AGM 2026

Apr 10, 2026

Good morning, fellow shareholders, ladies and gentlemen. My name is Mike Hirst, and I am the Chair of AMP. It is my pleasure to welcome you today to AMP's 2026 Annual General Meeting. Thank you all for joining us this morning and for your continued support and investment in AMP. This is a hybrid meeting, so a warm welcome also to those shareholders joining us online via the Computershare online platform. I would like to begin by acknowledging the traditional owners of the land on which we meet today, the Gadigal people of the Eora Nation. We would also like to pay our respects to elders past, present, and emerging, and to all First Nations people across the country. The Company Secretary has informed me that a quorum is present, and I will now formally open our 2026 Annual General Meeting. The notice of meeting was available to shareholders on the 5th of March 2026, and I will take the notice as read. The slides going up behind me now show the order of proceedings for today's meeting, as well as the items of business as outlined in our notice of meeting. I will now introduce your AMP Board of Directors, who currently comprise seven non-executive directors and our Managing Director and CEO. Starting on my far left, we have Anna Leibel, Rahoul Chowdry, Kathleen Bailey-Lord, and our CEO, Blair Vernon. Welcome, Blair, to your first Annual General Meeting as AMP's CEO. Turning to my far right, we have Andrew Best, Linda Elkins, and Michael Sammells. On my immediate right, we have our Head of Corporate Governance and Company Secretary, Kate Gordon, who will assist me in the running of today's meeting. I'd also like to acknowledge members of the AMP Executive Team who are seated in the front row and welcome Anita Kariappa, Lead Audit Partner from AMP's auditors, Ernst & Young. I will now ask Kate to go through the procedures for voting and the Q&A process with you. Thank you, Kate. Thank you, Chair. I will first run through some safety and housekeeping matters for today's meeting. For those in the room, if there is an emergency, please listen to the fire wardens and follow their instructions. In the event of an evacuation, please proceed to the fire escapes located on both sides of the stage at the rear of the room. If you have not already done so, please either turn off your mobile phone or set it to silent mode. Recording and photographs of the meeting are not permitted. In terms of Q&A at today's meeting, shareholders may participate in person via the Computershare meeting platform or by telephone. If you are in the room, a colored card was provided to you when registering. Blue cards allow you to speak and vote at the meeting, yellow cards allow you to speak only, and white cards are for visitors and members of the media who may observe but are unable to participate in today's meeting. Please keep your card with you, as you will need it to ask questions or to reenter the meeting. Questions submitted prior to the meeting will either be addressed in the statements made throughout the formal Chair address or at the commencement of the Q&A section of the meeting. There will be one Q&A section for the meeting, during which the Chair will take questions on all items of business, rotating between questions online and in the room, and then any from the phone line. Online shareholders can submit questions at any time, starting now. These questions will be addressed during the Q&A section of the meeting. To ask a question online, select the Q&A icon, type your question in the text box, and select the topic your question relates to from the dropdown list. Once you have finished typing, please hit the send button. If you're having any difficulties in asking a question, please refer to the user guide, which you can access through the platform. Shareholders attending in person will have an opportunity to ask questions when we reach the Q&A section of the meeting. The slide going up behind me explains how to ask a question. You can ask a question by approaching one of the two microphone attendants. Please only approach the microphone attendants after the Chair announces that questions are open to the floor. Please show the attendants the card you were given when you registered this morning and provide your name. The Chair will nominate the microphone from which he will take the next question. When it is your turn to speak, please also state the name of any organization you represent and the item of business to which your question relates. All questions should be addressed to the Chair. The procedure on how to ask a question via the phone line is now being shown on the screen. Please note, in the interest of time, if we receive long or multiple questions on any one topic, they may be summarized or amalgamated together. To ensure a reasonable opportunity for attendees to participate and ask questions at today's meeting, we ask that you please choose one platform to ask your question rather than submitting the same question through multiple platforms. Keep your questions short and to the point, and avoid any lengthy preambles or extended remarks, and limit your questions to two consecutive questions at a time. If you have further questions, you may rejoin the queue in the auditorium or call the phone line again and ask your additional questions. Questions and comments should be limited to items of business in the notice of meeting and management of AMP. Questions about your AMP products or services or about any personal or business affairs, including as an AMP customer, are not appropriate for the AGM. They can be addressed outside of the meeting by our customer service or Computershare staff. Shareholders will be notified before questions are closed off to enable shareholders attending in person and online to submit final questions. Voting on all items will be conducted by poll. The Chair will advise when the polls open and will open for all resolutions requiring a vote at the same time. For those eligible to vote, you may vote on all resolutions at any time during the meeting while the polls are open. Computershare Investor Services will act as Returning Officer for the purposes of conducting and determining the results of the poll. For shareholders or proxy holders in the room, the slide going up behind me explains how to vote. You will need your blue voting card to vote at today's meeting by either using your mobile device to scan the QR code on your voting card or completing your vote on the reverse side of your card, which will be collected by Computershare after voting closes. If you have queries about how to vote, please speak with one of the team members from Computershare in the room or in the shareholder registration area outside, who will be able to assist you. For shareholders or proxy holders online, the slide going up behind me explains how to vote online. You can change your vote up until the time the Chair declares voting closed. If you experience technical difficulty with the online platform during the meeting, please refer to the user guide on the Computershare platform or contact Computershare. The Chair has received proxy instructions for each item of business. The proxy positions for items 2-4 will be shown on screen shortly. Final results will be announced on the ASX and published on our website after the AGM. A webcast and transcript of today's meeting will be accessible on AMP's website after its conclusion. Thank you, Chair. Thank you, Kate. We'll now move to the matters in the Notice of Meeting. The resolutions will now be shown on the screen. The Notice of Meeting contains all the material information in the Board's possession to assist you in determining how to vote. This includes the Board's recommendation for security holders to vote in favor of all resolutions. Item one concerns the receipt and consideration of AMP's Financial Report, Sustainability Report, Directors' Report, and Auditors' Report for the year ended 31 December 2025. There is no vote on this item. These statements and reports are published in the 2025 Annual Report, which was lodged with the ASX on the 12th of February this year. Item two concerns the election of Linda Elkins and the re-election of Andrew Best and Michael Sammels as Directors. Item three concerns the adoption of the Remuneration