mentioned, Coles, we take our reputation very seriously. We take responsible sourcing very seriously. With regards to Macquarie Harbour, in particular, and the salmon that we -- that is farmed, that we source out of Macquarie Harbour. You're correct. We've been looking at this as a business since 2019. And so it's not something which hasn't just come up in the last couple of years. So we've been focused on this. We don't rely on the certifications that we currently use. We do a lot more detailed due diligence above that certification. And yes, with regards to the requirement of the -- in terms of looking at CASA Conservation Alliance and Seafood Solutions in terms of their verification or certification. We are looking at those areas in terms of seeing whether that is duplicative of the certification that we currently do or whether it's additive to do that. And I think we mentioned in our sustainability report this year, that we're going to be continuing to focus and improve our due diligence as we move forward. We're basing our decisions on that due diligence in terms of the sourcing of salmon in Macquarie Harbour. The science is saying that at and which we are closely monitoring is saying that the Maugean skate numbers are improving. They are saying that the benefits of the oxygenation program are improving there. They're saying that the reduction of salmon farm is improving the benefits of the Maugean skate. We're going to continue to monitor that and work with not just any or our suppliers, but the University of Tasmania, IMS, other NGOs, SIX, et cetera. And I know that our team have been working with you over a number of times within the last 12 months. But we are doing enhanced due diligence and we'll continue to improve that diligence going forward. and we'll make the right decision in terms of the benefit of all stakeholders with regards to our sourcing of salmon in Tasmania and in particular, Macquarie Harbor. With regards to the addition of, I suppose, moving completely out of Macquarie Harbour. Unfortunately, there's a time of the year where we can only source salmon from Macquarie Harbour. Now provided the consumer is comfortable in terms of that, and we will continue to work with that and looking at in terms of where the science is at that may be a situation that does eventuate. But at this point in time, we believe that the source -- the salmon we saw from Macquarie Harbor is responsible.

Yesterday, the ABC reported that Dave Wood Williams, the former Board Chair of Tassal said that Coles and Woolworths were desperate for an alternative to farm salmon. Can you confirm this?

I don't think we're desperate to confirm with regards to farm salmon. We know that our customers want to have Australian salmon, and Australian fresh salmon. So we're trying to supply that to our customers and finding ways in terms of the most appropriate and best and environmentally beneficial way of being able to do that. And we will continue to do that in terms of looking at our responsible sourcing. Microphone 2. Thank you. .

Mr. Chairman, I would like to introduce proxy holder, Mr. Leonardo Guido. Good morning, Gordon. Thank you, Chair for the opportunity. .

Thank you. I'm Dr. Leonardo Guido, a scientist with specific expertise in the biology and fishery management. I currently work with the Australian Marine Conservation Society who in the past we have engaged with you. And again, I acknowledge that you've taken that step. Coles' view that the Maugean skate population is recovering and is similar to baseline measurements in 2014 is misleading your shareholders. There are critically important caveats when interpreting population estimates as 2014 levels, caveats with the -- with which the authors of the Institute of Marine and Antarctic Sciences. So IMS for short, those authors of that report described themselves. So ability to -- my apologies. Please bear with me as I present to you the following evidence. First, it is biologically implausible that the relative abundance increased 425% in skate from 2022 to 2024. Given the natural rate of increase for this population is up to 8.8% per year. The IMS report does not claim any population trends as a significant increase, I quote significant increase in terms of magnitude. On that there are statistically significant differences reflected in the catchability of the animals since 2022. Second, 2014 population levels reflect an already heavily impacted population. So it's not a baseline of a healthy population. This population was yet to be estimated to be wiped out in half come 2019. Third, despite tentative signs of juvenile recruitment in the animal in 2022, smaller animals were not caught in 2024, suggesting recruitment may not have continued. Assuming any of these juveniles from 2022 to survive to reproductive age, which is around 4 to 6 years old, females in particular, the earliest this would be 2026. Mind you, these states only live to around 10 years old. Fourth, the majority of females captured in 2024 were adults nearing the end of their natural lives, which, as I mentioned, is only around 10 years. Thus, as is the very definition of an endangered species is a very high extinction risk. This risk still remains and the scientific evidence to date does not preclude the necessity for a precautionary approach to taking action. Thus, my question today for you, Coles, is let me stay forth how will Coles apply the precautionary principle to sourcing salmon from Macquarie Harbour?

