Shareholders punish WiseTech board and chairman Richard White over executive pay

Under investigation by ASIC, embattled WiseTech founder Richard White fought back tears in front of shareholders as WiseTech was dealt a strike against its executive pay.

WiseTech founder and executive chairman Richard White chokes back tears at the company's annual meeting on Friday.

Shareholders punished WiseTech Global’s board and its executive chairman Richard White, slamming the company’s executive pay scheme and dealing another humiliation to the software business that the AFP raided last month.

Its billionaire founder Mr White – who rose to executive chairman in February following a boardroom exodus – on Friday sought to reassure his investors by delivering a message of resilience and global ambition.

He appeared to hold back tears as he addressed shareholders at WiseTech’s annual meeting in the Sydney suburb of Alexandria, describing the past year as “challenging” in an emotive address that failed to sway a 49 per cent protest vote.

Industry superannuation fund Hesta intensified its threat to sell its stake and declared disappointment at the slow progress of WiseTech’s succession planning.

The Australian Securities & Investments Commission is investigating Mr White and three other executives over alleged share trading during a blackout period, capping a tumultuous 13 months that began with a sex-for-mentorship scandal.

Mr White apologised to investors, stating, “I’m very passionate about this company”.

Lead independent director Andrew Harrison – whose appointment to the board had drawn criticism from the Australian Shareholders Association – told the meeting it was unlikely that he would serve a full term.

Mr Harrison viewed his own tenure as “transitional in nature” and intended to step down once the board’s renewal process is complete and functioning effectively.

“Once the new board is fully in place and working well, I intend to step down with another non-executive director assuming the role of lead independent director,” he said.

Mr Harrison described ASIC’s insider trading investigation as preliminary and no allegations of wrongdoing had been made.

“The ASIC investigation, announced this year, has attracted attention and media headlines, and I understand that naturally raises questions and concerns. Let me be very clear, this matter is only in the investigation stage, and no charges have been brought against any individual, nor have any allegations been made against WiseTech Global.

“It is still in relatively early stages, and is a process that will take time while there’s a limit to what we know and what we can say. Right now, I want to assure you that both the board and management are co-operating with the authorities. We take this very seriously and are closely monitoring the situation as it evolves.”

ASIC, aided by the AFP, attended WiseTech’s office and other properties.

“Everything we do is guided by a strong sense of responsibility to our shareholders, the whole WiseTech team and the business we’re very proud to serve,” Mr Harrison said.

“We know that speculation can have real impacts on our people, on confidence and on shareholder sentiment, but what I can assure you is that WiseTech was built over three decades on a solid foundation by a combination of organic and inorganic growth initiatives and a diverse and highly skilled team that continues to grow testament to this solid foundation.”

Hesta, chaired by former health minister and attorney general Nicola Roxon, confirmed it rejected the pay packets of Mr White and the executive team. The super fund also voted against the re-election of WiseTech’s co-founder Maree Isaacs to the board.

Hesta chief executive Debby Blakey said: “We have continued to engage regularly with the company on behalf of our members

“Following recent reports of ASIC’s investigation into Richard White’s share trading conduct, we have encouraged the board to be proactive in addressing the leadership and succession uncertainty caused by the investigation,” Ms Blakey said.

“While welcoming progress on board renewal and restoration of a majority independent board, as well as the CEO appointment this year, we are disappointed by the slow progress to date on broader succession planning at both the board and executive level and continue to seek comprehensive and transparent disclosure regarding corporate culture.

“These views have helped guide our voting positions.”

Ms Blakey said WiseTech remained on Hesta’s watchlist, meaning it could sell its 0.6 stake and follow AustralianSuper, which dumped its WiseTech holding earlier this year, citing governance issues.

“We continue to seek the necessary changes that will rebuild investor confidence and help protect long-term returns for our members,” the Hesta boss said.

The Australian Shareholders Association and Norway’s $US2.1 trillion sovereign wealth fund also opposed WiseTech’s remuneration report.

As the company navigates its governance challenges, the focus quickly shifted to the aggressive growth vision laid out by CEO Zubin Appoo. Mr Appoo framed the current environment — marked by “tariffs, embargoes, sanctions, restricted party rules, and geopolitical volatility” — not as a threat, but as a critical market opportunity.

“WiseTech plays a critical role in the global trade and logistics ecosystem — an ecosystem that’s more complex, more digital, and more interconnected than ever before,” Mr Appoo said. He said that the company’s flagship CargoWise platform is uniquely positioned to capitalise on this complexity by driving efficiency and managing the rising operational risk that global logistics operators can no longer avoid.

The core of this growth strategy rests on the acquisition of US-based e2open, which Mr Appoo said will fundamentally expand WiseTech’s market reach beyond traditional logistics providers to the world’s largest importers and exporters. This combination, he said, created a technological ecosystem spanning the entire supply chain.

The strategic push appears to be supported by solid financial expectations. Mr Appoo reconfirmed the company’s FY26 guidance, expecting revenue between $1.39bn and $1.44bn, and EBITDA of $550 million to $585 million.

Shares of WiseTech rose 2.4 per cent to $65.76.

The Australian Shareholders Association urged Mr White to take a sabbatical.

“This is a perfect time for Richard White to temporarily step aside,” the ASA said. “It could be a one-year sabbatical, an overseas study tour, or whatever.”

Originally published as Shareholders punish WiseTech board and chairman Richard White over executive pay