Good morning, everyone. My name is Chloe Ranicar, I'm the Acting Director, Investor Relations at Atlas Arteria. I welcome you to Atlas Arteria's 2023 Annual General Meetings. This is Atlas, which means we have security holders and proxy holders attending both in person and online. As a result, there are a few important housekeeping matters to cover before we start. First, for those attending in person, if the building fire alarm sounds or you're advised that there is an emergency in the building, please follow the directions of the warden. Exit will be via the stairs next to the lifts or via the service area back stairwell. There is no smoking allowed on site at the RACV Club. Bathrooms are located past the lifts, please turn your mobile phones to silent during the meetings. Now, for everyone's information.
Due to Atlas Arteria's stapled structure, there'll be 2 meetings taking place this morning. One for Atlas Arteria Limited, the Australian parent company that forms part of the Atlas Arteria Group, and one for its stapled entity, Atlas Arteria International Limited, the Bermudan parent company of the group. For today's meetings, you will hear from the Atlas Arteria Limited Chair, Debbie Goodin, the Atlas Arteria International Limited Chair, Fiona Beck, and Graeme Bevans, the CEO of Atlas Arteria. You will also hear from each of the directors who have been considered for election or re-election at today's meetings. In relation to the formal business of the meetings, voting on the resolutions is by way of a poll.
To provide security holders and proxy holders with sufficient opportunity to vote, the Chairs will declare the poll open on all items of business to be considered at the meetings after they formally open each meeting. If you are online, voting on all items will be closed two minutes after the meetings finish to allow time for final votes. Voting for those here in person will close at the same time. The proxy positions, including open proxies, will be shown after each resolution is introduced, and the results will be released to the ASX after the end of the meetings. As mentioned in the notices of meeting, the Chairs will vote all undirected proxies held by them in favour of the resolutions. At the conclusion of the meetings, we'll invite those joining us in person to join us for refreshments.
Security holders, proxy holders, and corporate representatives may vote on the items of business once the polls are open. If you are here in person, entitled to vote at today's meetings, and have registered at the attendance desk, you should have received a blue voting card. If you're entitled to speak, but not vote at the meetings, you should have received a yellow card. If you haven't received a card and you think you should have, or you have not received the correct card, please go to the registration area, where a Computershare representative will assist you. To vote on an item, please tick or mark the For, Against, or Abstain box. You must only mark one box for each item. You'll be given time to vote on each item following the discussion on that item.
For those attending online, when the chairs declare the polls open, a voting icon will appear on your screen, and the items of business will be displayed. To vote, press the Vote icon, and your voting options will appear on your screen. You can then select your voting direction, and a tick will appear to confirm receipt of your vote. There is no need to hit a Submit or Enter button, as the vote is automatically recorded. You'll receive a confirmation notification on your screen. To change your vote, select Click here to change vote, and press a different voting direction to override. You may change your vote up to the time the polls are closed and after the meetings are finished. Security holders, proxy holders, and corporate representatives may also ask questions during the meetings.
To ask a question in person, please approach the microphone when prompted and show your investor card to the Atlas Arteria representative. Once you have done this, please approach the microphone and state your full name and any affiliation you have. If you are unable to approach the microphone, please raise your hand so a microphone can be brought to you. We ask that you hold any questions on specific resolutions until we come to that item of business. If you are attending the meeting via the online platform, to ask a written question, click on the Q&A speech bubble icon. Once you have completed typing your question, please select the Send button to submit your question. If you are asking a written question about a resolution, please start by stating the question with the resolution it relates to.
If you have a written question already prepared on any item of business, please submit it now on the platform so as many questions as possible can be answered during the meetings. To ask a question verbally, please follow the instructions shown below the broadcast window on the online platform, please state your full name before asking your question. Please limit your question to only one or two questions at a time, then rejoin the queue to allow time for others to ask questions. If you are experiencing any technical issues, please call the number on the screen. With that, I will hand over to Debbie Goodin, the Chair of Atlas Arteria Limited. Thank you.
Thank you, Chloe, and welcome to Atlas Arteria's 2023 annual general meetings. My name is Debbie Goodin, and I am the chair of Atlas Arteria Limited. I'm advised that there is a quorum present, and so I declare the meeting of Atlas Arteria Limited open. I will open the polls now, so you can vote at any time during the meetings. Firstly, I would like to acknowledge the Wurundjeri, who are the traditional owners and custodians of the lands of which I am presenting today. I would also like to pay my respects to elders, past, present, and emerging of the Kulin Nation. We respect and value the importance of preserving their cultures and customs. We are an Australian-listed, stable group with operations over 3 continents, and I wish to acknowledge the traditional owners of all those lands.
Due to Atlas Arteria's stapled structure, as we mentioned earlier, two meetings will take place this morning simultaneously. One for Atlas Arteria Limited, the Australian parent company, and one for its stapled entity, Atlas Arteria International Limited, the Bermudian parent company of the group. Most of you will be familiar with the relationship between the two companies, it's set out on the screen for ease of reference. This morning, I will refer to the Australian entity as ATLAX, the Bermudian entity as ATLIX, and the group as Atlas Arteria. In addition to chairing ATLAX, I'm also a director of ATLIX. The chair of ATLIX is Fiona Beck, who joins us today from Bermuda. Good morning, or should I say good evening, Fiona?
Good morning, everyone. I would like to extend a warm welcome to all investors and other visitors, and reiterate Debbie's thanks for your support in joining us today. Debbie and I are also joined by our fellow ATLIX directors who are here with me in Bermuda, Caroline Folger and Andrew Cook. I now declare the 2023 annual general meeting of the security holders of Atlas Arteria International Limited open. On advice, declare that we, too, have a quorum. I also confirm the polls are now open. You can vote at any time during the meeting. While I will chair the ATLIX meeting today, I have asked Debbie, as a director of ATLIX, to assist with the running of the meeting to make the process smoother. I will now hand back to Debbie.
Thank you, Fiona. I would now like to introduce the ATLAX directors. Joining me in Melbourne today, to my left, Graeme Bevans, our Managing Director and CEO, and David Bartholomew. Unfortunately, John Wigglesworth is unwell today and is unable to attend in person. John is, however, attending online and is on the screen. Also attending online from France is Jean-Georges Malcor, who you can also see on the screen. Also joining me on the stage are Clayton McCormack, our General Counsel and Company Secretary, and Chloe Ranicar, our Acting Director, Investor Relations, who you heard from earlier. Chloe will be assisting me by reading out any questions. Joining us in the front row are Ken Daley. Ken has been an observer representing IFM Investors since 1 January 2023 and is being considered for election at today's meeting.
