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Wesfarmers boss Rob Scott went to the annual Macquarie Australia Conference with a roll-the–arm-over type pitch, high-level enough to refresh offshore investors but giving nothing too much away ahead of a company strategy day later this month.
His speech, pre-written and delivered word for word, explained the “Wesfarmers way”, its capital allocation framework, the importance of strong leadership teams in underlying businesses and what it saw in its reasonably new lithium and health arms to warrant investment. Domestic fund managers had heard it all before. Offshore funds, perhaps more the target this year with international business travel returning and the conference an in-person-only event, would have learnt a thing or two.A, where there were insights into the huge employer’s view of the labour market, cost inflation across its portfolio and some nuggets about its underlying businesses including Bunnings, Officeworks, Kmart and the expanding lithium arm.
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