Thank you very much, Dr. Guido for your question and your comments. With regards to -- we do understand that there are early positive signs, as you say. But again, as you're all aware, the measurement of the number of Maugean skate is very difficult to do in effect. So it's a catch in terms of a certain number of area. Counting those and then extrapolating out in terms of the area. In our discussions with IMS and the scientists of IMS, what we have been told is the fact that they are seeing increasing numbers. They are seeing an increasing number in terms of Maugean skate in terms of the breadth within the Macquarie Harbour in terms of where they're located and probably also that they are seeing increasing numbers in terms of, as you say, the more juvenile Maugean skate. So that is, to us, a seen as positive. And these are just recent information that we've received with our discussions with IMS. As I mentioned before, we do take responsible sourcing very seriously. And so the decisions which we are making in terms of the due diligence, making up -- reducing the amount of salmon that we take out in Macquarie Harbour, the understanding and recognizing that Maugean skate. There is an issue in terms of Maugean skate. We are working and making sure that we are doing the right thing, as I said, for all stakeholders, and we'll continue to do that, and we'll continue to enhance our due diligence as we move forward to be able to do that. you microphone #1.

Mr. Chairman, I would like to introduce shareholder, Mr. Stuart Fisher.

I am a retired professor from Institute of Marine and Antarctic Studies at the University of Tasmania, the very Institute that you mentioned several times when -- and the reports that they've made when you refer to the Maugean skate. When I left the university, I was hoping to enjoy my retirement and not expected to see a news headline that Australia was on track to become the first nation in the world to send a shark array global extinct in modern times. This was a shock to me. I discussed it with a colleague, a former Executive Director of the Western and Central Pacific Fisheries Commission, Former Executive Secretary of the Commission for the Conservation of Antarctic Marine Living Resources, and despite us having nearly 100 years of research nationally and internationally, and the sustainability of marine resources, we could not believe that this was occurring in the 21st century and against Australia's international obligations for sustainable development and the protection of biodiversity. And surely, we thought the government will put a stop to this. The response of the Tasmanian Government, as the regulator, or simply to renew salmon farming licenses for another 2 years, despite -- and without that, the current primary cause of the habitat degradation in the harbor was by salmon farming. But unfortunately, the spin and the misrepresentation of a science by government, industry and the regulator is apparently providing a convenient smoke screen for companies such as your, Coles and Woolworths, to hide behind. A recent article in the independent Tasmanian Times, labeled smoking gun, RTI right to information documents expose salmon cover up as documented quite clearly the collusion between government, industry and the regulator. I'd also like to add reiterate some risks to the Board. I won't go through the population, Dr. Guido, if I have his name correctly, has already stated the actual population biology but claims that the harbor is equally as healthy as it was in 2014, in dissolved oxygen levels, only refer to the waters that are deep in the harbor. These aren't the waters where the Maugean skate lives. And in the preferred habitat, they are still low and the worst area is adjacent to the world heritage area. And as you have mentioned, and I'll digress a little bit, Mr. Chair, you've specifically mentioned the oxygenation project in Macquarie Harbour. That project is simply to provide the oxygen for salmon survival when it becomes low. It is not and never has been to remediate the harbor. The skate is at high risk of marine heat wave, as shown in the Tasmanian Government Marine, Heat Wave and Related Events Response Plan recently released. And we all know that to withstand the impacts of climate change, we need to have our waterways in the healthier situation they can be. We've all seen what's happened in South Australia. Climate change not only will impact the harbor as well as the fish, but it's also increasing. And we all know that those increasing periods when water temperatures are occurring in Macquarie Harbour as well as Southeast Tasmania, they are scientifically shown to be above the optimal limit for salmon production. During these periods, salmon have been kept inhumanely in suboptimal conditions. Now I'm also pass that what you've just said that Coles stated, and I heard you last year that it has removed some of its salmon source from Macquarie Harbour and that seems to remain your response. Sustainability is that continuum, either you are sustainable or you are not. You need to make up your minds. Now -- through the continued retail of Tasmanian Atlantic, Coles is compounding the threats to the state's future to the harbors health to the World Heritage listing, to its reputation for sustainable producing and now ignoring the inhumane treatment of the product itself. My questions to the Board are given that government as regulator is failing to properly deal with escape faces, why is Coles not taking the opportunity to be a leader by demonstrating sustainability actions. And told me that actions speak louder than words, and removing Tasmanian salmon from your shelves. And how is the Board thinking about these risks? I've outlined and the consequences to the Coles brand. thank you.

