HESTA adds WiseTech to watchlist amid governance concerns

media release

9 May 2025

Statement attributable to HESTA CEO Debby Blakey:

HESTA has placed WiseTech on our watchlist in response to ongoing governance, leadership and culture concerns. We believe developments in recent months call into question the company’s ability to make the necessary changes to restore investor confidence.

Our concerns relate to the conduct and actions of the Executive Chair, the lack of independence of the WiseTech Board, and uncertainty regarding company leadership and succession, as well as news of ASIC’s preliminary enquiries.

We believe the company has a critical and immediate opportunity to appoint highly skilled and genuinely independent directors, to demonstrate a sustained focus on succession, and provide comprehensive and transparent disclosure. Taking these actions will begin to provide investors with confidence that WiseTech is taking appropriate action.

Through our regular engagement and increased monitoring we will seek progress on these matters to help protect long-term returns. We regularly review our portfolio on behalf of our members and look forward to engaging with the Lead Independent Director.

Ends.

Background

Watchlist companies are the focus of closer direct engagement and monitoring.
Our engagement escalation framework also considers voting against Director elections, supporting or filing of shareholder resolutions, and consideration of divestment where HESTA considers there is inadequate evidence of progress to address risks, further engagement is unlikely to achieve alignment with our objectives, and it is in members’ best financial interests.
Other companies currently on HESTA’s watchlist: Mineral Resources, Santos and Woodside.

Media contact:

Sam Riley

General Manager Media Relations and Corporate Affairs

(03) 8660 1684

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