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Here's everything you need to know today - in under 3 minutes.

Today's big stories:

⚾️Westpac cops strike one from shareholders

🥯Kraft's got a crafty solution to the cream cheese shortage

🛍Zara and H&M make a massive comeback

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Thank you, next: Westpac cops strike one from shareholders over its new executive pay plan

Background: Westpac have had a bit of a rough year. They've been defrauded, copped $1.3 billion in write-downs, forced to pay over $100 million in fines...and now, shares are down around 20%.

What happened: Westpac shareholders are grumpier than Sex And The City fans after the new reboot (and that twist). So, when Westpac put its new executive pay plan to shareholders at the company's annual general meeting (AGM)...things didn't go to plan.

What else: Over 30% of shareholders voted against the bank's remuneration report in protest, slapping it with a first 'strike'. And in the business world, you only get two.

So what's the key learning?

💡At a public company's AGM, the company will share financial results, their strategy for the future...and they'll have a vote on executive remuneration (aka, how much the top dogs and cats get paid).

💡Where 25% or more of a company's shareholders vote against the remuneration plan, the company receives a strike ❌. And for many shareholders it's about dissatisfaction with the performance of the company and its management.

💡If executives receive two strikes in two consecutive AGMs, then the shareholders may choose to spill the board (aka vote to re-elect the board). So Westpac's shareholders are handing the company a big wake-up call.

Kraft spins the cream cheese shortage into free dessert so cheesecake lovers don't sour on them

Background: Kraft Foods is the fifth-largest food and beverage company in the world. Woahh.

What happened: This crew own Toblerone, Milka and, of course, Philadelphia Cream Cheese 🤤. And unfortunately for bagel lovers (aka everyone), cream cheese is currently in short supply, thanks to labour shortages and port congestion in the US.

What else: Now, Kraft will give 18,000 people $20 to spend on any dessert they like. That way, people who can't get their hands on the delicious creamy goodness can get another tasty treat bank-rolled by Kraft.

So what's the key learning?

💡It takes companies years and years to build a trustworthy brand, but sadly, it can be lost overnight. So, when brands foresee potential brand damage, they'll do anything to turn it into a positive experience.

💡Here's the thing: it costs five times more in marketing dollars to gain a new customer, than it does to serve an existing, loyal customer. On top of that, repeat customers spend 31% more with a business than a brand new customer.

💡So even though customers can't get their hands on Kraft cheese now, because Kraft turned a negative situation into a positive experience, customers will be more inclined to come back to Kraft in the future. The best defence is a good offence.

Zara and H&M sales return to pre-pandemic levels as we all buy new outfits for our hot vax summer

Background: Zara is owned by the world's largest fashion retailer, Inditex. Its Swedish rival, H&M, is the second-largest retailer. And both of these companies reckon that between August and November, sales returned to - and in some cases, exceeded - pre-pandemic levels.

What happened: Inditex reported sales of $11.5 billion, with net profits of $1.9 billion. H&M also saw net sales of $8.7 billion. Geeez!

What else: This is all despite these companies having to shut stores due to restrictions around the world. It's largely thanks to some post-pandemic pent-up demand.

So what's the key learning?

💡Pent-up demand is when there's a rapid increase in demand for a service or product, usually after a period of subdued spending.

💡Customers tend to hold-off making big purchases during a recession (or a global pandemic), but that demand never goes away. Instead, it builds up. Like the tension in a Home & Away ep. This demand gets unleashed when signs of a recovery emerge.

💡It's happening on home soil too. Aussies spent more than $8 billion between Black Friday and Cyber Monday. And, we're expected to spend more than $21 billion on retail post-Xmas.