Thank you, Mr. Fisher for your comments as well as your question. Regarding your comments on the information that you provided, I think also, and this goes to Dr. Guido as well is catching up with some of our sustainability team outside. We have a booth to general inquiries booth where we have a number of our sustainability team there would be great so that we can get that information and be able to utilize that in a way that we continue to do our due diligence in terms of ensuring that we are responsibly sourcing salmon from Tasmania. With regards to, as you say, yes, sustainability and ensuring that and doing the right thing is a continuum. It's not just a one-off. And we are continuing to reduce the amount of salmon that we are taking out of Macquarie Harbour. We're basing that not on the certifications, but on the due diligence that we are doing. And you're correct with regards to the oxygenation project. This trial is basically confirming that it has been able to improve the oxygenation levels within Macquarie Harbour, but at certain levels within that harbor. And I think that in the discussions that we've had they're looking at being able to expand that trough further and then looking at ways in terms of how do they improve that throughout the whole harbor and also at the various depths within the harbor, particularly with regards to the habitat of the skate. We believe that we are doing the right thing in terms of the due diligence to making the right decision so that we are able to meet our stakeholders' needs in terms of our customer needs and having Australian and Tasmanian salmon on the 1 hand, but also doing it in a responsible way and working with our suppliers in finding alternatives in terms of being able to meet the needs of our consumers. Thank you, Ms. Sonia I appreciate, sorry. Looks like I've got microphone 2. Maybe if you go to another microphone. Excuse me -- are you a shareholder? Okay. Well, I think we'll just set that confirmation. That's -- I think that's why Microphone #2. Thank you.

Mr. Chairman, I'd like to introduce proxy holder, Spencer Hitchens.

Good morning. Thank you for this opportunity. I am Spencer Hitchins. I'm 14 years old. I am standing here today on behalf of my generation, on behalf of the future, on behalf of the youth because this is about our future. I've been to Macquarie Harbour, and I think, you mentioned at the start that you've been there, too. It is an absolutely incredible place. And when I saw those fish pens and I saw the fish farms, it just makes me feel so sad to know that the impacts from those fish farms are extincting a species, the Maugean skate, the of the sea. It's just so sad, I just -- I cannot comprehend how the adults, the decision makers can do this to a species and do this to my future and future generations. You're obviously selling Tasmanian salmon and salmon from Macquarie Harbour, specifically in your stores? And how would people know the salmon that they are buying right there in their stores is coming out of Macquarie Harbour enforcing a species towards the brink of extinction. They don't know. My mom and dad wouldn't know if I hadn't told them. And so that's really important. And I do want to recognize that you have made some positive steps in the right direction. You have started to take action to protect the Maugean skate, and you have moved that responsibly sourced label, which is brilliant -- but really, if we want to turn this around, if we want the Maugean skate to survive into the future and these incredible water ways, like Lyndon said before, to be healthy into the future for my generation, my future generations beyond me, then you have the power, you have massive power to change this. You're a retailer of this product that is impacting species and forcing it towards the brink of extinction. So my question to you today is, firstly, I know you have a vision to be the retailer that's most trusted, and if you're to gain the trust of my generation and generations beyond me, then it's so important to listen to our voices and take action for us in our future. My question is, are you willing to knowingly extinct species like the Maugean skate? If your answer is yes, then why? And do you care about my future, my generation's future. I hope that you care because this is really important.