Report for the year ended 31 December 2025. As stated in the Notice of Meeting, this resolution is advisory only and is non-binding. However, the Board will take the outcome of the vote into account when considering AMP's future remuneration arrangements. Item four concerns the approval of the CEO's Long-Term Incentive for 2026. Voting on all items will be conducted by poll. The position of proxy votes received on all items prior to the meeting are now displayed on the screen for your information. The Board recommends that shareholders vote in favor of all resolutions. As Chair of this meeting, all directed proxies to me are being cast in accordance with the directions provided by shareholders, and all available open proxies I'm holding in my capacity as Chair of the meeting are being cast in favor of all resolutions. I will now put each resolution to the meeting and declare voting open on all items of business, except for item one, given no votes are required to be held on this item. The voting icon will soon appear, so please submit your votes at any time while voting is open. I will give you a warning before I move to close voting at the end of the meeting. Blair Vernon, our CEO, and I will now address the meeting. AMP has a long history of helping Australians and New Zealanders build financial security. That history guides our focus today. We have a clear purpose, helping people create their tomorrow, and a sharp understanding of where we can compete and grow. Australia's world-class superannuation system has delivered enormous benefits for wealth accumulation. The next challenge and opportunity is ensuring those savings are converted into financially secure and confident retirements. That is where AMP comes in. We're committed to helping more people live with financial confidence by supporting them to save, invest, manage risk, and retire well. When we do that successfully, we create value not only for customers and members, but also for our employees, the community, and shareholders. In 2025, we continued to simplify and strengthen AMP and invest in our strongest opportunities, particularly in our wealth platform, North, and our superannuation and investments business. Our financial results saw underlying net profit after tax increased by 20.8% to AUD 285 million, with statutory net profit of AUD 133 million. This outcome reflects continued growth in our Australian wealth businesses, stable performance in AMP Bank in New Zealand, and solid contributions from our partnerships. While financial markets were supportive and had a positive impact on assets under management during the year, our performance was also driven by operational discipline and strategic focus. We're innovating for our customers and members in retirement across our wealth businesses. North continues to gain momentum with new to platform and existing financial advisers, which is translating into industry recognition and improving net cash flows. In our Superannuation and Investments business, we delivered strong investment performance with the majority of members receiving top quartile returns. Importantly, returns are only part of the story. Members are also benefiting from innovative and expanded offerings to support them into retirement. We launched AMP Lifetime Boost for accumulation members with over 145,000 members now having the benefit of the new feature, as well as launching AMP Rewards during the year. We also expanded our digital financial advice offering to help people make better financial decisions and improve their retirement outcomes. The launch of AMP Bank Go in February last year marked an important milestone as we seek to diversify the funding mix and improve our profitability in our bank in the medium term. During 2025, we resolved further legacy legal matters as we settled two class actions and also received 68 million from insurers for historical remediation programs. While parts of the global economy performed strongly in '25, many Australians continued to feel pressure from inflation and cost of living challenges. For households and small businesses alike, confidence remains fragile. Against a volatile geopolitical environment, it's important to remain focused on the medium and longer term, and to look through the volatility we are currently experiencing. This is where AMP's role is particularly important. Our purpose is not just to assist members to benefit from strong investment performance, but to help them navigate uncertainty by enabling access to advice and innovative tools and products that are designed around real financial needs. The work we are doing in digital financial advice is a clear example of this. Given the shortage of financial advisors and a complex retirement system, scalable, accessible advice solutions are essential. Since launching our first digital advice services in 2024, we expanded these journeys through 2025 to help members better understand their financial position, plan for retirement, and take action that will give them greater confidence. 2025 was also a year of change for the AMP Board and Management. In January, we announced Blair Vernon would succeed Alexis George as Group CEO, with Alexis finishing her outstanding executive career at the end of last month. During her nearly five-year tenure, Alexis led a significant transformation at AMP. She simplified the portfolio, sharpened strategic focus, and built a strong executive team with a clear emphasis on customers, innovation, and operational excellence. She has also had a significant positive impact on the culture of the group. Under her leadership, AMP successfully exited non-core businesses, including AMP Capital and AMP Advice, realizing value and returning capital to shareholders. On behalf of the Board, I thank Alexis for her commitment and leadership during a very challenging period and profound change for the organization. After a comprehensive internal and external search, the Board was pleased to appoint Blair to lead AMP in its next phase. As CFO, Blair strengthened AMP's financial discipline and played a key role in delivering our capital management program. He brings deep knowledge of the business, a clear strategic mindset, and strong leadership capability. The Board is confident that Blair, supported by a highly capable Executive Team, is well-placed to lead AMP successfully forward through a clear focus on driving growth in our wealth businesses. At the Board level, Andrea Slattery retired as a Director in August after six years of dedicated service. Andrea made a valuable contribution during a period of significant transformation, and I thank her for her effort and insight. As a result of Andrea's retirement, we appointed Linda Elkins as a Non-Executive Director. Linda brings deep experience across platforms and superannuation, skills that are particularly relevant as AMP focuses on growth in these areas. She stands for election to the Board today. These transitions represent both continuity and renewal, and importantly underline the Board's understanding that strong governance is essential for sustainable performance. Pleasingly, we have received a number of questions from shareholders ahead of today's meeting. While we have answered some directly in advance, I will now address more broadly the key questions received and recurring themes. Firstly, we had a number of questions about the recent movements in AMP's share price and performance more generally. Since our full year results announcement, AMP's share price has come under pressure. This has been disappointing for all stakeholders, and in the Board's view, does not reflect the strong growth in financial performance that has been achieved over the last few years. Of course, share price movements reflect a wide range of factors, including sentiment, expectations of future performance, and broader macro and geopolitical conditions. This reporting season, the unprecedented volatility in share price movements of many ASX companies was exacerbated by a range of factors not entirely related to company performance, but also reflecting the changing structure of financial markets. The rising influence of high-frequency trading, passive investing, and increasing emphasis on investment managers' quarterly performance are all factors currently having