David Collins, our Chief Financial Officer, Ben Gargett, our signing partner from PricewaterhouseCoopers, our auditors. Also with us is Chris Dettrick of Computershare, our registry, who will be the Returning Officer for today's meetings. One final point before I move to my chair's address. A number of directors are up for election at today's meetings, and they will address security holders briefly when we come to those agenda items. I am standing for re-election as a director of both ATLAX and ATLIX, and when the time comes, I will ask Fiona Beck to assist with the running of the meeting during consideration of these items. I will speak separately to my re-election at that time. I will now move on to my chair's address. 2022 was quite simply an exceptional year.
Our people consistently and capably delivered against our strategy, helping to transform Atlas Arteria into a stronger, larger, more diverse business. A company that is now even more strongly positioned to create long-term value for you, our security holders. This unwavering commitment to delivering value was a key focus of the board through what was an interesting and at times, a challenging year. A strategic highlight of the past year was, of course, the acquisition of the majority interest in Chicago Skyway. The opportunity to acquire this business was both rare and compelling, and one that had been on our radar for some time. The knowledge we possessed as a result of our prior ownership of this business, meant we were well-placed to fully evaluate this opportunity.
In addition, we had a strong relationship with Ontario Teachers' in place, we're confident that we could bring our knowledge and experience as a global operator of toll roads to create value at Chicago Skyway. We strongly believe that acquiring the Skyway is in the best long-term interest of our security holders. We do, however, acknowledge that it is now up to us to demonstrate this value through the disciplined execution of our plans and by keeping you updated on our progress. More about this transformative acquisition shortly. In France, we continue to invest in growing the APRR network. Tolling commenced on a new section of the A79, a key link of the East-West link from Ryan on the Atlantic Coast to the Rhine Valley and beyond, towards Germany, Switzerland and Italy.
In January 2023, we signed a EUR 410 million investment plan with the French State. This has secured additional toll increases for us at APRR and AREA, is a testament to the strong, ongoing relationship APRR has built with the French government. We also made progress at Dulles Greenway towards our goal of implementing distance-based tolling. We have gained the support of the Virginian governor and the Virginia Department of Transportation, both positive and promising developments. The move to distance-based tolling would benefit both our customers and our business. Importantly, it would provide us with the legislative and toll pricing framework to unlock cash in the business. We remain committed to pursuing this toll reform. Graeme will talk more about our immediate plans at Dulles Greenway in his address.
The consistent and diligent execution of our long-held strategy continued to translate into security holder value, with record distributions of AUD 0.40 per security for the year. We delivered a 9% increase in proportional toll road revenue and a 10.3% increase in proportionate EBITDA. This reflects improving traffic post-COVID-19, along with toll price increases. I am also very pleased to report that in 2022, we outperformed the ASX 200 on a total shareholder return basis, delivering 8.7% TSR versus -1.1%. This follows our already excellent track record since the decision to internalise management in 2018. Since then, we have outperformed the index with a shareholder return of 42.1% to the end of 2022.
We achieved these impressive results while staying laser focused on our strategy, which is to improve cash flows from each of our businesses and grow value for all our stakeholders across the five pillars. These five strategic pillars are: first, reducing legacy complexity and optimising the value of what we own; second, active operational management to improve earnings and value; third, disciplined capital management to underpin strong and sustainable distributions; fourth, lengthening average concession life; and finally, diversifying and managing risk. We made significant progress against these pillars in 2022, in particular with the acquisition of a majority interest in Chicago Skyway. This acquisition fits squarely with our strategic approach, and it met all three of our investment criteria. Firstly, it is expected to deliver an internal rate of return greater than our risk-adjusted cost of equity at the time of acquisition.
Secondly, it has lengthened our average weighted concession life. In fact, it has doubled it from 18 to 37 years. Finally, its cash flows, along with those from our existing businesses, will underpin sustainable distributions for decades to come. The addition of Chicago Skyway to our portfolio has also diversified and strengthened our business, balancing exposure by both geography and currency. Our enlarged capital base has also placed us in an even stronger position to participate in any future retender process for the concessions we hold in France. We thank our security holders for your support of a $3.1 billion equity raise to fund this acquisition. It was a decision and a strategic move that represents an important step in our growth as a global owner, operator and developer of toll roads. Now, moving to other developments during 2022.
In June, IFM, an Australian-based global fund manager, became a significant investor in Atlas Arteria. As I've noted, we remain focused on delivering our strategy and pursuing our promising growth agenda. As a public company, we are always for sale at a price that is acceptable to our security holders. Following IFM's investment in Atlas Arteria, they requested information to help them determine whether to or not to submit a proposal to acquire all the outstanding securities in our company. The board and management worked hard to provide information to address those requests. As you would expect, we balanced IFM's requests with the interests of all other security holders and the protection of Atlas Arteria's material confidential information. In July, IFM confirmed that they were not in a position to meaningfully progress a proposal for the acquisition of Atlas Arteria.
As such, we continued to progress with our bid for Chicago Skyway, which had been well underway for months prior to these interactions with IFM. I can assure you that the board's objectives at all times has been to maximize value and to consider the long-term best interests of all security holders, and this remains the case. Late last year, when IFM held an ownership position of almost 20%, they approached the boards and requested that they be granted a nominee seat on the board of ATLAX. Your boards have carefully considered IFM's request and, in turn, Ken Daley as the IFM board-nominated representative. Due to his qualifications, skills, and experience, along with his agreement to comply with our comprehensive conflicts of interest policy, today, we recommend that security holders appoint Ken as a director of the ATLAX board for a period of 12 months.
On the topic of board changes, in March, Geoff Cosier stepped down as Chair of ATLAX after 13 years of committed service. We thank Geoff for his significant contribution, which has helped Atlas Arteria meet many milestones and achievements. We officially welcome ATLIX Non-executive Director, Fiona Beck, to the position of ATLIX Chair. During 2022, Ariane Barker resigned as a Director of ATLAX, and we thank Ariane for her service to the company. At the start of 2023, we welcomed John Wigglesworth as a Director and Chair of the Audit and Risk Committee of ATLAX. I also want to take this opportunity to advise our security holders that Caroline Folger has advised that she will step down from the ATLIX board on July 1, 2023. Caroline has made an important contribution since her appointment in 2020, and we thank her for her service.
