The Australian Securities and Investments Commission (ASIC), the corporate watchdog, is investigating Super Retail and the circumstances that led to Farrell and Berczelly suing the company.
“There is an ongoing legal process with ASIC … I can’t comment on that,” Swales said.
Super Retail’s AGM, a year ago: now-sacked CEO Anthony Heraghty and Super Retail chairwoman Judith Swales, who has held on to her job.Credit: Joe Ruckli
She also confirmed that another former Super Retail lawyer, Renai Williams, had commenced action through the Fair Work Commission over allegations the retailer took unlawful action against them.
Swales has survived in her role as chairwoman despite suffering a 25.1 per cent protest vote against her after three of the four influential governance advisory firms recommended against her re-election.
“This director is accountable for oversight of the former CEO and legal issues over this period,” stated a report from proxy adviser Ownership Matters advising against Swales’ re-election.
“There was inadequate oversight over senior management and company strategy, legal strategy and the company’s whistleblower program.”
Company director Colin Storrie said Swales had the “full confidence and unconditional support” of the board.
Removing the voting stake of company founder Reg Rowe, who retains a board representative in Mark O’Hare, more than 42 per cent of shares voted landed against Swales.
Super Retail’s share price slipped 4 per cent in the session.
Swales also confirmed the retailer was seeking legal advice on whether it could claw back further benefits received by Heraghty last month just prior to his sacking. The company has already cancelled share rights and bonuses worth $7 million, including a $620,000 cash bonus that was due to be paid late last month.
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Just eight days before his termination, Heraghty was awarded shares related to his short-term incentive bonuses for 2023 and 2024 worth $495,000, according to CGI Glass Lewis.
“Had his departure taken place only days earlier, these awards would have lapsed under the bad leaver provisions applied by the board,” the proxy adviser said in its report.
Allegations against Heraghty included screaming at staff so vehemently that he was spitting on them, and international trips to further his alleged secret relationship with Kelly.
Replacing Heraghty as group chief executive is BCF’s managing director, Paul Bradshaw, who will step into his new role on November 1.
“As CEO, my focus will remain steadfast on delivering value for our customers, supporting our team. Every one of them,” Bradshaw said in the meeting’s closing remarks.
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