Thank you, Mr. Hitchin, thank you for your comments as well as your question. As a parent, I do care for the future generation. To me, that's something which is very important in terms of ensuring that, in effect, we as a generation leave the earth in a better place than where it was in terms of when we joined the planet as young, as a baby in effect. I think as far as where Coles is concerned, and no, we don't want to be associated with the extinction of Maugean skate. I think that what you are seeing and what you have seen since 2019 we have been working within ways in terms of trying to understand the impact that salmon farming and outsourcing of salmon in particular, is having on the Maugean skate and the environment within Macquarie Harbour. We're continuing to do that, not just relying on the certification that other groups are providing, but doing and going over and above that, as we mentioned before, in terms of doing over further our due diligence. We're working with the understanding of the scientists in terms of understanding the science of that. That's 1 of the reasons why we have substantially reduced from 2019, the amount of salmon that we've taken out of the harbor. As I mentioned in my address, we've reduced it the last year as well. So we're continuing to monitor that to ensure that we believe that it's going to be sustainable and responsible for the Maugean skate. If the science changes, then we're going to have to significantly review what we are going to be doing with regards to that to ensure that we do not have that extinction event happen. But at this point in time, we're comforted by the science and what it is telling us, the improvement that I've mentioned previously, but we will continue to monitor that. And if that changes, we'll make changes ourselves.

Thank you, and I really do hope that you've listened to our voices today and that you will continue taking action. Thank you. .

Yes, thank you very much Microphone 4. .

Mr. Chairman, I would like to introduce shareholder, Mr. Ted White. .

Thank you, Mr. Chairman. I'm representing the other end of the spectrum. I'll sum be 89. So I'm trying to balance out the debate with the young boy who did an excellent job. My comment really -- well, first of all, I'd like to congratulate the Board. I think they've done an absolutely magnificent job. I'm a bit surprised that we spent an hour and 15 minutes on a subject, which a lot of people are passionate about. But I believe that on balance, Coles is doing a very good job in a very difficult circumstance. And I'd like to think in the future that we can have some sort of limit time wise on the so core questions that are being put up. I think people are passionate, and I love passionate people, but I think there's a cost at times, and we've got to balance how the benefit for the cost. Thank you.

Thank you, Mr. White for your comment. We'll certainly take that on board.

Just to put a little bit of reality. Normally, I spend this morning giving out food to people who are in desperate need of food. We have 40 families in the area who are virtually living on the bread line. So I think that we've got to be mindful of the fact that our shareholders are very fortunate people. Thank you.

Yes. Thank you, Mr. White, and well done on what you do. Thank you. There appear to be no further questions from the floor. So Jessica, are there any online questions? .

Chairman, there are no online questions or comments on this item. .

Thank you. If there are no further questions, we have finalized discussion on this item. For your information, the details of the proxies and direct votes received for Item 6.3 are now displayed. As previously mentioned, noting that Item 6.1 was not passed. Item 6.3 will not be put to the meeting for voting. Before I close the meeting, I'd like to pause to give shareholders a final opportunity to enter their votes on all resolutions. While we pause, are there any remaining questions in the room or matters not already discussed. market phone #1.

Mr. Chairman, I would like to introduce shareholder, Mr. John Sprague.

One question. What is the significance of stock shrinkage through theft. Now last year, when you asked this question, we were just told that it was less than the previous year. Can you give us a dollar figure on what the stock loss is thank you.

Mr. Sprague, I personally don't have that information on me. I'm not sure whether our CEO does. But we are continuing to induce a stock theft across our business. It's certainly being a significant improvement over the last couple of years. But what we are seeing, and particularly here in Victoria has organized crime is unacceptable levels. And we're certainly working with the government, the police and others in terms of trying to ensure that we end up with some better measures in terms of helping us help ourselves with the level of technology and training, which we're putting into our team to be able to try and remove that stock theft that is taking place. But in terms of the quantum, Mr. Sprague, I'll see whether Leah has any response to that. .

