Good morning, ladies and gentlemen. It is the anointed hour. Thank you for joining us at 9:00 A.M. on a Monday morning.
Too early.
Gee, it is early, you are right. We do have a number of people overseas where it is late in the evening, so we are trying to balance between early here and late in the evening in Europe and North America. My name is Nigel Garrard, and I am the Chair of Ansell, and it is my pleasure to welcome you to the 2026 Ansell Annual General Meeting.
Today's meeting is being held in person as well as virtually via the Computershare platform, where shareholders, proxy holders, and guests can watch a live webcast of the meeting, and shareholders and proxies can ask questions and submit their votes online. A significant number of shareholders have already voted, appointed proxies, and submitted questions ahead of the meeting, and I thank them for doing so. A full recording of today's meeting will be provided on our website in due course.
Before opening the meeting, I will explain how voting and questions will be managed. Voting is by poll on all resolutions. The poll is now open, and eligible shareholders and proxy holders may vote at any time until I declare voting closed. I will provide a warning before I move to close voting at the end of the meeting. Shareholders and proxy holders attending online can select the voting icon and vote on each resolution. Votes are recorded automatically and may be changed while the poll remains open.
For shareholders, proxies, and corporate representatives attending in person, I will ask you to vote once we have gone through all items of business today by completing the voting card that was provided to you upon admission. Blue cards, so these, are for shareholders who are entitled to vote and ask questions. White cards, these are for visitors only, and yellow cards are for non-voting, but you can ask questions. If you are acting as a proxy and have received voting directions, please vote in accordance with those directions. I note that as Chair, I will vote all available undirected proxies in favor of each resolution.
The company has appointed Christina Piccolo, Christina, who is outside, I think, a Manager of Computershare Investor Services, as returning officer for this meeting. It is my responsibility as Chair to ensure that shareholders have a reasonable opportunity to ask questions and discuss the items of business presented at the meeting. I ask that all questions and comments be concise, relevant to shareholders as a whole, informative, and respectful. Thank you to those shareholders who have submitted questions in advance of today's meeting.
Where appropriate, responses have been provided directly to those shareholders. For the efficient conduct of the meeting today, I will invite questions at the conclusion of the formal business of the meeting. I will first ask questions from shareholders and proxy holders present in the room, followed by shareholders participating online. Shareholders, validly appointed proxies, and authorized corporate representatives are entitled to ask questions and make comments during the question session.
Shareholders who participate online may submit written questions at any time during the meeting using the speech bubble icon. Instructions for asking an audio question are displayed below the webcast windows for those online. I remind shareholders that questions will be taken after all resolutions have been introduced and the proxy voting results have been displayed.
The Company Secretary has confirmed that a quorum is present, and I now declare the 2026 Annual General Meeting of Ansell open. The notice of meeting was released on the 9th of October 2026. With your approval, I will take the notice of meeting as read. Joining me today in Melbourne is Ansell's CEO and Managing Director, Nathalie Ahlström, in her first AGM in her role, my Melbourne-based Non-Executive Director, Debbie Goodin, and Company Secretary, Catherine Stribley.
Joining us by video link today are the other members of Ansell's Board, Leslie Desjardins, William Reilly, Christine Yan, Jonas Samuelson, Randy Stone, and Christina Stercken. Ansell's Chief Financial Officer, Erik Van den Enden, is sitting at the front here, is also in attendance today at his first AGM for Ansell. Chris Sargent, KPMG's Audit and Engagement Partner for fiscal year 2026, is also present, sitting in the front row here, and will be available to answer questions relating to the conduct of the audit and the preparation and content of the auditor's report.
Now for my address. I'll just pause to have a drink. On behalf of the board, I thank you for your continued investment in Ansell. Our AGM is an important opportunity to report on the company's performance, explain the board's approach to governance and oversight, and hear directly from shareholders on the matters that are important to you.
Financial year 2026 was a year of strong performance for our company. The board is pleased with the financial outcomes, which included growth in sales, expanded margins, and strong cash generation. These results were delivered in challenging external conditions, including a higher tariff environment in the United States and the conflict in the Middle East. Against this backdrop, delivery of adjusted earnings per share at the upper end of our upgraded earnings guidance range demonstrates the discipline and the resilience of the Ansell business. Nathalie will discuss the results in more detail shortly, as well as the outlook for the current financial year.