We will now commence a process to replace Caroline, as well as conduct a search for a new ATLAX Director, subject to ATLAX Item 6 passing today. These Director searches will take into consideration our skills matrix and the skills and experience of our other Directors. We expect to make announcements on the appointment of these Directors in the coming months. Today, we have four Directors standing for election or re-election. You will hear from each of us later. I am standing to be re-elected to both the ATLAX and ATLIX boards. Andrew Cook is standing to be re-elected to the ATLIX board. John Wigglesworth and Ken Daley are standing to be elected to the ATLAX board. Moving to remuneration.
In the lead up to the AGM, we have been pleased to engage with many security holders and proxy advisors, and as is in the case in any thriving democracy, we have heard a range of different views. Of the four proxy firms that we engaged with, two were supportive of the remuneration report, including the 2022 outcomes, and two opposed it. As directors, it is our job to take on board that feedback and to make decisions which are aligned with security holders' interests and are appropriate and consistent with market practice. We will take today's voting outcome very seriously and will continue to evolve and refine our remuneration framework in 2023 and into the future. As your Chair, and on behalf of your boards, I feel privileged to have overseen Atlas Arteria through this year of positive, transformative change.
We would like to thank Graeme Bevans, our CEO, Managing Director, his executive team, and the broader Atlas Arteria team for their hard work delivering such an exceptional year. Thank you to you, our security holders, for your ongoing support. Before I hand over to Graeme to take you through our key operational highlights, I would like to share a brief video to help bring some of our achievements to life for you. Thank you.
Thank you, Debbie. Good morning, everyone. It was great to see our achievements packaged up in that video. As you have seen and heard, 2022 was a year in which we executed consistently while driving strategic transformative change. As you heard from Debbie, generating long-term value for security holders drives every decision that we make. We are confident that 2022 has positioned us even more strongly to do exactly that. I'll now take you through our performance for the year and the Q1 of 2023. Our strong results were driven by the continued increase in mobility and improved operating conditions across France, Germany and the USA. We are also benefiting from the current high inflationary environment. This is supporting toll increases and earnings, while the high proportion of fixed rate debt across our business is providing protection from rising interest rates.
APRR had an impressive year and continues to be the major driver of our proportional revenue, underpinning distributions for you as our security holders. APRR traffic, toll revenue, and EBITDA all passed pre-COVID levels. For the Q1 of 2023, traffic outperformed what was a record Q1 2022, supported by a strong ski season and reduced rail capacity as a result of pension reform strikes. Our tolls for both APRR and AREA increased by around 4.7% from 1 February of this year. At Warnow Tunnel, we saw stronger than expected traffic as a consequence of increased time savings due to roadworks on competing routes. This trend continued into the Q1 of 2023, with toll revenue up 14.8%. The result was supported by increase in toll prices by an average of 6.4% in November 2022.
At our newly acquired business, Chicago Skyway, traffic toll revenue and EBITDA were all up on 2021 levels. Again, we saw roadworks positively impact both light and heavy traffic, along with a steady increase in people returning to office-based work. The attractive toll regime for this business provides us with very good toll escalation predictability. In 2023, tolls were increased by 10.9% for heavy vehicles and 11.9% for light vehicles. Based on 2022 reported GDP to date, we are expecting an increase of around 9% for 2024. As we explained in our fundraising documentation for Chicago Skyway, 2023 traffic will fall due to significant roadworks on the Indiana Toll Road over the spring and autumn of 2023, with all lanes on both roads now open over the summer, one of our busiest periods.
At Dulles Greenway, we continue to see a more gradual recovery post-COVID-19. While traffic and earnings were down on 2019 levels, traffic, toll, revenue, and EBITDA were all up on last year. For the Q1 of 2023, traffic was 11.7% higher, with traffic in peak periods at the highest level since the start of the pandemic. I'd now like to take you through some of our ESG progress for 2022. We focus our efforts around four key sustainability priorities: safety, customers and community, our people, and environmental stewardship. Safety will always be our top priority. Frankly, in 2022, our safety performance across our businesses was mixed. At APRR, we're deeply saddened by the tragic accident that occurred when three APRR employees were struck by a van at high speed. It resulted in one fatality and one serious injury.
This incident highlights the inherent safety risks in our business. We're applying learnings from the accident, including innovations which we are currently testing. Safety for us is not a set-and-forget exercise, and we are more committed than ever to making sure that everyone goes home safely after working in one of our businesses or using one of our roads. Overall, at APRR, we're very disappointed to have experienced an increase in accidents over the summer and Christmas periods. We missed our target to keep lost time injury frequency rate below 3. At all our smaller businesses and at the corporate level, we achieved our lost time injury target of 1 or less incident at each venue with 0 lost time injuries.
On the environmental stewardship front, we continued to make good progress on our emissions profile, with a 9.8% reduction in Scope 1 and 2 emissions compared with 2021. At APRR, all of our service areas are now equipped with electric vehicle charging stations, incentivizing our customers to switch to zero-emission vehicles. We've made good strides in understanding potential climate-related impacts to our business, including our infrastructure, our people, customers, and communities. This work represents a significant step forward in aligning our climate actions and reporting under the Task Force on Climate-related Financial Disclosures framework. On the customer and community front, we undertook our first customer satisfaction survey at Dulles Greenway. Pleasingly, it showed very high levels of satisfaction, about 94% for road conditions, safety, and travel time. As you saw in the video, diversity also matters to us.
We maintained our 40% gender balance at a board level and across senior executives and the corporate team in 2022. We're also very pleased to see strong employee engagement, with 80% of our people saying they would recommend Atlas Arteria as a great place to work. Looking forward to 2023, we will continue to pursue opportunities at APRR and Dulles Greenway. In France, our understanding is that one of the government's key priorities is closing out the pension reform. Both the finance and transport ministers have affirmed during parliamentary debate their view that the private concession model is the most effective manner in which to operate the French toll road network. The Transport Minister is organizing, in the coming months, a conference to discuss the future of the toll road concession systems once the current contracts expire.
Recent debates have shown that the current direction for future concessions seems to be that the future will differ from what it has been since the 1960s, and very likely will have a different risk profile and a more regulated environment. One of the numerous options could be to have a regulatory system more like the airport regulatory model used currently in France. There have also been discussions for any future contracts to have shorter duration, although that will depend on the amount of investment and operational service levels required to operate and improve the road networks. Most importantly, the SANEF concession is the first to expire in 2031, and discussions are likely to commence on the handover 7 years prior to the expiry, making the future structure of concessions a priority for the current government.