an outsize impact on market prices beyond company fundamentals. Nevertheless, at AMP, we remain focused on those things we control, effectively executing our strategy and driving growth in our wealth businesses, carefully managing capital, and delivering sustainable long-term value. Just excuse me one second. We also received a number of questions about AMP's approach to capital allocation, capital return, and dividends. Capital management is core to the Board's responsibilities, and we entered 2026 with a strong balance sheet. This strength gives us flexibility as we consider what level of capital and liquidity are appropriate in an environment of uncertain geopolitical and economic times, yet clear structural tailwinds in the wealth and retirement sectors. Be assured, AMP is very focused on running a capital-efficient business, as evidenced by a very active capital management approach over the last few years, and this remains a priority. To that end, I'm pleased that we recently announced an AUD 150 million on-market share buyback, which will help improve earnings per share. In addition, the Board declared a final dividend of AUD 0.02 per share for the second half of 2025, bringing the total dividend to the year to AUD 0.04, 20% franked in line with guidance. Shareholders will note that we have indicated we will continue to target a steady dividend of AUD 0.04 per share for each of the next two years. While our top priority is to grow earnings organically, the Board is cognizant that with AMP's low franking credit balance, there is limited benefit to our domestic shareholders in seeking to increase the dividend materially at the present time. Instead, the Board considers on-market share buybacks to be the most efficient method of capital management and increasing shareholder value. As I've already stated, the primary focus of the Board and Management is organic growth. It is clear test of the relevance, strength, and quality of our business. We have solid growth aspirations, and we know that to achieve these, we will require a disciplined approach to execution of our strategy. Of course, the Company still has an obligation to monitor what is happening across the industry and among our competitors. In doing that, we may identify inorganic opportunities that could enhance AMP's capability and performance. However, any such opportunity would only be pursued if, after rigorous analysis of its strategic benefit, there was a clear case it would generate a direct long-term increase in shareholder value. Ultimately, judging the value of reinvestment in the business against return to shareholders remains front of mind for the Board. A number of shareholders have also asked questions about executive remuneration, and I want to take a moment to explain our approach. Setting remuneration appropriately is clearly an important role of the Board. We regularly review and refine our remuneration to ensure it remains aligned with shareholder interests and appropriate for the size and complexity of the business. As outlined in the 2025 REM Report, executive outcomes continue to be determined using a balanced scorecard with a clear risk overlay. This assesses both what is delivered and how it is delivered. 2025 overall performance resulted in the achievement of 101% of target, with the Board settling on the Short-Term Incentive pool being funded at 95% of target. This reflected solid delivery against strategic and financial priorities while maintaining discipline and risk alignment. For 2025, we made a number of enhancements to our Remuneration Framework, as detailed in the Report. For example, we reduced the maximum Short-Term Incentive opportunity for executives from 200%-150%. In line with the Board's previously stated aim to align executive remuneration to AMP's smaller size post business divestments, the appointment of our new CEO afforded the Board the opportunity to reduce CEO remuneration. As we have said for some time, executive transition would be a suitable point at which to reset the REM. Having reviewed the market with input from internal and external experts, the Board considers the CEO's package appropriate for the size of AMP while providing good incentive to the CEO to deliver on our strategy. For 2026, we have also adjusted some of the long-term incentive metrics that we use to reward our executives, given the transformed and simplified business. The inclusion of the compound annual growth rate of AMP's adjusted EPS measure, which now accounts for 40% of the long-term incentive grant, is important as we focus on growing the business. This takes account of a broad range of financial measures, and along with the relative total shareholder return metric, aligns management outcomes with shareholder experience. Overall, the Board remains focused on ensuring that our REM and reward frameworks drive the right behaviors and support sustainable performance outcomes to deliver long-term value for shareholders. We work to ensure that it is in line with appropriate benchmarks, while also motivating and incentivizing our Executive Team. Finally, some shareholders ask questions about dividend reinvestment plan that we have run in previous years. It is currently paused given that the on-market share buyback is about to commence, which seeks to reduce the number of shares on issue. Shareholders also asked whether AMP would consider undertaking an unmarketable parcel share sale facility to purchase smaller shareholdings. This is not currently being considered. It is a costly exercise, and we know that many of our shareholders in fact elect to hold on to their small parcels. We will continue to review the register and consider ways to make this as efficient as possible. Before closing, I want to thank our members and customers for their business and ongoing consideration of AMP as their financial services partner. To my fellow Directors, the Executive Team, and all AMP employees, thank you for your dedication and commitment. To our shareholders, thank you for your continued support. We recognize the responsibility that comes with your investment, particularly in periods of market volatility. The Board remains confident in AMP's direction, disciplined in its approach, and focused on building a strong business that delivers long-term value. Together, we remain absolutely committed to helping more Australians build wealth and retire with confidence. Thank you. I'll now hand over to Blair. Oh, you want to take my spot up here? Thanks, Mike. It's a privilege to address you today as the new CEO of AMP. After more than 16 years at AMP, I have a strong connection and deep understanding of this business and its rich history. I also firmly believe in the significant strategic opportunity that AMP has in retirement across Australia and New Zealand. Our business is uniquely placed to help more people to plan for and live with confidence in retirement, and that's something I believe we can do and continue to do better than any of our competitors in this market. Our opportunity is underpinned by powerful structural trends and an Australian superannuation system that now has nearly AUD 4.5 trillion in savings and continues to grow. I first joined AMP in 2009 and have run operations for both our New Zealand and Australian businesses. My most recent role was as AMP's Chief Financial Officer, where I led the divestment of our AMP Capital and Advice businesses, allowing the AUD 1.1 billion capital return, and also delivered our Business Simplification Program, lowering the cost base by 13% or almost AUD 90 million over the past two years, while also strengthening our balance sheet and financial position. I would like to reiterate the Chair's comments and acknowledge Alexis George's leadership. Lex has overseen major transformation, simplification, and repositioning of AMP. She led the restoration of the company's brand and reputation and has left AMP inordinately better positioned than when she joined. I've been and will forever be grateful for her leadership and her unwavering support, and for stepping in to lead AMP through so much. This is a strong foundation for us to build from. The opportunity now is to convert our strength and position into sustained growth. I'd like to address our 2025 performance before I focus on my