Financial 2026 was also a year of leadership transition for Ansell. Following a global search and selection process, we appointed Nathalie as Chief Executive Officer, and she commenced in February this year. Nathalie brings extensive international leadership experience, most recently as President and CEO of Fiskars Group, and she has certainly hit the ground running since starting. I thank Nathalie's predecessor, Neil Salmon, for his 13 years of service and supporting an efficient transition. As I said, we also welcomed Erik Van den Enden as our new Chief Financial Officer in September, and we welcome Erik to the company.
Leadership transitions are an important test of board stewardship. They require us to preserve the strengths of the business while ensuring that new leadership has the mandate and the accountability to challenge established assumptions and deliver the next phase of performance. The board's focus through this period has been on continuity of purpose, clarity of accountability, and quality of execution. The board is pleased with the way all involved have embraced the changes while ensuring that Ansell continues to meet the needs of its customers and deliver on its performance commitments.
Board renewal is also important to maintain the right mix of experience, skills, and perspectives to oversee the company's strategy and risks. Today, we are seeking shareholder approval for the election of Jonas Samuelson. We also acknowledge Leslie Desjardins and Bill Reilly, who will retire from the board at the conclusion of this meeting. Leslie has served on the board since 2015 and made a significant contribution across a number of board committees, including as chair of the Audit and Compliance Committee. Bill joined the board in 2017 following an extensive executive career with Ansell, including as General Counsel.
On behalf of the board and shareholders, I would like to thank Leslie and Bill for their commitment, sound judgment, and dedicated service to Ansell, and wish them both every success in the future. Jonas Samuelson joined the board on the 1st of March and brings extensive international leadership and finance experience to Ansell, including having previously served as President and CEO of the European-based Electrolux Group. His expertise in manufacturing and financial governance will help support the board in guiding Ansell's long-term strategy.
Turning now to sustainability. As a board, we recognize that Ansell's long-term success depends on more than financial performance. It depends on the resilience of our operations, the responsible management of our environmental and social impacts, and the trust of the customers, employees, suppliers, and communities that are connected to our business. The board's role is to ensure these considerations are embedded in the company's strategy, in our risk management, and decision-making.
Transparent reporting is an important part of that responsibility. It enables shareholders to understand how Ansell is managing material risks, where progress is being made, and where further work is required. It also provides a basis for meaningful engagement with shareholders on the issues that matter to the long-term performance and resilience of the business.
This year, Ansell published its first climate-related financial disclosure under AASB S2, further developing the way we assess and report on climate-related risks and opportunities. We also continued our work to strengthen human rights, due diligence, and responsible sourcing across our global supply chain. Labor rights and responsible sourcing remain an important area of board oversight. The experience at MediCeram, a Malaysian supplier of ceramic formers used in the manufacture of single-use gloves in one of our manufacturing facilities that represented less than 0.1% of our total global supplier spend, has brought into further sharp focus the challenges of identifying and addressing labor rights across complex supply chains.
I want to be very clear that what happened to workers at MediCeram should not have happened. We recognize the seriousness of the issues. Ansell was one of a number of customers at MediCeram. While most of those customers immediately ended their relationship with MediCeram, Ansell worked collectively with another MediCeram customer, together with the Responsible Business Alliance, to understand the issues, investigate the circumstances, and support remediation for the affected workers. Consistent with the United Nations Guiding Principles on Business and Human Rights, we chose to remain engaged with the company to use our commercial influence to seek to improve outcomes for affected workers, rather than simply walk away.
To support these efforts, Ansell made advance payment for orders covering more than 12 months of supply, and we expedited payment for those goods delivered. This contributed to more than $1 million being repaid to migrant workers for recruitment fees that they had incurred. Ansell stayed engaged with MediCeram for as long as there appeared a genuine prospect of improving outcomes for workers. However, following MediCeram's decision to terminate workers and its failure to take appropriate corrective actions, Ansell suspended the supplier relationship.
With MediCeram then moving into liquidation, Ansell continued working through the Responsible Business Alliance to support affected workers, including assistance with repatriation, access to food, and other basic necessities where required. We invested in these efforts because we believed it was the right thing to do. We recognize that there have been calls for more to be done and understand why there are strong feelings about this issue. The focus of our work with the Responsible Business Alliance and other stakeholders was helping workers receive direct remediation of the fees they had paid and assistance with repatriation.