We're pleased to see the state and regulators starting to engage actively on this topic in 2023. While other reviews are concurrently occurring, we're confident in the strength of our contractual position with our concessions, as has been previously tested in 2015. There is opposition from certain stakeholders against any further extensions of the current concession contracts. We remain focused on presenting opportunities for investment and considering possible evolutions that would support the government's road, transport, and environmental objectives. Separately, we're progressing the initiatives contracted as part of the recently signed plan, as Debbie alluded to, as well as awaiting an outcome on the A412 project, which is expected to be announced later this year. As Debbie mentioned earlier, we're now well-positioned to participate in a re-tender of concessions should that occur, given our increased scale since the acquisition of Chicago Skyway.
At Dulles Greenway, we are working to progress a rate case application with the State Corporation Commission, which will be filed in the coming weeks. As Debbie mentioned, our preferred outcome at Dulles Greenway is to lower tolls for motorists through the implementation of distance-based tolling. In the absence of an outcome of the facilitating legislation, we have an obligation to you, our security holders, as well as our bondholders, to pursue toll increases through the current regulatory framework. There is still a chance that the distance-based tolling legislation will be passed in the next few months, which would authorize VDOT to negotiate and execute a new concession agreement incorporating distance-based tolling. We remain very focused on establishing a clear pathway to sustainable cash flows from Dulles Greenway as we pursue these two parallel initiatives.
At Chicago Skyway, the smooth transition of ownership and implementation of our key strategies outlined at acquisition is also a clear area of focus for us in 2023 and is proceeding to plan. We're working with the management team and our partner, Ontario Teachers, to shift Skyway's maintenance to a proactive approach, a model we use across all of our businesses. Proactive maintenance allows us to detect early stages of serious defects and target repairs early to reduce risk, improve safety, and reduce the overall CapEx requirements over the long term. To better position us to manage the structures of the Chicago Skyway, we're creating a high-resolution, 100 megapixel digital twin of the Skyway's infrastructure using drone photography. This will allow us to conduct virtual assessments anytime, anywhere.
With regular full updates of the drone photo- footage and use of artificial intelligence for comparative analysis, we will be able to further identify and predict maintenance requirements across the structures and repair them at lower cost. The other focus this year is refinancing maturing debt at the Chicago Skyway, along with a regearing to release capital. We've begun work on this, and capital releases from the refinancings in 2023 and 2024 will be used to smooth distributions to security holders, as outlined at the time of acquisition. It is important to note this is a short-term strategy and does not replace our usual approach to funding distributions from operating business cash flows. In summary, I'm pleased to say that the outlook for Atlas Arteria is very positive. Our financial position is strong, and we continue to deliver in the face of changing global macroeconomic dynamics.
We're positively correlated to an inflationary environment, which has translated to meaningful toll increases for us in recent months. These increases, coupled with traffic performance, give us the confidence to again guide to 2023 distributions of AUD 0.40 per security. In closing, I would like to say that our achievements in 2022 are down to an exceptional commitment from our relatively small and very hardworking team. I'd like to thank them for helping Atlas Arteria deliver such an exceptional year in 2022. I'd also like to thank our security holders and stakeholders for your continued support. As Debbie said earlier, we're at the beginning of a new and exciting era for Atlas Arteria. You have my commitment, along with that of our team, to keep delivering on our strategy and continuing to add value to you, our security holders. Thank you.
Thanks, Graeme. We will now move on to the formal business for today. The formal proceedings involve the 2023 annual general meetings for both ATLAX and ATLIX, which are being held concurrently as permitted by the constitutions of each company. I now table the notices of the annual general meetings for ATLAX and ATLIX and propose that they be taken as read. We indicated earlier, I will chair the ATLAX AGM, and Fiona Beck will chair the ATLIX AGM. For the efficient running of the meetings, the ATLAX board has agreed that I will take security holders through all agenda items other than those relating to my own re-election. I remind you that security holders and proxy holders will be able to vote on each item of business to be conducted at today's meetings, in person or via the Computershare online platform.
I note that instructions on how to vote and ask questions were provided at the start of the meeting, and for those attending online, you can refer to the Computershare online meeting guide for further information. The telephone lines are now open for verbal questions. For the purposes of questions and to assist with the efficient running of the meetings, we will group resolutions related to the same subject matter together. I will answer or, if appropriate, redirect any questions to my colleagues, and may respond to a number of questions together if they cover the same subject matter. If it is not practical to respond to all questions, we will review the written questions submitted and seek to ensure that those read out are representative of the questions submitted. You may also ask questions of our auditors, PricewaterhouseCoopers.
You will now see on the screen all the agenda items which form part of the business to be conducted at today's meetings. I will introduce each item of business in turn, then show the proxy position on that item before moving to questions and voting on that item. I would like to note that our largest security holder, IFM, who holds approximately 22% of our stock, has yet to cast their votes. Accordingly, the proxy positions that you see on the screen may not be representative of the final poll outcomes. I will start with the ATLAX and ATLIX item one, the financial accounts and reports. As required by the Corporations Act, I now table the financial report, directors report, and auditors report for ATLAX for the financial year ended 31st December 2022.
On behalf of the ATLIX Chair, I also table the 31st of December 2022 audited financial statements of ATLIX. The financial reports are included in the 2022 Atlas Arteria annual report, which is available on our website. There is no formal resolution required to approve the financial accounts and reports. This item provides security holders with an opportunity to ask questions in relation to the accounts or more generally, on our business. Our auditor, PricewaterhouseCoopers, has not received any written questions in relation to the content of their report or the conduct of the audit. Mr. Ben Gargett, the signing partner for the 2022 audit, is present today and will be able to address any questions that you may wish to put to him. For those attending in person, we have a microphone standing at the front.
If you would like to ask a question on this item of business, please approach the microphone and show your investor card to the Atlas Arteria representative. Before you ask your question, please state your full name and any affiliation. If you are unable to approach the microphone, please raise your hand so a microphone can be brought to you. Note that you must be holding a blue or yellow voting card to speak. Are there any questions from those attending in person?
Good morning. Excuse me. My name is Michael Muntisov. I'm from the Australian Shareholders' Association. Today, I hold proxies for 38 shareholders, representing 183,000 securities in Atlas Arteria. First of all, we would like to commend the company for holding today's meeting as a hybrid meeting, which allows the maximum opportunity for all shareholders to participate. In terms of this item and questions, the first question I had was related to the APRR concession, but I think the address has well answered that question, so I'll pass.
Thank you.
To the next question that I had, which is to do with the Chicago Skyway. Atlas Arteria paid $2.9 billion for the Chicago Skyway. There's been criticism that Atlas Arteria paid up to $1 billion too much. What is your response to this criticism, especially given the significant increase in interest rates since then? What annual return do you expect to derive from this asset, given the price paid?
Thanks, Mike. Graeme, I might leave it to you answer.