So Mr. Sprague. We're very pleasingly, we're able to reduce our total loss by 25 basis points over the course of FY '25 and -- so if you were to have a look at our supermarket sales, 25 basis points of that improvement was achieved, which was a significant shift for us over the year.

Thank you very much. It's just stressing as a regular customer, seeing people decide it's optional to pay because it's not uncommon for me to see people walk out of the store without paying. But thank you. .

Yes. Thank you, Mr. S. market phone #1.

Mr. Chairman, I would like to introduce shareholder, Mr. Henrik Kay.

Good morning, Mr. Chairman. As regards the crime issue, I'd like to suggest that you work with Neighborhood Watch Victoria and also Victoria Police have a crime prevention division within Victoria Place, that would help you. And also as regards to the shareholder meetings, I would suggest that in future you follow what Woolworths has done in the last 2 years and hold it at your you head office.

Thank you, Mr. Kay, and thank you very much for the advice in terms of how we can improve our security and reduce that in our stores, and we'll continue to work with the Victorian Police and the government and neighborhood watch, et cetera, to be able to do that. I will take on notice in terms of being able to hold the AGMs in a different location. We see that it's beneficial in some respects in having a room, which is reasonably large, something which we probably cannot provide at our -- in a safe, secure way in Taronga with regards to it being a working environment. but we will certainly take that on notice. And as you're probably aware, we're relocating our offices in a few years' time into the city. And so therefore, there will be a different forum and venue. So thank you very much, Mr. Kay. There seems to be no further questions on the floor. So Jessica, any questions online.

Chairman, Australian Ethical Investment has asked a number of questions on our cage-free egg commitment. -- and our broader animal welfare commitments. They have also asked about sustainable food choices and diversification into plant-based alternatives. Their questions are, can you meet your page? Can you meet your cage-free egg and broader animal welfare commitments in the context of biosecurity risks affecting animal agriculture production? Can Coles explain how the company will mitigate the animal welfare and sustainability risks associated with extending the time line to 2030. Can you encourage customers to choose more sustainable options like plant-based alternatives. Will Coles consider making protein diversification part of its climate strategy?

Thank you very much for the question. With regards to the eggs and cage or uncaged, Coles has committed since 2013 to have case free eggs. So Coles 1 brand, Shell eggs are 100% cage free. We've had to extend the deadline with regards to the caged deck or non-caged eggs and getting rid of those and in effect, temporarily paused it because of the avian flu epidemic that has taken place and the need for our customers and their demand to have the availability of eggs. We continue to see that 85% of our eggs that we sell is cage-free, and we're continuing to make sure that, that is the case. And we're encouraged in terms of the improvement in cage-free eggs that are taking place, and we'll continue to work with our suppliers in terms of trying to meet that commitment, understanding that our commitment is well ahead in terms of where it's going to be mandatory. With regards to animal welfare, we are very focused on our animal welfare and particularly with the sustainable options. We offer a wide range of choice of products and plant-based products, in particular, through our stores. And so we're looking to ensure that we are able to provide the customer what they want in terms of how they get their protein and providing them more sustainable options. So thank you for your question. Jessica, any further questions?

Chairman, we are just checking whether there are any more online questions or comments on this item of business.

Need to have some holding music .

Chairman, we have received an online question from Ms. Athena Pasini, who has asked do Coles feed Bovaer to all its meats? If not, then is it labeled.

I'm not -- personally, I'm not sure in terms of the answers to that question. I'll ask a Leah, in particular, to respond to that. .

Thank you for the question. We do use Bovaer in part of our beef supply chain, but it is not used in any other parts of our meat supply chain. .

Thank you. Jessica any further questions.

Chairman, we have received an online question from Maravik Zarati, who has asked, I'm a member of your Coles circle consumer platform. Has this added value to the business.

Mrs. Zarati. Thank you for your question. Of course, any engagement that we have with our customers is very important in terms of providing feedback and input. And so therefore, we welcome and we have a number of processes in place where we're engaged with our customers to ensure that we're able to deliver what they want with response to it with regards to our purpose. So thank you Microphone number two.

