Corbett makes surprise Woolworths AGM appearance, critiques chairman

afr.com:

Former Woolworths chief executive Roger Corbett made a surprise appearance at the supermarket giant’s annual meeting, criticising the retailer’s chairman Scott Perkins for supporting “the status quo” at Endeavour Group, where Woolworths is a major shareholder.

Woolworths received a first strike against its remuneration report at Thursday’s meeting, partly due to investors taking issue with rewarding executives following the deaths of two staff members in the past 12 months.

On Wednesday, Woolworths said it would vote in line with the Endeavour board’s recommendations against the election of board nominee Bill Wavish, another former supermarkets executive, who is supported by Mr Corbett and the pub and liquor retailer’s largest shareholder, Bruce Mathieson.

Woolworths new chairman Scott Perkins told Roger Corbett he expects better performance from Endeavour Group, where the retailer controls a 9.1 per cent stake. Dominic Lorrimer

Woolworths is the second-biggest shareholder in Endeavour behind Mr Mathieson, who controls 15 per cent of Endeavour and is waging a proxy fight looking to push out chairman Peter Hearl.

Mr Perkins told the meeting that contractual arrangements with Endeavour were important to the company, adding that he supported the current board, including Bruce Mathieson jnr, Mr Mathieson’s son.

Mr Corbett praised Woolworths chief executive Brad Banducci, saying he had done “a superb job”. He said he had a practice of “never critiquing his successors”, but had terse words for Mr Perkins.

Mr Corbett said the board recommended the divestment of the Endeavour assets on the basis it would be a much better way to manage the specialist stores and pubs, but Endeavour’s shares have dropped 40 per cent since then.

“Th