Thank you for the question. Obviously, as we've explained in our speech, both Debbie and I, we have very clear rules on how we consider any investment opportunity, and this investment had to meet a return hurdle, which was accretive to the existing rate of return that was embedded in our stock price, adjusted for currency and risk. On our analysis of that, the acquisition was accretive. It was part of a competitive process. There were three other bidders involved in the process. Two others actively bid, and it was quite a competitive process to get to the resolution of acquisition. It was, A, a fair market price in a competitive environment. Secondly, it was accretive to us. That accretion was also on the basis of the pre-IFM approach, was still accretive.
Thank you, Graeme.
Chair, I have a couple more questions. Would you like me to ask them now or would you like?
I think it's fine if you ask a couple more questions.
Okay.
Thank you.
Thank you. My next question is with regard to TRIP II. The financial report states that this asset is presently unable to make distributions to Atlas Arteria, pending legislation to be passed in Virginia. This has been the case for some time. What representations has ALX made to the Virginian authorities to progress the release of these funds, and when will the legislation be passed? Depending on your answer, there may be a further question that might be appropriate for the auditor to answer, which is: Can this asset remain on the balance sheet awaiting favorable legislation which is out of the company's control?
I think in relation to Dulles Greenway and the steps that we're taking, was addressing quite a lot of detail in both my speech and in Graeme's speech. Maybe, Graeme, if you just cover off quickly what we're doing around legislation and.
To clarify, the lack of distributions from Dulles Greenway is not due to the legislation. We are pursuing two parallel paths. One is under the existing legislation, to get increases in tolls, which would eventually put us in the position of being able to make distributions. We would expect that should we achieve the legislative change, that may occur slightly earlier than would otherwise be the case under the existing legislation. The inability to make distributions is driven by the very complex debt arrangements that we have around that business, which are quite advantageous to us in a period whilst we have negative cash flow, which we've had during COVID, which otherwise would have resulted in a more difficult financial situation.
As to the potential risk of impairment, that is something that we test every six months as we do half year and annual results, was tested at 31 December.
Thank you. Mike, I think you have one more question.
Yes. Yes, my final question on this item. you've included the ATLIX financial report, so this is in relation to ATLIX. For the benefit of the shareholders present, can you explain why ATLIX is registered in Bermuda?
Yeah. Okay. The original corporate structure was established by Macquarie under the original structure of the Macquarie Infrastructure Group environment. They then split their toll roads companies out into separate companies, one of which was then called Macquarie Atlas Roads. It was a preexisting structure that we inherited in this corporate entity. It is obviously a corporate structure that serves us very well from the geographical locations that we operate in and that historical corporate structure, and we see no reason to change the corporate structure. Thank you.
Thank you.
Is there any other questions from the floor? Chloe, are there any questions online in relation to this resolution?
Chair, there are no online questions in relation to this item or on general business.
Do we have any audio questions on the line?
There are no phone questions at this time.
Thank you. Next, we will consider item two of the ATLIX AGM. Companies to which the Bermudian Companies Act 1981 applies, are required to appoint an auditor at each annual general meeting, and that auditor then holds office until the close of the next annual general meeting. Accordingly, this item of business relates to the reappointment of PricewaterhouseCoopers as auditors of ATLIX until the close of the ATLIX 2024 AGM. I would also like to mention at this point that the boards are aware of the issues recently reported in the media relating to PwC's tax division. We have discussed these issues with our PwC audit partner, who has assured us that PwC is taking these issues very seriously and that they will be appropriately addressed. We will continue to monitor the situation.
Importantly, the Atlas Arteria boards regularly review the relationship with PwC and the quality of the audit services provided by them and have no current concerns. The Atlix board has recommended the reappointment of PricewaterhouseCoopers to provide Atlix's audit services for the 2023 year. PricewaterhouseCoopers has confirmed its independence, and the Atlix Audit and Risk Committee and the board are satisfied with their independence. The status of the proxy votes in relation to this resolution will now be displayed on the screen. As previously advised, all undirector proxies held by the chair will be voted in favour of this resolution. If you are in the room and have a question or comment in relation to this resolution, please approach the microphone and show your investor card to the Atlas Arteria representative. Do we have any questions from those attending in person?
Yes. Michael Muntisov from Australian Shareholders' Association. The ASA recommends regular tendering out of audit work. We wonder, and perhaps you can answer, is Atlas Arteria going to put that auditing work out to tender, or will it simply rubber stamp PwC's appointment each year?
There is certainly not rubber stamping that goes on with our audit process each year. PwC do conduct our audit globally, and therefore we consider the audit services that are provided at each of our businesses in each location and then corporately. That is considered by the audit and risk committees and then by the board each year, following the half year and full year audits. We have, you know, at this stage, we are looking for reappointment of Atlas of PwC to the ATLAX of ATLAX auditor. Re-tendering is something we always consider, but at the moment, we are not re-tendering the audit.
Can I ask when you last re-tendered and when you might be re-tendering in future?
Yeah. The last re-tender was, it was quite a long time ago. Do we know the exact year?
Company's only been separated out.
I think it to be fair, Macquarie Atlas Roads... Look, it was over 10 years ago. It has been a long time, and we acknowledge that. It's something we are very aware of. We do continue to look at whether re-tendering is the appropriate thing to do, and we will continue to do so. As I said, we have a very complex audit arrangements in place at each of our businesses, some of which are held wholly, some of which are owned partly, and then we have to put the corporate and the Bermudan accounts together. It is a very complex process for us to re-tender. That said, we will continue to review on an annual basis.
It doesn't sound like you're planning to re-tender anytime soon?
It's under constant review. Thank you. Is there any other questions from the floor? Chloe, are there any questions online in relation to this item? Chair, we did receive a question from Mr. Stephen Mayne. Thank you, Chloe. Do we have any audio questions on the line?
There are no phone questions at this time.
Thank you. You can now vote on this resolution if you have not already done so. The next item of business is Item two of the ATLAX AGM and the adoption of the ATLAX 2022 Remuneration Report. The ATLAX 2022 Remuneration Report has been circulated to security holders, including a covering letter, which explains Atlas Arteria's remuneration philosophy and framework, and the outcomes of the executive remuneration in 2022, and the annual fees paid to directors. The report and the covering letter can be found in the 2022 annual report and are available on our website. As I noted earlier, unfortunately, there has been some negative sentiment regarding our reported 2022 remuneration outcomes, and based on the proxy results, it is likely that we will receive a first strike on our remuneration report today.