Mr. Chairman, I would like to introduce proxy holder, Ms. Lillian Henley.

My name is Lilly Henley. I have traveled here today from Tasmania. And I would like to just revisit the issue of the farm Tasmanian salmon I am interested specifically in Jacqueline Chow thoughts, considering you spoke earlier of your experience in managing complex supply chains as well as brand reputation and sustainability. Tasmanian people are deeply, deeply concerned at the environmental implications of intensive salmon farming in Macquarie Harbour and across the state more broadly. Industrial salmon farming in Tasmania is taking more than it gives. It is polluting our waterways, our beaches. It is degrading our recreational fishing opportunities and tourism opportunities. It is siphoning profits offshore whilst leaving Tasmanians to bear the environmental cost. Earlier this year, Tasmanians were horrified with videos released during the summer mass mortality event of aquaculture staff pouring crates of dead, diseased, along with live salmon straight into skip ins and shipping them off to the tip. Given another recent mass die-off event, this time of Tassal Barramundi in Western Australia, another stark warning about the fragility and environmental cost of intensive aquaculture and global failings of this intensive open fish farming model more broadly. When will Coles recognize that it is not the location or species of fish that is the problem, but the unsustainable business practices of the company's and supply chains that you source from and directly support, thank you.

Ms. Henley, thank you for your question. I don't believe it's appropriate Ms. Jacqueline Chow to answer the questions, but I will try and address that question or your questions. We do take reputation seriously. And as I mentioned previously to the number of other shareholders, we are focused on working with and understanding the due diligence and the scientific updates. We're certainly ensuring that what we do is we're trying to make the right decision with regard to be able to provide a product that our consumers want. With regards to ensuring though, that it is sustainable, particularly within Macquarie Harbour, and it's not endangering any other species. We're trying to work within that balance in terms of the balance of all stakeholders. And I believe in terms of the action which we've taken to date is proving that to our word with regards to do that and are making changes. With regards to the unfortunate event of the -- mortality event down in Tasmania earlier and also what we've seen in Western Australia. It is something which we're working with our suppliers in terms of trying to understand how it occurred, what remediation works that they are able to do to ensure that it doesn't happen again. And also it goes part in terms of our due diligence to ensure because we want to make sure that we have a sustainable product that we sell to our customers. So if that's not available or if it's not the right location, et cetera, or the right way to farm, then we will be making changes in terms of how we source that product. So thank you for your question and comment. Yes. Thank you very much. Yes. Thank you very much. I noticed that. And I believe that there will be -- I will pause the meeting at this point in time, and I believe that there is an announcement coming over the loud speaker.

Ladies and gentlemen, can we please have your attention? On this Remembrance Day, we paused to recall the brave souls who gave their tomorrow for out today.

If you're able to, could you please.

They will not grow old as we that are left to grow old. Age should not wear of them nor the years. With the going down of the sun and in the morning, we will remember. Ladies and gentlemen, can we please pause for a moment of silence. Thank you for your attention.

Thank you, ladies and gentlemen we'll go back to the meeting. Jessica, are there any further questions?

Chairman, there are no more online questions or comments on this item. .

Thank you. If there are no further questions, -- if there are no further questions, we have finalized our discussion. That concludes the formal business of the meeting today. If you've already done so or already not done so, please ensure that you submit your vote for each resolution. I now declare the poll close. The final results of the poll will be advised to the ASX later today and will be published on our website as soon as possible. Congratulations to Scott and to Jackie for your reelection. That concludes our business today. Thank you for your attendance at the Coles Group's Annual General Meeting and your support of Coles. We very much look forward to continue -- you'll continue to support as we enter this busy Christmas period. and I wish everyone a joyful festive season. I now declare the meeting closed. For those of us who joined us here in Melbourne, I invite you to join the Board and executive leadership team for some refreshments, which will be served just outside the entrance of this meeting. Thank you very much for your attendance.