We consider that this was and is the most direct and effective way of supporting workers and their immediate needs. This matter provided important learnings for Ansell and reinforced the importance of continuous improvement and the ongoing strengthening of our due diligence approach. Our due diligence framework already assessed a broad network of suppliers against a range of identified risk factors. However, the MediCeram experience showed that labor rights risks can also arise with smaller, specialized suppliers where they may be less visible. As a result, during FY 2026, we reviewed the scope and the prioritization criteria of our supplier management framework, and we expanded engagement with ceramic former suppliers.
This also informed our broader approach to identifying suppliers associated with potential elevated labor rights risks, with an even greater focus on industry characteristics, workforce composition, and recruitment practices. What we know is that there is no single audit, standard, or control that can guarantee the identification of every labor rights issue across a very complex supply chain. This is why it is important Ansell has continually evolving systems in place that enable the company to effectively assess for risk, respond to issues, and identify appropriate remediation when gaps are exposed. We will continue to assess the effectiveness of that system, and we will continue to report on our progress.
We also acknowledge the importance of continued constructive engagement with shareholders and other stakeholders. Ansell also recognizes that labor rights challenges persist across global supply chains and that addressing them requires engagement and action across suppliers, buyers, industry groups, governments, and worker organizations, an effort which your board and your management team remains firmly committed.
In conclusion, on behalf of the board, I would like to thank Nathalie and Ansell's more than 15,000 employees for their hard work in the service of our customers this year. I also want to thank you, our shareholders, for your continued investment in Ansell. We acknowledge the capital you have entrusted to us, and we will continue to manage that capital thoughtfully and diligently to grow total shareholder returns. The board's commitment is to continue to govern Ansell with a long-term view and build a company that is trusted when it matters most.
I will now invite Nathalie, our Managing Director and CEO, to address the meeting. Thank you.
Thank you, Nigel. Good morning to all shareholders joining us today, both here in Melbourne and online. It is a privilege for me to be here to address you for the first time as a CEO. Since I commenced this role in February, I spent my time where it matters the most, with our customers and our teams around the world.
Two things have stood out. The first is how essential our products are to our customers' operations and how much they value the partnership with us. This is a real strength, and I want to build on it. The second is the passion, talent, and committed people we have at Ansell. As Nigel touched on earlier, we faced significant external challenges in the financial year 2026. The way our teams responded with clarity and decisiveness helped us to deliver the strong financial year 2026 results.
Before I discuss our financial performance, I want to remind us of our purpose, leading the world to a safer future. It is a powerful purpose. It is who we are. Across our 130 years history, Ansell has established itself as a global leader in safety, innovating solutions that safeguard lives and enable businesses to thrive. To our customers, Ansell is more than just a supplier of PPE. We are a trusted safety partner. We want to build on that reputation through deeper partnerships. This includes using our insights to tailor solutions that specifically challenge the customers have.
I would like to give you a recent example. Earlier this year, we launched a new TouchNTuff single-use glove. It is the first in the market to be resistant to acetone at least 15 minutes. It gives workers exposure to hazardous chemicals, the protection they require without having a layer of multiple gloves or use heavy-duty, more complicated products. This is a customer-led innovation in action, and we will continue to focus on solving our customers' most challenging problems. Now we give you a bit of a view on TouchNTuff and the impact it drives to our customers.
Workers face more than 275 million different chemical substances in the world, and more are being discovered every day. Chemicals are everywhere, in aerospace industry, automotive environment, labs, and more, posing serious health risks when handled. Skin irritation, eye damage, respiratory issues, and long-term health complications can be a problem. Acetone is a widely used solvent in various applications, but it is highly flammable and can cause serious irritations and health issues. North America's acetone market hit 1.9 million tons in 2023. To improve tactility when handling acetone, workers often layer disposable or mechanical gloves, a risky, uncomfortable practice. What if a comfortable disposable glove could offer longer protection against acetone? Meet TouchNTuff 93-800, the first disposable glove on the market to be resistant to acetone for at least 15 minutes with enhanced chemical splash protection.