While this item of business is advisory only and strictly only applies to ATLAX, the directors of both boards take seriously the views expressed by our security holders, and these have and will be considered in ongoing board deliberations around enhancing the effectiveness of remuneration arrangements. Voting restrictions apply to this resolution and are set out in the notice of meeting. The status of the proxy votes in relation to this resolution are now displayed on the screen. As previously advised, where permitted, all undirector proxies held by the chair will be voted in favor of this resolution. If you're in the room and have a question or a comment in relation to this resolution, please approach the microphone and show your investor card to the Atlas Arteria representative. Do we have any questions from those attending in person?
Michael Muntisov from the ASA again. The ASA will be voting against the remuneration report because of the positive discretion applied to the award of the short-term incentive and for the use of only a single measure for the long-term incentive plan. The ASA advocates for two performance measures in the long-term incentive plans. Your local peer, Transurban, has two measures measured over four years, yet you only have a single measure measured over three years, which is a very short period given the lengths of concession that you operate. Do you intend to introduce a second measure, and if so, when? What is it likely to be?
Okay. The question is about the LTI measure and about the use of one measure versus two measures. David, did you want to address that as chair of our Remuneration Committee?
Sure. I'll point out, I guess that the 2022 LTI measures included 2 strategic measures. One, the extension of the concession, average concession life of the portfolio, and the other, creating a pathway to cash distributions from Dulles Greenway. We reassess the basis of the LTI on an annual basis. It's not a set and forget. Having introduced those 2 measures, we believe that this year, the most important thing is to ensure that the value from that acquisition is delivered, and that value will be reflected in the relative share price performance of the portfolio. That's why we've reverted to a single measure. We have, in the past, considered other measures, particularly cash flow per security, but we don't think that's appropriate at this time, given the strategic position of the business.
The decision on next year's LTI measures will be made later this year.
Thank you. Are there any other questions or comments from the floor? Chloe, are there any questions online in relation to this item?
Chair, we have an online question from Miss Kerry Slee. The question is: Could you please elaborate on what it means for the CEO to have their short-term bonus adjusted upwards without strong justification and in recognition of certain non-financial measurements? Could you please provide some examples?
Sure. Again, I think, David, maybe as Chair of Rem, you could answer this question.
Certainly. The board did exercise discretion. It exercised downward discretion on the chief executive's STI based on the safety performance of our minority-owned business in APRR. We also exercised positive discretion, not based on the execution of the Skyway transaction, as is contended by some of the proxy agencies, but instead, it reflected five years' work, putting together an executive team that was able to deal at high professional standards with three complex transactions in parallel: the acquisition and negotiation of Skyway, an AUD 3 billion capital raising, and IFM's approach to us. The board was of the view that those three transactions were executed to a high degree of professionalism and needed to be recognized.
In addition, it reflected 5 years' work building an executive team that was capable of that execution, and they're the reasons that we exercised this positive discretion.
Thanks, David. Do we have any other questions, Chloe?
Chair, we have an online question from Mr. Steven Main. Could IFM board nominee, Ken Daley, please explain to shareholders how IFM intends to vote on the Rem report? It has the voting power to avoid a Rem strike. Is it going to use this power or instead destabilize the board in a corporate control situation by raising the prospect of a full board spill 12 months from now?
I might take that answer because I know that Mr. Ken Daley does not know IFM voting intentions, nor do we. IFM will vote according to what is their shareholder right to do so. If there is a strike this year, certainly we will be, you know, having a vote next year, and certainly there could be a strike next year, and that has a number of ramifications which a number of us understand. That said, we're not in a position to reveal any voting intentions of IFM because we don't know what they are. I think that is absolutely within the shareholders' rights. Thank you. Any other questions, Chloe?
Chair, there are no further questions, online questions in relation to this item.
Thank you. Do we have any audio questions on the line?
There are no phone questions at this time.
Thank you. You can now vote on this resolution if you have not already done so. I now turn to item 3, 4, and 5 of the ATLAX AGM, which seeks approval for the grant of performance rights and restricted securities to the Managing Director and CEO, Graeme Bevans. Details of the terms and conditions of the relevant grants and the reasons for the grants are contained in the remuneration report and the ATLAX notice of meeting. Voting restrictions apply on this resolution and are set out on the notice of meeting. The status of the proxy vote in relation to these resolutions are now displayed on the screen. As previously advised, where permitted, all undirected proxies held by the Chair will be voted in favor of these resolutions.
If you are in the room and you have a question or comment in relation to these resolutions, please approach the microphone and show your investor card to the Atlas Arteria representative. Do we have any questions from those attending in person? Chloe, are there any questions online in relation to these items?
Chair, there are no online questions in relation to these items.
Do we have any audio questions on the line?
There are no phone questions at this time.
You can now vote on these resolutions if you have not already done so. Next, we will consider items six and seven of the ATLAX AGM and items three and four of the ATLIX AGM. These items deal with the proposed changes to the maximum number of directors on each board and the non-executive director fee pools for each entity. Details of the proposed changes and the reasons for them are set out in the notice of meeting. Importantly, the resolution to increase the maximum number of directors on the board of ATLAX must be passed to enable the election of Ken Daley to the ATLAX board. Assuming it is, that resolution to approve Ken's election will be dealt with later in the meeting. The status of the proxy votes in relation to these resolutions will now be displayed on the screen.
As previously advised, all undirected proxies held by the chair will be voted in favor of these resolutions. If you're in the room and have a question or comment in relation to these items, please approach the microphone and show your investor card to the Atlas Arteria representative. Do we have any questions from those attending in person?
Michael Muntisov from ASA. The ASA supports resolution item six to expand the number of directors on the board, and in particular, to permit the election of Mr. Ken Daley. Mr. Daley has an engineering and infrastructure background, which is sorely missing on this board. What is the board's plans for recruiting directors with the infrastructure experience which would assist the company to be smart buyers of future infrastructure opportunities?
As I outlined in my Chairman's address, we are intending post this meeting to commence a search for two new directors. One will be for the replacement of Caroline Folger, who will be resigning from the ATLIX board, and also subject to the resolution passing to increase the size of the number of directors on the ATLAX board for a new director on ATLAX. We will look at the skills that we currently have on the board. We'll have a look at the skills matrix we have, and we will be looking at how the company has changed, and it has changed materially in the last year with the acquisition of Chicago Skyway. From that, we'll undertake recruitment processes, and we will make announcement about those two new directors in coming months. Are there any other questions?
Chloe, are there any questions online in relation to these items?
Chair, there are no online questions in relation to these items.
Do we have any audio questions on the line?
There are no phone questions at this time.