and our future priorities. In 2025, we delivered underlying NPAT of AUD 285 million, an increase of more than 20%. Underlying EPS of AUD 0.113 increased even more so, up 25.6% due to the reduced number of shares on issue as a result of the previous buyback. Total full-year dividend of AUD 0.04 per share, 20% franked. In our businesses, there's been continued innovation on our North platform. This saw us increase advisor productivity and win more than 120 new advisors to North with FUM over AUD 1 million. Cash flow growth is up over 85% for the year, and we have confidence that this growth will continue. In super investments, we continue to track towards positive net cash flows. We delivered top-quartile returns for the majority of MySuper members and have a number of innovative offerings and initiatives delivered or about to be delivered to drive member retention and acquisition. Despite a challenging economic environment in New Zealand, our business there grew underlying NPAT by 5.4%, with continued revenue diversification and a growing focus on the retirement segment. In our partnerships business, we saw profit growth of more than 15%, largely driven by our long-term partnership in China Life Pension Company, which continues to be at the absolute forefront of the rapidly growing pension system in China. In AMP Bank, management is clear that the AMP Bank GO strategy needs to improve the funding mix we have and our net interest margin. More critically, we are clear that we need to reduce capital deployed in the Bank, and we will take a rigorous approach to assessing the success of both these important actions. The opportunity from here is clear to me. With the hard work of portfolio simplification and cleanup behind us, we have a strong foundation to drive sustained growth. I have three key priorities as the new CEO to achieve this, accelerating organic growth in our Wealth businesses through a relentless focus on customer acquisition and retention, and critically growing and deepening our adviser partnerships. Embracing the opportunity of AI to maximize its benefits, there is simply no sideline position to take in this disruptive moment. Thirdly, a sharpened focus on capital allocation and organizational efficiency to ensure we continue to deliver value for all our stakeholders. Let me start with how we'll accelerate growth in our wealth businesses. In the platform business, it's about connecting with more advisors and deepening the strong existing advisor relationships to grow and continue to grow our business on North. We're doing this right now with advisor roadshows being held across the country. Our team have a compelling proposition to take to advisors, including our industry-leading North Interactive Wealth Portal and our market-first retirement solutions. It was pleasing to see that in the 2025 NMG Advisor Study, North was rated the number one platform across a number of categories, including advisor proposition, retirement, reporting, price competitiveness, and was a joint first in digital experience. In our superannuation investments business, our proposition is centered on strong investment returns, competitive fees and insurance, and a compelling member experience. Our digital financial tools are helping our members navigate the complex retirement system in Australia with nearly 40,000 member journeys in less than 12 months, and we are continuing to expand this offering. We're also first to bring lifetime income solutions to all our eligible super members, not just those with an advisor. Now it's about translating this proposition for members into retention and stronger customer acquisition as we work towards sustainable positive cash flows. In our New Zealand business, with 600,000 New Zealanders reaching retirement age in the next 10 years, we see significant opportunity to connect with these clients and make a genuine difference to their retirement outcomes. Finally, our China partnership provides both a valuable investment today and a long-term growth opportunity with China Life Pension Company, a leading player in one of the largest and fastest evolving pension markets in the world. Across our Australian and New Zealand wealth businesses, we'll be driving organic growth, and practically, that means a real focus for all of us on customer experience, customer retention, and acquisition. Personally, I'm looking forward to getting out there and helping our teams win more business. My second priority is maximizing the benefits of AI. We must embrace the opportunity of AI and maximize its benefits. AI has been part of our business for nearly three years, and the pace of change is accelerating almost daily. Our approach to AI recognizes the opportunity while acknowledging the risks we must continually work to manage. Firstly, the opportunity to enhance productivity and harness cost efficiency. Most of our people are using AI regularly, with 84% using our core AI tools on a weekly basis. Our focus right now is on enhancing the productivity gains with specific training and support for our people. We're also deploying AI to great effect in our contact centers with an average of 95% of calls being transcribed and 90% of calls quality checked, improving service experiences and outcomes for our customers. We also see an opportunity for efficiencies through automation across many of our corporate functions, and that will enable us to reinvest in growth and improve customer experiences. There is a clear opportunity to accelerate innovation. In North, our AI file note has produced over 3,500 notes for advisers since it was launched, driving their productivity. We have just released a new modeling tool for advisers built using AI-enabled tech. This is just the start, and we'll continue to leverage our deep knowledge and experience in retirement, along with the new technology, to create seamless experiences and intuitive tools for advisers and our members. At the same time, we'll continue to identify how we mitigate and minimize AI risks. That includes responding to how AI may disrupt the wealth sector and the tight regulatory frameworks that help to mitigate that risk for AMP, how we protect and support our customers and members in an AI-enabled world, and how we give the community confidence in the governance and responsible use of AI that we're embracing at AMP. My third priority is a sharpened focus on capital allocation and organizational efficiency. We will run the business with a disciplined approach to capital allocation and a clear focus on organizational efficiency. First, I want to be clear that we are committed to returning surplus capital to shareholders. We're delivering on that commitment with our recent announcement of the new AUD 150 million share buyback, which will commence shortly. As the Chair has outlined, given our limited franking balances, we have given guidance for a steady dividend through FY 2026 and FY 2027. Buybacks remain our preferred method when we undertake a capital return as the most effective approach for AMP. As we continue to generate capital organically, returning surplus capital to our shareholders is our preference in the absence of a compelling opportunity that would enhance the returns in our wealth businesses. I want to stress that any inorganic opportunities would have to add targeted capability and wealth as opposed to simply buying scale. While you would expect the Board to consider all opportunities that are in the market, we remain very clear on the capital deployment sensitivity that exists, rightfully so. I view our portfolio of businesses through a capital allocation lens. As I've outlined, driving growth in our wealth businesses is our priority. These businesses are relatively capital light, and the growth potential for them is significant. The retail banking sector remains challenging, particularly given the market-wide pricing dynamics of mortgages driving sub-optimal returns for many in the industry. When we look at AMP Bank, clearly the return on capital is not where it needs to be. We have a strategy in place to address this in the medium term, targeting lower cost funding through deposits in AMP Bank GO, while keeping the loan book broadly steady in the meantime. The additional lever that we believe we can activate in the near term