Featuring Ansell's MICROCHEM chemical barrier technology, its innovative multi-layer design resists various harsh chemicals, eliminating the need for multiple gloves. Beyond the chemical protection, TouchNTuff 93-800 also offers extra mechanical protection. The vivid orange color enhances visibility and foreign object detection for improved safety. TouchNTuff 93-800 has an improved fit, feel, and flexibility compared to reusable chemical gloves. It is also silicone-free and antistatic. The natural rubber latex in this glove is not in direct contact with the skin, which limits the risk of latex allergy reaction. This glove is part of Ansell Earth Sustainable PPE Solutions. TouchNTuff 93-800 is the natural evolution of our portfolio, built for comfort and dexterity with at least 15 minutes of acetone resistance that matches some reusable gloves. Choose TouchNTuff 93-800, redefining disposable acetone protection.
This is who we are, leading the world to a safer future. Now, I would like to talk about our financial performance in 2026. It was a strong year of sales and earnings growth delivered against a backdrop of significant external challenges, including new U.S. tariffs and the Middle East crisis. We responded decisively to these challenges. What was in our hands, we acted on. We implemented targeted price actions to recover higher costs. We accelerated our sourcing and supply chain productivity initiatives, and we also stayed close to our customers.
Our sales were up 5% on an organic basis and increased to 5.7% on an adjusted basis. Growth accelerated significantly in the second half, including higher volumes. We also had a strong momentum in key strategic markets, with the U.S. sales growing 10% and global sales of cleanroom solutions also growing 10%. It was particularly encouraging to see sales growth translating into improved earnings. Adjusted EBIT was up 14.9% on an organic basis, and our adjusted EBIT margin increased to 15%.
Earnings grew faster than sales, reflecting the benefits of improved product mix and productivity initiatives. Our strong earnings growth translated to good cash flow, with cash conversion rising from 91% in financial year 2025 to 113% in financial year 2026, ensuring our balance sheet remains very healthy. Finally, we delivered adjusted earnings per share of $ 1.486 , up nearly 18%. This allowed us to increase our full-year dividend by 35.7%, up to $0.681 cents.
I will now touch on the progress we made against our safety and sustainability commitments. Our responsibility does not end with the products we make. It extends to the people who make them, to the suppliers we work with, and the resources we use. Safety is central to everything we do at Ansell. It is very pleasing to see our Total Recordable Injury Frequency Rate fall by 32% in financial year 2026, and a strong increase in employee safety observations. We continue progress towards our target of net zero by 2045. Scope one and two emissions are now 36% below our financial year 2020 base year.
Responsible sourcing is a key part of our social responsibility. As Nigel mentioned earlier, during financial year 2026, we expanded our supplier management framework and continued to enhance how we identify and address labor rights risks. For management, the focus is on embedding our standards in supplier selection and encouragement, improving our understanding of risks, and working to address them, the issues, when they are identified. We also continue to work with industry partners and other stakeholders to improve visibility and address challenges that extend beyond any one company. This is an ongoing responsibility and one that requires continued attention.
As a global leader in safety, Ansell has a long history working with health organizations to help protect communities and frontline workers for viral outbreaks. Today, we are partnering with NGOs to support the response to current Ebola crisis in Africa, where the impact on affected communities is extremely high and over 10,000 protective suits are being used every single day. We were very quick to ramp up production to fill critical supply chain gaps so that frontline efforts are not disrupted.
Our work also includes fitting frontline workers with the right PPE, helping develop the right next generation of PPE for the next wave of viruses. We are proud of the work and the role we play in keeping workers and communities safe and partnering with NGOs to provide the safety solutions they need as they respond to health crises around the world.
Next, I would like to briefly discuss our strategic priorities. Our financial year 2026 resulted and demonstrated that Ansell is a resilient company. Our focus is now to accelerate profitable sales growth and get closer to our customers. We will do that through three levers. Two of those levers drive growth, commercial excellence, and a focus on our most attractive markets. The third one funds that growth, operational excellence that simplifies our business and enhances our ability to meet customers' needs at scale. We are already seeing progress with this strategy. We saw growth across our top five brands in financial year 2026, while we also contributed to better margins.
In the U.S., our largest market and central to our growth plans, sales grew by 1.8x the group rate, led by premium industrial and scientific segments. We will build on these strengths and these markets and continue to assess where our products range and commercial resources can be delivered to deliver greater value. Our customer relationships also show how we can deliver value beyond the product itself.