You can now vote on these resolutions if you have not already done so. As evidenced by the proxy positions shown earlier, the resolution to increase the size of the ATLAX board will be passed, which means the resolution to elect Ken Daley to the ATLAX board will be put to the meeting. Turning now to the resolutions dealing with the election and re-election of directors. We will start with both my re-election to both boards and then move on to other items. I now hand the conduct of the meetings to Fiona for these items.
Thank you, Debbie. Item 8 A of the ATLAX AGM and items 5 A of the ATLIX AGM deal with Debbie's re-election as director of ATLAX and ATLIX, respectively. Debbie was appointed to the board of ATLIX, or I should say ATLAX, in September 2017, and the board of ATLIX in November 2020. Further, Debbie's election to the ATLIX board aligns with the Atlas Arteria Cooperation Deed, which contemplates the ATLIX board, including an ATLAX director, to facilitate and promote cooperation and consultation between the ATLIX and ATLAX boards. Debbie is regarded as independent by both the ATLAX and ATLIX boards. We will now hear from Debbie on her proposed re-election.
Thanks, Fiona. It has been my immense privilege to represent security holders and serve as a director of ATLAX for the last 6 years and a director of ATLIX for 2 and a half years. Since joining the board of ATLAX, I have been appointed as the Chair of the Remuneration Committee, Chair of the Audit and Risk Committee, and since November 2020, Chair of the Board of Directors. At the time of becoming Chair of the Board, I was also appointed to the ATLIX board in line with the Cooperation Deed that has been executed between the corporate entities and pursuant to the corporate governance of the stable structure.
I am currently the longest-serving director, having been a director that navigated the pathway of management internalization, oversaw the increased ownership of APRR, and the most recent acquisition of Chicago Skyway, and of course, the disruption caused by the COVID-19 pandemic. The company has transformed since the time that I joined the Atlas Arteria board and is now a strong and stable company that will provide long-term returns to security holders. I will not go through my skills and experience, as this is well set out in my bio, included in the annual report and the notice of meeting. I am proud of the Company's many achievements. I have, at all times, endeavored to act in the best interest of all security holders and have taken my duties and obligations as a professional director seriously.
I am standing for reelection today and believe I have demonstrated my commitment and exercised my skills and capabilities to the best of my abilities. Should security holders approve my reelection, I will consider it a privilege to continue to work with the boards and with Graeme and the executive team to continue to drive value for you.
Thank you, Debbie. Both the ATLAX board and the Atlas board, with the exception of Debbie, unanimously recommend her reelection to the relevant board. The status of the proxy votes in relation to these resolutions will now be displayed on the screen. As previously advised, all undirected proxies held by the chair will be voted in favor of these resolutions. If you are in the room and have a question or comment in relation to these items, please approach the microphone and show your investor card to the Atlas Arteria representative. Do we have any questions from those attending in person?
Chair, there are no questions in the room in relation to these items.
Well, are there any questions online in relation to these items?
Chair, we have a question from Mr. Stephen Maine. Deborah was one of the Ten Network Holdings directors who put the business into administration back in 2017, confirming a multi-billion dollar loss for investors. Whilst not serving for a long period as a Ten director, could Deborah please provide her account of what went wrong? CVs matter for public company chairs. When they have a history with corporate collapses, they should at least be publicly explained when they next seek a mandate from public investors.
Well, that was a question I was expecting today. I was on the Ten Network board for a very short period, only nine months. When I was asked to join the board, it was well and truly understood by the investment community that the debt that supported that entity was subject to guarantees and dependent on those guarantees for the growing concern. That was well disclosed in the financial accounts and all public documents. When, after I joined the board, those guarantees were withdrawn. As a result, I was one of two independent directors that were in the position of putting the company in administration. I do note that not one single director of the Ten Network board has had any action taken against them, nor the board at all.
Thank you, Debbie.
Chair, there are no further online questions in relation to these items.
Do we have any audio questions on the line?
There are no phone questions at this time.
You can now vote on these resolutions now, if you have not already done so. I will now hand the chairmanship back to Debbie, who will chair the remainder of the meeting.
Thank you, Fiona. We will turn to the remaining director elections and reelections. Items 8B and 8C for the ATLAX AGM address the elections of John Wigglesworth and Ken Daley. Item 5B for the ATLAX AGM addresses the reelection of Andrew Cook. John, Ken, and Andrew's biographies were included in the meeting materials that were circulated to security holders. John was appointed to the ATLAX board in January 2023 and is regarded as independent by the ATLAX board. Andrew was appointed to the ATLIX board in November 2020 and is regarded as independent by the ATLIX board. Ken is currently a special advisor to IFM Global Infrastructure Fund, our largest security holder, and has been nominated by agreement with IFM.
Given Ken's nomination for election as an ATLAX Director is a relatively new arrangement, Atlas Arteria requested, and Ken and IFM have agreed, that if Ken's election is approved today, it will initially be for a period of approximately 12 months until our 2024 AGM. For the reasons I've outlined, if Ken is elected, he will not be regarded as independent by the ATLAX board. Ken will address the meeting first, following which, John and Andrew have each prepared prerecorded messages. I would now like to invite Ken to address the meeting.
Thank you, Deborah. Good morning. My name is Ken Daley. I was asked to join or to nominate for election to the ATLAX board by IFM Global Infrastructure Fund, the largest security holder in Atlas Arteria. I currently serve on the boards of the Indiana Toll Road Concession Company in the U.S. and also the Midland Expressway Limited, which owns and operates the M6 Toll in the U.K. I'm also the chair of the board of the Aleatica Group in Spain, which operates 20 toll road and other transport concessions in seven countries. My career has been in transport, includes 13 years with the government agencies, which preceded the current VicRoads. Over 15 years with Transurban and 6 years as the chief executive of the Indiana Toll Road and also the Aleatica Group.
I am a civil engineer with a master's degree, Master of Science degree in engineering from Monash University. I bring to the ATLAX board extensive direct experience in toll road sector from across different geographies, Australia, Europe, North America, Central and South America. I've also been involved in the full spectrum of toll road activities, from project development, design, delivery, from technology, from customer services, operations, and management. I believe that through the teams that I've worked with in these projects, that there has been a clear achievement in key performance areas, including safety, sustainability, and shareholder returns. I've worked closely with concession grantors to build strong relationships, resulting in positive outcomes for all shareholders.
I'm confident that my experience as a non-executive director and former executive, working closely with government and the regulators, in particular in Indiana and in Virginia, will be of great benefit to the company. If elected to the board today, I would be pleased to share my experience with the Atlas Arteria team to continue the success of the company to the benefit of all security holders. Thank you, Chair.
Maybe just wait in case there's a question. Thank you, Ken. Wait. Thank you, Ken. We will now play a prerecorded message from John about his election.
