---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 86177
conversation_id: c75e2d2d-6f2a-4cb2-be57-4ec0de4032c6
citations: 3
created: 2026-05-31 21:07:41Z
---

# Who are the key shareholders of Wesfarmers?

# Wesfarmers (ASX: WES) — Key Shareholders

Wesfarmers' shareholder register is dominated by **custodian nominees** that hold shares on behalf of underlying institutional investors. Per the company's FY2025 Annual Report, the 20 largest shareholders collectively held **57.89%** of issued capital as at 27 August 2025 [2].

## Twenty Largest Shareholders (as at 27 August 2025)

| Rank | Holder | Shares | % of Issued Capital |
|------|--------|--------|---------------------|
| 1 | **HSBC Custody Nominees (Australia) Limited** | 305,930,101 | **26.95%** |
| 2 | **JP Morgan Nominees Australia Pty Limited** | 163,120,207 | **14.37%** |
| 3 | **Citicorp Nominees Pty Limited** | 92,372,583 | **8.14%** |
| 4 | BNP Paribas Nominees Pty Ltd (Agency Lending A/C) | 19,821,297 | 1.75% |
| 5 | BNP Paribas Noms Pty Ltd | 15,936,957 | 1.40% |
| 6 | National Nominees Limited | 8,278,663 | 0.73% |
| 7 | HSBC Custody Nominees (Australia) Limited (Nt-Comnwith Super Corp A/C) | 8,143,855 | 0.72% |
| 8 | BNP Paribas Nominees Pty Ltd (HUB24 Custodial Serv Ltd) | 5,972,152 | 0.53% |
| 9 | Netwealth Investments Limited (Wrap Services A/C) | 5,578,694 | 0.49% |
| 10 | Australian Foundation Investment Company Limited | 5,368,000 | 0.47% |
| 11 | Citicorp Nominees Pty Limited (Colonial First State Inv A/C) | 4,599,526 | 0.41% |
| 12 | Argo Investments Limited | ~4,20x,xxx | ~0.37% |

*Source: Wesfarmers 2025 Annual Report — Shareholder Information section [1]*

## Key Observations

### 1. The Top 3 are Custodians, Not Beneficial Owners
The top three holders — **HSBC Custody, JP Morgan Nominees, and Citicorp Nominees** — together control roughly **49.5%** of the register, but they are **custodian/nominee accounts** holding shares on behalf of underlying institutional investors (global asset managers, super funds, sovereign wealth funds, ETFs). They are not the ultimate beneficial owners.

### 2. Concentration is Increasing
- FY2018: Top 3 custodians = 43.5% of capital
- FY2022: Top 3 custodians = 42.0%
- FY2024: Top 3 custodians = 47.1%
- **FY2025: Top 3 custodians = 49.5%** [1]

This reflects the steady consolidation of Australian equity ownership into global custodial platforms used by passive index funds and large active managers.

### 3. Identified Substantial Shareholders (>5% beneficial)
Wesfarmers does not disclose any single beneficial substantial shareholder (>5%) in the FY2025 register. Historically, however, the company has identified the following as substantial shareholders under Part 6C.1 of the Corporations Act:
- **BlackRock Group (BlackRock Inc. and subsidiaries) — 6.04%** (FY2019) [3]
- **The Vanguard Group, Inc. — 5.00%** (FY2019) [3]
- *Commonwealth Bank of Australia and subsidiaries* — 5.15–5.19% (FY2010–FY2012; subsequently fell below the 5% disclosure threshold)

These global passive managers (BlackRock, Vanguard, State Street) remain the most likely ultimate beneficial owners sitting behind the HSBC/JPM/Citi nominee accounts, even where their current holdings have dipped below the 5% substantial-shareholder threshold.

### 4. Notable Australian Retail / Listed Investment Companies
- **Australian Foundation Investment Company (AFIC)** — 5,368,000 shares (0.47%) [1]
- **Argo Investments Limited** — long-standing LIC holder [1]
- **Netwealth / HUB24 platforms** — proxies for the Australian SMSF/advised retail channel

### 5. Shareholder Base Profile
- Only **0.90%** of shareholders have registered addresses outside Australia, consistent with Wesfarmers' status as a domestic Australian conglomerate with a heavily local retail and institutional shareholder base [1].
- 6,916 shareholders held less than a "marketable parcel" — a long tail of small retail holders [1].

## Bottom Line
Wesfarmers' shareholder base is **broadly held**, with no single declared substantial shareholder (>5%) as at FY2025. The register is dominated by global custodians (HSBC, JPM, Citi, BNP Paribas) acting on behalf of underlying institutions — most prominently the global passive giants (BlackRock, Vanguard, State Street), large Australian super funds, and ETF providers. The remainder of the register reflects Australian LICs (AFIC, Argo), platform-aggregated retail (Netwealth, HUB24), and the WESAP employee share plan.

---
**Sources**

[1] Wesfarmers Limited — 2025 Annual Report, Shareholder Information section (register as at 27 August 2025)
[2] Wesfarmers Limited — 2025 Annual Report, Investor Information section (top-20 holding = 57.89%)
[3] Wesfarmers Limited — 2019 Annual Report, Substantial Shareholders disclosure (BlackRock 6.04%, Vanguard 5.00%)

## Citations

- [1] **Wesfarmers Limited, H2 2025 Report** · external
- [2] **Wesfarmers Limited, H2 2025 Report** · external
- [3] **Wesfarmers Limited, H2 2019 Report** · external