Let me give you one example, our partnership with Amazon, where Amazon has deployed the Ringers impact protection glove. You will be able to see it here outside. We co-developed this with Amazon to prevent hand injuries, and with this development, we have reduced the hand injuries by 65% at Amazon. With around 1.5 million warehouse workers, this is a significant positive impact for Amazon and an excellent illustration of what happens when we match the right solution to specific risk.
We also need a simpler, more focused business. In financial year 2026, our accelerated productivity investment program, called APIP, achieved its recurring savings target of $50 million. We will now focus on further reducing complexity across our product and brand portfolio, and supply chain and ways of working. These priorities are connected. Stronger positions in attractive markets, more focused commercial investment, and a simpler product portfolio. Together, this will grow sales more profitably and convert more of the growth into earnings. Our task now is to deliver those improvements consistently.
Finally, a trading update. I will provide a short update on trading so far in financial year 2027. While macroeconomic uncertainties persist, end market conditions have been largely as expected, with continued strong demand in the U.S., supporting good constant currency sales growth in the first quarter. Margins have been trending positively, supported by supply chain productivity and operational excellence initiatives, including selected organizational changes to implement a simpler, more customer-focused way of working. While key input costs have retracted from peak levels reached in late financial year 2026, they remain elevated. We continue to retain the flexibility to adjust prices when required.
As mentioned in our August results briefing, we are prioritizing CapEx towards our higher growth business segments, with spend still expected to be in the range of $45 million-$55 million for the full year. I am also pleased to report we have successfully completed the first of our commercial ERP system upgrades, with the North American region going live on the upgraded system in early October. Based on these factors, we are maintaining our guidance range for financial year 2027, adjusted earnings per share of $1.58- $1.70 .
Finally, thank you. Thank you to more than our 15,000 employees globally. Thank you for your performance, and also thank you for the warm welcome you have given me since February. I am really proud to work alongside of you. Thank you to Nigel and the board. Thank you for your support. To you, our shareholders, thank you for your trust. We have made real progress this year, but we are just getting started. Thank you, and I will now hand back to Nigel.
Thank you, Nathalie. I will now move to the formal items of business set out in the notice of meeting. As I mentioned earlier, the poll is opened on all items. The proxy results received before the meeting will be displayed for each resolution as I go through them. The final results for each resolution will not be displayed at the meeting, but we will lodge those with the ASX following the meeting. The first item is to receive and consider the financial report and the reports of the directors and a uditor for the year ended June 30, 2026. There is no formal resolution on this item.
As I said, shareholders will have the opportunity to ask questions or make comments on the reports, the conduct of the audit, and the management of the company after all resolutions have been introduced. As no vote is required on this item, I will move to the election and re-election of directors. The first resolution concerns my re-election as a director. With that, I'll now ask Debbie Goodin to chair the meeting for this item.
Thank you, Nigel. The first director seeking re-election is Nigel Garrard. Nigel was last elected at the 2023 Annual General Meeting. He retires in accordance with Rule 33C of the company's constitution, and being eligible, offers himself for re-election. Nigel's experience and board committee memberships are detailed in the notice of meeting. The board, with Nigel abstaining, unanimously recommends that shareholders vote in favor of his re-election. Nigel, would you like to say a few words?
They probably think I've said enough words already, but thank you for the opportunity to offer myself for re-election to the Ansell Board. Ansell is a great company with a storied history and an equally exciting future. I joined the board in March 2020 and was honored to be appointed as your Chair in October of 2023. During my time as a director, I've served on the Human Resources, Sustainability, and Risk and Governance Committees.
Since joining the board, I've seen Ansell deal with the challenges and opportunities brought by the COVID pandemic, let's go with that, continued investment in our brand and business, and acquire and integrate the Kimberly-Clark Personal Protective Equipment business in the United States. More recently, the company has dealt with the tariff challenges in the U.S. and the effects of the war in the Middle East. Over this period, we have also managed both executive and board renewal so that Ansell has the leadership and the skills it needs for the next stage of growth.
As your Chair, I have spent time getting to know Ansell's global businesses firsthand, including visiting our manufacturing operations and our offices throughout Asia, as well as our offices in the U.S., Europe, and here in Melbourne. I have also met regularly with our shareholders. All of this direct exposure helps me understand our operations, our customers, and our complex supply chain.