is optimizing the Bank balance sheet to release capital. In 2025, we did more capital release transactions than in prior years, and you will see us continue with greater focus in 2026. We expect this approach to have an immediate effect of reducing the amount of capital that the Bank consumes, though in the near term, it will have a dampening impact on Net Interest Margin, reflected in our current guidance. This is a careful balance, but one we know is critical given the structural challenges we see in the retail banking sector in the foreseeable future. Organizational efficiency remains critical. Over the past two years, we've reduced our cost base through our Business Simplification Program, and we have embedded a culture of financial discipline. It is critical that we maintain this. We will not give up the gains that we have worked hard to deliver. While we will take a rigorous approach to costs, we will continue to invest appropriately in wealth to drive growth in those businesses, especially in our North platform, where we see so much potential. In summary, these are the three priorities that I see as essential to delivering value to shareholders and building sustainable growth, accelerating growth in our wealth businesses, maximizing the benefits of AI, and a sharpened focus on capital efficiency. I expect you to hold myself and the Executive Team accountable for executing on these priorities. As I've said, we have a significant strategic opportunity ahead of us. The demographics underpinning the retirement segment are compelling. We have developed market-leading retirement solutions and services to capitalize on this. We must unlock that opportunity and direct our resources efficiently to leverage growth and deliver value to shareholders. Our business portfolio is simpler, and the organization is more sharply aligned around customers and markets where we can grow. As CEO, my priority is accelerating our momentum and lifting our ambition. While I'm realistic about the challenges in the external environment, I'm equally clear about the potential of this business and our responsibility to unlock it. Finally, may I express my sincere thanks to all of our people across AMP, to the executive team, and to the board. Of course, thank you to our shareholders for your support. Thank you, Blair. I would like to invite our three directors being considered for election and re-election today to address the meeting. Detailed biographies for each of the directors are set out in the Notice of Meeting. Our first director up for election is Linda Elkins. Linda was appointed to the AMP Limited Board as a Non-Executive Director on the 1st of September last year. Linda is a member of the Risk and Compliance, Audit, and Nomination Committees. At the same time as joining the AMP Limited Board, Linda was appointed to the AMP Bank Board and is a member of its Risk and Compliance and Audit Committees. Linda has more than 30 years' experience across wealth platforms and superannuation and the broader wealth management sector. Linda was the National Leader, Asset and Wealth Management at KPMG. Before joining KPMG, Linda was Executive General Manager for Colonial First State, leading 1,000 staff and managing over AUD 130 billion in funds under management. She also served on the Colonial First State Superannuation Boards. Prior to Colonial First State, Linda was Managing Director of Russell Superannuation business, overseeing the Russell Superannuation Solutions Master Trust and a portfolio of corporate superannuation funds, including Qantas and Australia Post. Linda is currently a member of the ASFA Conference Committee and Chief Executive Women. I'll now hand over to Linda to address the meeting. Thank you, Chair, and good morning, everybody. I'm honored to stand for election to the Board of this iconic Australian company. I joined the AMP Limited Board because I really believe in the important role that AMP has to play in supporting the millions of Australians who are going to move into retirement over the next 10 years. There's a unique opportunity to build holistic solutions, helping Australians and their financial advisors to maximize their individual outcomes. Since joining the Board last September, I've been encouraged by the clear sense of purpose across the organization and the strong commitment to restoring trust and strengthening AMP's reputation. I've been focused on the strategy development to ensure there's a bold approach to innovation in the key areas that are our strengths, including ensuring that our risk appetite, risk management capabilities, and culture are set to continue this new growth phase for AMP. I bring more than three decades of experience across wealth platforms, superannuation, and advice. My experience includes leading businesses, consulting, regulation, and advocacy. In my last role at KPMG, I was focused on having an external view and doing market analysis, and competitor analysis was my job. It was through that process that I could see the emerging opportunity for AMP, which really made it exciting for me to be now part of that growth future. Looking ahead, I believe AMP is well-positioned for the next phase, and if elected, I'd welcome the opportunity to serve you as a Director of AMP, helping guide the business forward to build on the momentum already achieved. Thank you, and thank you for your support. Thank you, Linda. Our next director for election is Andrew Best. Andrew was appointed to the AMP Limited Board as a Non-Executive Director in July 2022. He was appointed as Chair of the Risk and Compliance Committee in May 2024, and is a member of the Nomination and Remuneration and People Committees. At the same time as joining the AMP Limited Board, Andrew was appointed to the AMP Bank Board, and is Chair of its Risk and Compliance Committee. Andrew is a senior financial services executive with over 30 years' international and domestic experience across banking and financial markets in Australia, London, Hong Kong, and Singapore, with a particular focus on capital markets and mergers and acquisitions. From 1989-2020, Andrew worked with JPMorgan Chase, holding various roles over his three-decade career with the company, including most recently as Head of Investment Banking for Australia and New Zealand from 2017-2020. Prior to that role, Andrew was Head of the Financial Institutions Investment Banking business for Australia and New Zealand. Andrew is a member of the Ord Minnett Private Opportunities Fund Investment Committee, a panel member for Adara Group, which provides independent pro bono advice to Australian companies, as well as being an Executive Coach with Foresight Global Coaching. Andrew is currently a member of the National Heart Foundation Advisory Board. I'll now hand over to Andrew to address the meeting. Thank you, Chair, and good morning, fellow shareholders. I'm delighted to be standing for re-election to the AMP Board. In 2022, I joined the AMP Limited Board because I was attracted to the opportunity to contribute to the ongoing revitalization of a company with a proud history and a clear role to play in helping Australians create their tomorrow and retire with confidence. I also believed that AMP had the foundations, leadership, and ambition needed to strengthen performance and create long-term value for shareholders. That opportunity and belief remain true for me today. Since joining the Board, I feel AMP has made meaningful progress. Over the past few years, the business has improved underlying financial performance, returned substantial amounts of capital to shareholders, and recommenced paying dividends. AMP has also substantially reduced its cost base, strengthened cash flows across its wealth platforms, and progressed the rollout of AMP Bank GO. We have also continued to sharpen focus as a leading retirement specialist and expanded our digital and intra-fund advice. Just as importantly, AMP's reputation continues to improve, reflecting stronger execution, governance, cultural alignment, and delivering what we say we will. My experience across banking, capital markets, and financial services has enabled me to contribute actively to Board deliberations, particularly in relation to strategy, capital allocation, and risk management. As Chair of Risk and