Good morning, ladies and gentlemen.
Okay, here we go.
Morning, ladies and gentlemen. My name is John Wigglesworth. I'm honored to address you today as a member of the ATLAX board. I joined the board in January this year, when I also assumed the role of Chair of the Audit and Risk Committee. I completed a 37-year career at KPMG at the end of 2021, where I had the opportunity to work closely with a very large and diverse group of ASX-listed and leading global companies. I deeply appreciate the vital role that the board plays in governance and stewardship. I firmly believe my career journey equips me to make a meaningful contribution to Atlas Arteria. My professional expertise spans various areas that are essential to the responsibilities of the Audit and Risk Committee.
My experience has also honed my ability to independently assess business drivers and strategies, a skill that I've applied many times across a diverse range of industries and circumstances. I've also served as a director on a number of boards, including 12 years on the Council of Macquarie University. With your support, I look forward to serving Atlas Arteria and its security holders over the next three years. Thank you.
Thank you, John. Finally, we will now play a prerecorded video message from Andrew about his re-election.
Good morning. My name is Andrew Cook, and I've had the privilege to serve on the ATLIX board since my appointment in November 2020, and as Chair of the ATLIX People and Remuneration Committee since March 2023. My time on the ATLIX board has been both challenging and active as we have navigated through the COVID-19 pandemic and completed our transformational acquisition of a majority interest in the Chicago Skyway. I am looking forward to the opportunities that the future will bring to Atlas Arteria and our security holders. I have been a Bermuda resident for well over 30 years, having originally moved to Bermuda from Toronto to take a position with Ernst & Young. I spent the majority of my career in the Bermuda reinsurance industry and was the founding chief financial officer of three start-up reinsurance entities.
In these positions, I was responsible for all capital markets activities, ASX reporting, investor relations, and M&A. I have taken several companies public in the U.S. markets and structured a number of complex M&A transactions. I believe that my U.S. capital markets experience is relevant to the ongoing development of Atlas Arteria. I currently serve on three boards in the insurance space in Bermuda, including appointments on the audit, underwriting, and conflict committees. These roles keep me up to date on accounting trends, capital management, and developments in corporate governance, all of which are important to my role as a director at Atlas Arteria. I look forward to continuing my role on the ATLAX board and contributing to the ongoing success of the company.
Thank you, Andrew. The ATLAX board, with the exception of John in relation to his own election, unanimously recommends the election of John. The board also unanimously recommends the election of Ken on the basis set out in the notice meeting. The ATLAX board, with the exception of Andrew, unanimously recommends Andrew's re-election. The status of the proxy votes in relation to these resolutions will now be displayed on the screen. As previously advised, all undirected proxies held by the chair will be voted in favor of these resolutions. If you're in the room and have a question or comment in relation to these items, please approach the microphone and show your investor card to the Atlas Arteria representative. Do we have any questions from those attending in person? Chloe, are there any questions online in relation to these items?
Chair, we have an online question from Mr. Stephen Maine in relation to Ken's election to the ATLAX board. Could Ken please explain which individuals within the Industry Funds Management he is answering to, and whether he is being involved in a tactical call to not vote by proxy, as IFM members normally do at AGMs? Is this all about maximizing the voting leverage at today's AGM, and how is IFM intending to vote?
Before I hand over to Ken, I want to explain that we have a very detailed conflicts of interest policy, of which both Ken and IFM have agreed to sign up to. In addition, there has been agreement with IFM that Ken will not participate in any M&A activity that would be involved in with IFM or Atlas and with Atlas Arteria, and that Atlas Arteria will be able to rely on Ken to always put Atlas Arteria first, and that his IFM duties will not interfere with his Atlas Arteria duties. We have gone through a range of governance discussions and reached into governance arrangements that have reached a level of comfort as to why the board has recommended this appointment. Ken?
Thanks, Debbie. My only further comments, I think, Debbie, you've outlined exactly the situation with respect to IFM and the Atlas agreement. I have nothing further to add to that. I would confirm for Steven that I have no knowledge of how IFM will vote or that they, in fact, they intended to vote at the meeting. I can add nothing more. Thanks, Deb.
Thanks, Ken. Do we have any more questions, Chloe?
We have one further online question from Mr. Steven Main. Why did Ken agree to be a nominee director if he isn't even informed about IFM's voting intentions? Who is calling the shots at IFM, and is he confident they will follow his advice on how to play this sensitive corporate control situation?
Thanks, Debbie. I believe IFM nominated me to this board for my background and experience, the fact that I've had over 30 years playing with toll roads. I don't think this has got anything to do with the strategic situation regarding IFM. It's simply looking after their investment and, in fact, all security holders' investment in Atlas Arteria. Thank you.
Can I just finish off by saying that, you know, as I said previously, it is a shareholder's right to vote from the floor if that's what they choose to do so, and therefore. We have no previous advice of any voting intentions. Chloe, do we have any more questions?
Chair, there are no further online questions in relation to these items.
Thank you. Do we have any audio questions on the line?
There are no phone questions at this time.
You can now vote on these resolutions if you have not already done so. That concludes, thanks. That concludes the formal business for today's AGMs. If you have not lodged your vote, please do so now, as I'm about to close the polls. I will pause briefly now to allow for any final questions before we close today's meetings. Are there any questions or comments from security holders before we close the meetings? Are there any questions or comments from the floor? Chloe, are there any final questions or comments online?
Chair, we have an online question from Mr. Steven Main. Given the interesting discussions around a range of topics today, could the Chair undertake to make an archive copy of the webcast, plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, Domino's, and Lendlease all produced their first AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003.
I think we'll take that question on notice and respond to Steven after the meeting, after I've taken some legal advice. Do we have any other audio questions?
Chair, there are no further online questions. No, no more online questions.
Is there any audio questions?
There are no phone questions at this time.
Thank you. As there is no further business, I declare Atlas' 2023 annual general meeting closed and thank everyone for attending and for your continued support of Atlas Arteria.
I also now declare the Atlas Arteria 2023 annual general meeting closed. On behalf of the Atlas Arteria board, I thank everyone for your support. We wish you a good day.
As noted earlier, online voting will remain open for the next 2 minutes to allow time for security holders and proxy holders to submit any final votes. For those attending in person, please submit your final votes now. Once your blue voting cards are completed and signed, Computershare staff will collect the voting cards. You'll see them going around now. The formal results of voting will be released to the ASX later today and posted on our website. With the meetings closed, we will now be logging off the virtual platform and inviting those who are attending in person to join us for refreshments. Thank you for your attendance, and I wish you all a good day.