You have received details of my background in the annual report and the notice of meeting. As you will see, I have been CEO of different ASX-listed companies, giving me exposure to FMCG and manufacturing sectors, international supply chains, and running businesses across many countries. Alongside my executive career, I have served as a Non-Executive Director on the boards of several ASX-listed and also some unlisted companies, which has given me a broad view of governance, strategy, and board leadership across a range of different industries.
I believe this experience helps me contribute to Ansell's business and its strategy, as well as the ESG requirements of our business. I remain fully committed to my responsibilities as your Chair. I am satisfied that I have the time and capacity to keep serving the Ansell board alongside my other commitments. I look forward to continuing to work with my fellow directors, our talented CEO, and the executive team as we take Ansell forward. I would welcome your support for my re-election at today's meeting, and I thank you for your continued support of Ansell.
Thank you, Nigel. I now move that Nigel Garrard be re-elected as a Director of the company. Proxy results for this resolution are displayed on screen. I now invite Nigel to resume as Chair of the meeting.
Good exercise, this sitting down, standing up thing. The next director seeking re-election is Debra Goodin. The good news for her is she doesn't have to stand up and sit down. Oh, actually, she will have to stand up and sit down and talk again. So it's a bit like musical chairs. Apologies. Debbie was last elected at the 2023 Annual General Meeting and retires in accordance with Rule 33C of the company's constitution. Being eligible, Debbie offers herself for re-election. Debbie's experience and board committee memberships are detailed in the notice of meeting. The board, with Debbie abstaining, unanimously recommends that shareholders vote in favor of her re-election. Debbie, would you like to say a few words?
Thank you, Nigel. Again, good morning, ladies and gentlemen. I was appointed to the Ansell board in December 2022, and since that time, I have served on the Human Resources, Audit and Compliance, and Governance Committees. I was appointed chair of the Audit and Compliance Committee in September last year. Since becoming a director, I have invested time in understanding Ansell's global business, including visiting our operations in Malaysia and Sri Lanka, as well as our corporate offices in the U.S., Belgium, Malaysia, and of course, here in Melbourne. I am looking forward to visiting more of our plants in the near future, as I believe this firsthand exposure is critical to understanding our operations, customers, and complex global supply chain.
You have received details of my background in the annual report and notice of meeting. As you will see, I have senior executive experience in global operations with full P&L responsibility, leading M&A activity, and as a CFO in both the public and private sectors. Since commencing my career as a full-time non-executive director over 15 years ago, I have served on a number of publicly listed and unlisted company boards, including as chair of the board and chair of the audit committee. In addition to my role at Ansell, I am chair of the Port of Melbourne.
I remain fully committed to my responsibilities as an Ansell director and am satisfied that I have the sufficient capacity to continue to undertake the Ansell board appointment in addition to my other responsibilities. I believe that I bring value to the Ansell board with my strong background in corporate governance, especially in the ASX-listed environment, operations, financial markets, financial management, and M&A. This experience enables me to make valuable contributions to the board and to support management in delivering long-term value for shareholders.
Ansell is a well-known Australian company with a strong heritage, market-leading positions, and extensive global operations. I am proud to have been appointed to the board and to be serving you as a director. I look forward to receiving your support to my nomination for re-election at today's meeting, and thank you for your continued support of Ansell.
Thank you, Debbie. I now move that Debbie Goodin be re-elected as a director of the company.
Sorry, Nigel.
Yeah.
Do we get an opportunity to speak against the-
Yeah, there will be questions and opportunities to speak in relation to all of them at the end. So yes, certainly. Proxy results for this resolution are displayed on screen. The next director seeking re-election is Christina Stercken. Christina was last elected at the 2023 Annual General Meeting and retires in accordance with Rule 33C of the company's constitution. Being eligible, Christina offers herself for re-election. Christina's experience and board committee memberships are detailed in the notice of meeting. The board, with Christina abstaining, unanimously recommends that shareholders vote in favor of her re-election. Christina, would you like to say a few words?
Thank you, Nigel. Dear shareholders, my name is Christina Stercken, and I stand for re-election today. I have served on the Ansell board since 2017 and have chaired the Sustainability and Risk Committee since 2021. Most of my executive career I spent with BMW and Siemens. In Siemens, I held leadership roles across strategy, finance, M&A, and as head of the business unit IT services for public sector customers. I also supported the setup of operations and regional strategy in China. I began my career with BMW in South Africa in marketing and sales.