Compliance, I've worked closely with the committee and management to support the uplift of risk frameworks, operational resilience, and regulatory confidence while ensuring risk management enables rather than constrains our growth. Looking ahead, AMP is moving forward with momentum and opportunity. If re-elected, I look forward to continuing to contribute my experience, curiosity, independent judgment, and passion for innovation as Blair and the Management Team look to build on the progress already made and deliver long-term value for shareholders. Thank you. Thank you, Andrew. Now we turn to Michael Sammells. Michael was appointed to the AMP Limited Board as a Non-Executive Director in March 2020. He's a member of the Audit, Nomination, and Remuneration and People Committees and was previously the Chair of the Remuneration and People Committee between August 2020 and October 2024. At the same time as joining the AMP Limited Board, Michael was also appointed to the AMP Bank Board and is a member of its Audit Committee. Michael has over 35 years of professional experience, with significant experience in senior executive financial and commercial roles. Excuse me. His experience as CFO spans over 20 years in ASX-listed companies, as well as the public sector. Michael has served on numerous private boards since 2010 and is currently Chair of Sigma Healthcare and Non-Executive Director of GMHBA. I'll now hand over to Michael to address the meeting. Thank you, Chair, and good morning, shareholders. I'm seeking your support for re-election to the AMP Limited Board, and it remains a privilege to serve the company during a period of meaningful progress and change. I joined the AMP Board in March 2020 in what was a very difficult and challenging time for AMP, its employees, customers, and shareholders. In conjunction with my fellow Board members, I feel that I've played a constructive role in navigating AMP through a series of challenges and changes that now see the company stronger, with a more sustainable, simplified business model, with leadership in place to enable future growth. Over the past year, AMP has delivered tangible improvements across performance, strategy, and reputation. The Group strengthened underlying earnings, reduced its cost base through disciplined financial management, and returned to paying dividends. Cash flows across the wealth platforms improved, reflecting stronger advisor engagement and customer demand. Strategically, AMP continued to sharpen its focus as a leading retirement specialist, advancing innovation on the North platform, expanding access to digital and intra-fund advice, and progressing the rollout of AMP Bank GO. Just as importantly, AMP continued to rebuild trust with customer satisfaction, employee engagement, and reputation all improving materially. As a Director, I have focused on contributing to these outcomes through strong financial oversight, disciplined capital management, and clear accountability. Drawing on my background as a Chief Financial Officer, I've played an active role at the Board and in various committees across a broad range of matters, strengthening performance and governance across AMP. Looking ahead, AMP is well positioned to build on this momentum. If re-elected, I will continue to bring financial rigor, independent judgment, and a strong shareholder perspective to the Board, supporting Management as AMP executes its strategy, invests prudently for growth, and delivers sustainable long-term value. I look forward to continuing to work with my fellow Directors and Management to deliver long-term value for our shareholders. Thank you for your support. Thank you, Michael. I confirm that Linda, Andrew, and Michael each have the unqualified support of their fellow Directors for their election and re-election. Before we move to the discussion of the items of business set out in the Notice of Meeting, I will now address some of the questions that were received from shareholders prior to the AGM. Our first question comes from C. Cripps, who asks, "What's the Executive Remuneration increase in % terms compared to Staff wage increases in % terms?" I think it's fair to say that the Executive salaries have been held reasonably flat over the last couple of years, while Staff have been able to enjoy an increase in line with CPI or just above CPI over that period. That, I think, pretty much answers that question. Our next question comes from Kishori Sanji, who asks, "Consider changing auditors via a tender process, as EY have been AMP's auditor for decades." It's true EY have been our auditor for quite a period of time. I think it's fair to say that it would have been foolhardy to change our auditors over the last five years while we've been dealing with a number of issues that arose, but importantly, the divestments that we had to make. Trying to bring in a new audit firm and get them up to speed on the business during that process, I think, would have been quite problematic. Of course, over that period, we've changed audit partners. EY have a policy of changing audit partners every five years, I think. Anita's probably only in about her second year or third year. We do get a change around and a different perspective on the accounts through that. Changing auditors is a serious task to do, and each year, the Board do consider, through the Audit Committee, whether or not we need to run a tender, and we'll be doing that again this year, I expect. Rahoul, as Chair of the Audit Committee, is there anything you'd like to add? Thank you, Chairman. The only other point I would make is that the shareholders will take comfort from the fact that the Audit Committee is of the view that EY do a very competent job every year. They're independent, they're objective, and technically very competent. I thought that might be worth sharing with you. Thank you. The next question comes from Mr. and Mrs. McMaster. Pardon me, my voice keeps going. I normally don't get to talk for this long. Who asks, how much is Dexus suing AMP for? Is this likely to adversely affect AMP's share price? Why didn't AMP tell Dexus of preexisting agreement? Unfortunately, because that is a case that's now before the courts, I'm not in a position to be able to answer any of those questions other than to say we are vigorously defending the case. The next question is from Mr. Richard Lynam, who asks, what impact does the Middle East have on investments? Obviously, the volatility that comes through the day-to-day events that are occurring through the Middle East and the pronouncements that come out from various parties on a regular and sometimes irregular basis can have a huge impact on confidence. The situation with oil shortages, et cetera, obviously impact on cost of living and are inflationary in their nature. Of course, that's at a time when Australia is one of the few economies in the world which is actually facing inflationary pressures. In inflation times, asset prices rise, obviously. Do they rise at rates above the real rate? Often not. It's the volatility, I think, that's the key impact. I think it's important that if people can, they try and see their way through that volatility by riding out the storm. Who knows how long it's going to last? Hopefully, it doesn't go for too much longer, and we can get back to a more normalized period. If I really knew the answer to that, I'd be extremely wealthy, and I'm not. I will now take questions on all items of business. As Kate mentioned earlier, to ensure a reasonable opportunity for attendees to participate and ask questions at today's meeting, we ask that you please choose one platform to ask your question rather than submitting the same question through multiple platforms. Keep your questions short and to the point, and please avoid any lengthy preambles or extended remarks, and limit your questions to two consecutive questions at a time. If you have further questions, you may rejoin the queue in the auditorium or call the phone line again to ask your additional questions. Questions and comments should be limited to the items of business in the notice of meeting and management of AMP. Questions about AMP products or services or about any other personal or business affairs, including as an AMP customer, can be addressed outside of the meeting by our customer service or Computershare staff. We'll start firstly with questions from the auditorium. Are there any questions in the auditorium? Yes, sir. Microphone two. Chair, I would like to introduce Mr. Knizhnikov. Pleased to see you again. Thank you, Mr. Chairman. Good morning to everyone. My name is Roman Knizhnikov, and I'm a long-term shareholder, and I represent a number of entities who are also long-term shareholders of this company. Those entities include my self-managed super fund and personal shareholdings. I would like to thank you, Mr. Chairman, and your management team, especially Mr. Sean O'Malley and his personal assistant, Mrs. Hannah Rosier. Also, I would like to welcome our new CEO, Mr. Blair Vernon, to the company. Now to the questions. Many years ago, you promised us business digital banking. Congratulations. Finally, you produce AMP Bank GO. Unfortunately, this product is half-cooked. The business can only open account only if you're sole trader. It is mean that AMP Bank GO can be used by very limited customers and not as advertised initially. To finalize, the app doesn't have log out button to get out of app. This is a dream app for hackers. Can you tell us, Mr. Chairman, who will be responsible if hackers will clean our customers' money? Thank you. Thank you. I think there's a couple of things there. One is, I'm glad you're appreciative of the fact that we've now got something out there, but it is something that we'll develop over time, and so more features are being added as we go along. We have two choices, I suppose. You can take a long time and put a fully complete thing out there, or you can do it in an incremental way and try and build the business as you go along developing the digital platform, and that's the approach we've decided to take. In respect of hackers, it is true that the amount of scams and state actors and others involved in hacking and cybersecurity, et cetera, today is far greater than it's ever been in the past. Next year, I'll be up here saying exactly the same thing. It's only going to get worse. The situation of hackers comes down to each individual circumstance. It's important that people don't share their passwords with anyone. It's important that people, pardon me, don't respond to prompts that come through emails and other things without verifying first whether or not those approaches they're getting are genuine. It really does depend on the individual circumstance of each occasion as to where any recompense lies. The platform we've picked up for Bank GO is a proven platform from the U.K., which is also now operating in other countries overseas. There's a continual development effort around cybersecurity on that platform. We're as confident as we can be that it's as good as anything in the market. Mr. Chairman, let me repeat question. With AMP Bank GO, you can't log out. You don't have button to log out. With the moment when you're logging out, it's very hard to get in the app with all the questions which arise. If you leave app open, as it happened, I have many apps. I'm also software engineer by my profession. Yep. I know how program work. If you will try, normally when you sign off, it's it, nobody can hack in. Like, people still can hack in, but they need to get your password and everything. If you can't physically sign out, it's mean anyone near you can hack into your mobile and hack into account. My question remaining, who is going to be responsible? Yeah. Okay. I'm just having a look at my app actually to see what's there. What I'll do, I'll get Sean to have a chat with you after the meeting just to find out exactly what the case is because I can't give you the specific answer, and I don't really have time to flick through the app. Sean will have a chat to you after the meeting. Thank you. No problem. Thank you. Chair, I would like to introduce Ms. Rachel Waterhouse. Hi. Welcome. CEO of Australian Shareholders' Association, and I've got two questions on behalf of our retail shareholders today. The first one is, underlying NPAT has improved, but statutory earnings remain materially lower. What concrete steps will the Board and incoming CEO take over the next 12 months-24 months to close the gap between underlying and statutory earnings and demonstrate that earnings quality is both transparent and sustainable? Yep. Well, the answer to that is that we expect that gap to be narrowed considerably over the next little bit. The issue we've had in the difference between underlying and statutory has really been around divestment of businesses and other things, in particular this year, the settlement of the two class actions and the tax effect that didn't occur on that. I would expect that from next year on, that gap will be quite narrow. Blair, as the old CFO, is there anything you want to add to that? No, absolutely. In line with our guidance, we would expect much less to be occurring, what we call below the line, so that gap will absolutely close based on our current expectations. Thank you very much. Our retail shareholders will be happy to hear that. The next one is, while the reduction in CEO pay quantum is welcome, why has the Board chosen to retain a three-year long-term incentive measurement period and adjusted EPS with discretion rather than adopting more demanding hurdles that better align with shareholder experience and long-term value creation? There's a lot more detail in our ERI. Yeah, yeah. Just a high-level response. Yeah. Look, I think we've received the feedback around that. We've also received feedback that goes against that. The Board is very considered in terms of remuneration and how we establish frameworks that provide both incentive to executives, but importantly, alignment with shareholders. We think that we've achieved that reasonably well. We're also covered by APRA regulations around remuneration and other things that we need to meet. I think the current framework we have probably does that pretty well, but I note your feedback. Thank you very much. Thank you. Are there any other questions in the auditorium? Got one more. No, just one on the left here. Sir, please come down to the microphone. Thank you, Chair. I would like to introduce Mr. Roger Johns. Thank you, Chair. I'd like to ask, what kind of exposure have we got, any exposure in the American stock market with private lending and these other facilities that they've dreamed up over there, and private equity? Yep, sure. In terms of the exposure for shareholders' funds, probably none, I would think. Blair? Yeah. We don't have any exposure to private credit in the U.S. as shareholders. Thank you very much. Thank you very much, Chair. Thank you, Linda. Chair, I would like to introduce Mr. D'Cruz. Welcome. Thank you, Mr. Chair. I'd like to, I suppose, endorse the appointment of Blair Vernon as the CEO. In terms of that, I read people as I see them. I don't have much more to go on. I've only met Blair. You introduced me to him last year, I think it was. Yep. I was introduced to you last year. That's all I've seen. I read people as I see them. I don't have much more to go on. On the basis of that, I congratulate both of you for being the types of persons that you are. This is not, just a caveat on this. I'm meeting Blair, I think, after this, and I don't want it to seem as though I'm crawling up something, because I'm not. I don't care what the outcome is. I just wanted to endorse it. I do it with people outside, anywhere, on the street and everywhere. The question that I want to ask is how conscious is the whole Board on how the share price is represented to shareholders outside? Now, I know you've had a lot of profit. I know you've systemized the operations, and you've got benefits from it all. If shareholders are to look at it, the one measure we have is the share price. If you look at that share price, it hasn't gone too far. In fact, it's probably fallen. In particular, I'd like to know why, and I think it was the 17th of February, that you put out a sustainability report or something, and the very day, the share price fell from about UBS saying that they raised the price to about AUD 1.75, and it came down to about AUD 1.32, just dramatically. I have no vision of why. I don't know if you can tell me, because it's market sentiment in place. If you could