Through these roles, I gained significant strategic, financial, and operational experience working across Germany, South Africa, and China. Like Ansell, both Siemens and BMW operate in many countries around the world with matrix organizations, complex manufacturing footprints, and exposure to diverse market needs. I also run my own consulting company, advising businesses operating in emerging markets across industries, including healthcare, chemicals, automotive, machinery, all of which are relevant to Ansell.
What continues to attract me to Ansell is its strong purpose, trusted global brands, and commitment to protecting people. The company has a clear strategy, strong financials, and a value-based culture that supports sustainable long-term value creation for all stakeholders, our investors, customers, and employees, and communities we are operating in. As chair of the Sustainability and Risk Committee, I am also proud to support the board's oversight of the key company risks, sustainability priorities, and responsible business practices. It is a privilege to serve as a director on the Ansell board and to work alongside my fellow directors. I look forward to continuing to contribute to the company's success and long-term growth. Thank you.
Thank you, Christina. I will now move that Christina Stercken be re-elected as a director of the company, and proxies for that are displayed on the screen. The next director seeking election today is Jonas Samuelson. Jonas was appointed as a director of Ansell on the 1st of March 2026 under Rule 33A of the company's constitution. He retires in accordance with Rule 33B, and being eligible, offers himself for re-election. Jonas's experience and board committee memberships are detailed in the notice of meeting. The board, with Jonas abstaining, unanimously recommends that shareholders vote in favor of his election. Jonas, would you like to say a few words?
Good morning, fellow shareholders. My name is Jonas Samuelson, and I am both honored and grateful for the opportunity to stand for election for the board of Ansell. I spent most of my professional career in international, industrial, and consumer businesses, including 16 years with Electrolux, where I served as Group CEO for nine years. Earlier in my career, I had senior leadership positions in finance with General Motors and Munters. Throughout these years, I have had the privilege of working with talented teams across many countries, navigating different market environments, and leading businesses through periods of growth, transformation, and significant challenges.
These experiences have reinforced my belief that sustainable long-term value creation comes from a clear strategy, a strong focus on customers and innovation, operational excellence, and perhaps most importantly, developing great people and a strong corporate culture. Today, I also serve on the boards of several international companies, including Volvo Cars and Perrigo. These roles have further broadened my perspectives on governance, strategy, and shareholder value creation, and I look forward to bringing these insights to the Ansell board.
Ansell is a company with a proud heritage, strong global market positions, and an important purpose. I am genuinely excited about the opportunity to learn more about the business and to contribute to its continued development. If elected, I look forward to working closely with my fellow board members and the management team, bringing my experience, my curiosity, and commitment to supporting Ansell's further growth and sustainable long-term value creation. Thank you for your consideration and support.
Thank you, Jonas. I now move that Jonas Samuelson be elected as a director of the company. Proxy results are on the screen, you can see. The next two resolutions seek shareholder approval under ASX Listing Rule 10.14 for grants of performance share rights to Nathalie Ahlström, the Managing Director and Chief Executive Officer, under the company's long-term incentive plan. Each resolution will be voted on separately. The terms of each proposed grant, including the applicable performance conditions, are summarized in the notice of meeting. Voting exclusions apply to these resolutions as set out in the notice of meeting.
I now move that approval be given for the grant of 36,723 performance share rights to Nathalie as a one-off commencement-related grant on the terms summarized in the explanatory notes to the notice of meeting. Proxy results for this are displayed on the screen. As a separate resolution, I now move that approval be given for the grant of 91,642 performance share rights to Nathalie Ahlström for the year ended June 30, 2027 on the terms summarized in the explanatory notes to the notice of meeting. Proxy results for this resolution are displayed on screen.
The final resolution is the non-binding advisory vote on the remuneration report for the year ended June 30, 2026, which is set out on pages 45- 74 of the 2026 annual report. The board recommends that shareholders vote in favor of the resolution. Voting exclusions apply as set out in the notice of meeting. I now move that the remuneration report for the year ended June 30, 2026 be adopted. Proxy results for resolution four are displayed on the screen.
We have now introduced all items of business and displayed the proxy results for each resolution. I will now take questions and comments, including questions on the financial report and resolutions, in addition to any general questions. I ask that questions and comments be concise, relevant to shareholders as a whole, informative, and respectful. Depending on the subject, I may answer the question or invite a member of management or the auditor to respond.