give us a reason for that, it would be nice. Sure. From the dividend point of view, yeah, I agree with you. If you're giving a 20% franking credit, it's probably not worth the exercise changing it. Capital return is better. If in general, the whole Board can look after where this company's going and how it's reflected in the share price, that would be nice. Okay. Thank you. Thank you. I think certainly the Board is cognizant of where the share price is. You can't look at it every day because you'd drive yourself mad, and you'd end up making short-term decisions, which I don't think are in the long-term interests of shareholders and staff and customers. The volatility that has been experienced, and I don't think there was a direct correlation between the Sustainability Report and the share price. It was more the profit announcement, and the fact that there was perhaps a lack of capital management initiatives in there. Some people felt that the outlook wasn't as positive as it could have been, although I'd note that all of the analysts who cover us currently have a share price of around AUD 1.80 on the stock. The point I made about people or companies that miss some form of guidance or some result in their results, and the overweight reaction to that is true across the whole of the market. If you have a look at CSL and other firms, you can see Temple & Webster and others, you didn't have to do much wrong to have an outsize reaction. I think in our case, it also occurred at the same time that there was a general drop in the price of the sector. Some of our competitor firms were off 15% and 20% as well. Either way, yes, we're very cognizant of getting that share price up, hence capital management and other things. We are cognizant of growing the business organically to make sure that that happens. Do you want to ask another question? Sure. It's not as much as ask another question, but to make another point. I think the Remuneration Report was debated and handled in terms of what it's going to be. As a shareholder, I'm agnostic about what the report and how much is contained. For that measure, I bring to mind that, in the general public, we would know that there's a stoush going on about who gets AUD 10 million a year and who doesn't get it for the sake of what they do. The point is that they bring in revenue, and I suspect that that's the reason why they get paid well. From the Board point of view and from the whole of Management, if extra revenue is brought in or if the share prices increases, from our point of view, you wouldn't get the revenue from advertising, but you'd get the revenue from customers coming into the place. I suspect that's what I'd be looking at in terms of what revenue is paid. Revenue is paid to whoever deserves it, and I don't care how much it is. As long as it's deserved, give it. Okay. Thank you. Thank you. Now, given there don't appear to be any more questions in the auditorium at the moment, we might go to online. Kate? Thank you, Chair. I have a question online from Mr. Michael Friend. AMP Bank GO has a current best savings deposit rate of 4.85% according to Canstar this morning. There are approximately 15 banks offering higher savings interest rates. Why is AMP Bank GO so uncompetitive in the market? Okay. Thank you, Michael Friend. I think the trick in all of this is that some of those higher rates on savings account are conditional on a number of different metrics being met to be able to earn that. You either have to have so much being paid into the account on a monthly basis or have to hold a minimum balance for a certain period or whatever it might be. I think our account has got very good press broadly across the media, from what I've seen in the last little bit, as being a standout in the market. Understand the concern. I think when you have a look at the facts, you'll find that actually our base savings rate is right at the top. Hopefully, you'll be prepared to put some of your funds with us. Thank you for your question. Are there any more questions in the auditorium? Yes. Yep. There's one at the back. Chair, I would like to introduce Mr. Whiten. Yes. Thank you, Chair. Whoa, that's loud. Sorry, I'm very nervous about this. That's okay. This is why I've ever spoken in this sort of situation. I cover this hall quite frequently. I'm a shareholder of several companies, which is irrelevant. I'd like to discuss the banking account somebody just mentioned ago. Your bank account is not up to par with other bank accounts. I used to have over AUD 100,000 in the AMP account. I'm down to AUD 4,000. I can name three bank accounts that I'm with that do better than you people with less conditions. ING, a 5.1% or 2%. All I have to do to get that sort of money is, I think it's AUD 1,000 a month plus five tap transactions. Easy. That's five cups of coffee, and I can make withdrawals. Your account, I think it's AUD 500 a month, plus I can't make withdrawals, and if I do, I don't get interest. You pay 4.85%. I think that's correct. I've got accounts with Virgin Money. No, they're crap. I've got out of them, sorry. Let me think of the other. Anyway, I've got several other accounts. They all do better than you people. I'm down to AUD 4,000 with AMP. Next month, I'll take my AUD 4,000 and run. Look, I think maybe you might have your account in the old everyday banking. I'd accept that. In our new AMP Bank GO. I might get our CEO, Sean, to have a talk to you after the meeting, and he can walk you through the new digital bank. Thank you. Was there a question up the back there? Yes. Yeah. George Matthews. Call centers, why can't we bring them back onshore instead of overseas? Half of them, you can't understand, and the other half doesn't understand us. That's question one. Blair, would you like to address? For those who perhaps didn't hear that, Mr. Matthews has asked why do we have call centers overseas and why can't we bring them back onshore? Thanks, Mr. Matthews. Look, the majority of our voice calls are actually answered onshore. There are some calls dealt with offshore. By far and away, the vast majority of them are actually answered in person, either actually at our Parramatta office or in our Melbourne or Sydney city offices. We're always looking to improve the call quality. As I mentioned in my speech, that's why we're using AI to manage that call quality and review that call quality, but it's certainly something we continue to look at every day. All the everyday inquiries, et cetera, are all handled onshore. Did you have another question, Mr. Matthews? Second question. The class action by the financial planners. Sure. That got settled last year, I think, David? Mm-hmm. That was settled by agreement. The funds were then paid across to the class action lawyers, and they're in charge of working out who gets what and making those payments. Are there any other questions in the auditorium? Are there any other questions online? Chair, there are no further questions online at this point. Okay. Well, since there's no further questions online and I'm not seeing any more here, that concludes the discussion on the items of business and all matters we need to address in our meeting today. As there's no further business, we'll shortly close the poll for all items of business. I'd like to remind shareholders who have not cast their votes on the resolutions to please do so now. I refer you again to the instructional slides on how to vote now on your screen and behind me, and we'll allow some time for people to complete their votes. For those in the room, Computershare will now go around to collect your voting card. Thank you for voting. Okay. Now that voting is complete, I now declare the poll and the meeting closed. On behalf of the AMP Limited Board, to those online and those who joined us in person, thank you for joining us today. To my fellow Board members, AMP Management, and staff, thank you for your continued hard work. The final voting results will be provided to the ASX today and published on our website. We will also publish the webcast and transcript of the meeting on our website. For those attending in person today, the Board and our Executive Team look forward to joining you for some light refreshments in the lounge area just outside the auditorium. Thank you very much, everyone.