Ahead of today's meeting, shareholders were invited to submit written questions. A number of questions received relate to a particular supply chain matter, which I addressed in some detail in my earlier remarks. As many of these questions raise similar themes, I will respond to one of them now, and in doing so, I expect to address the substance of many of the others.
In Ansell's recent annual report, some remediation for the MediCeram workers who were victims of modern slavery is outlined. In August 2026, some of the former MediCeram workers presented Ansell with a detailed compensation and remediation proposal, seeking AUD 17,750 per worker. The question we have been asked is, will Ansell compensate these victims in accordance with their August 2026 demands? I have spoken at some length in my address about the MediCeram matter, the impact on the workers involved, and the actions that Ansell has taken in response. I would like to add a few points in response to the questions raised.
As outlined, Ansell worked collectively with another MediCeram customer and the Responsible Business Alliance to support direct remediation to the affected workers. These efforts resulted in more than $1 million in recruitment fee repayments, with final payments made in October 2025, alongside assistance with repatriation and access to food and other basic necessities. We recognize the call for more to be done and understand why there are strong feelings about this issue, particularly given the experiences of the workers involved. The focus on our response at the time was on providing the most immediate assistance to the affected workers because that was what would make the most direct difference to their situation.
What we are focused on now, as our organization, is applying the lessons from the MediCeram experience to reduce the likelihood of similar issues arising again. The MediCeram experience reinforced the importance of continuous improvement and ongoing strengthening of our due diligence approach. During FY 2026, we reviewed the scope and the prioritization criteria of our supplier management framework, and we expanded the supplier management framework scope to capture a broader range of suppliers, including smaller and specialized suppliers of the kind involved in MediCeram. We have also strengthened independent assessment and verification with findings, remediation status, and corrective action completion reported through our governance processes.
As I've said, no single audit or control can guarantee that every labor rights issue will be identified across a very complex supply chain. What matters, though, is having continually evolving systems that enable us to assess risk, to respond when issues arise, and identify appropriate remediation where gaps are exposed. Let me be really clear. Labor rights remain an important area of board and management oversight. We will continue to assess the effectiveness of our approach and to report on our progress through the established reporting channels. Ansell has listened carefully to the issues raised by stakeholders throughout this process, and we will continue to engage constructively with stakeholders on the matters that are important to them.
I'll now invite questions from shareholders physically present in the room and then from shareholders participating online. If you are in the room, if you're in the room and wish to ask a question, please now make your way to a microphone. Please state your full name before asking an audio question and limit questions to one or two at a time. If you have further questions, please rejoin the queue, allowing others to ask questions. So I'll take questions from the room.
Good morning, Mr. Chair. Peter Aird, a volunteer with the Australian Shareholders' Association. Today, I hold proxies from 110 shareholders with over 205,000 shares. Given that you are continuing with your share buyback and the capital expenditure continues at historical levels, have you considered increasing shareholder dividends by increasing the payout ratio of adjusted NPAT, which is your current policy?
Yeah. Thanks, Peter. I think the issue of dividends, firstly, I would say that the dividend payout increased to the top end of our range this year, reflecting the strong performance, but also the good cash position of the business. With impending changes in the taxation laws here in Australia, there is inarguably, I guess, a preference for dividends rather than capital gains potentially.
The downside for the Ansell business is that for Australian-based shareholders, we don't have any franking credits, so that makes that less attractive for small shareholders or domestic shareholders here in Australia. But we will keep that under review, and I think it's a fair question to ask us, but I think all I can say is the last dividend was at the top end of our indicative range, and I think that's a fair reflection on the way we see things.
Thanks. Just another one. You responded to the war in the Middle East by shoring up supply chains to ensure key inputs are not affected. Given that things have yet to return to normal conditions, whatever they might be, are you happy that the changes that you made earlier this year continue into the medium term?
I think the only certain thing about global situation is that it's uncertain. I think our job as a board, and certainly the management teams, is to optimize the position of the company given what's happening externally. We can't affect those things. I'm proud of the work that the team did to ensure that we had the supply of the raw materials that we needed when, frankly, many others didn't. I think that's placed us well with our customers, but also our suppliers. I think we're as well-placed as we can be given, as you said, the very uncertain nature of what's happening in the world more broadly, but particularly the Middle East, which affects the raw materials used in a number of our raw materials for our products.
Thank you. Just one more, if you don't mind. You've indicated there will be no material change to executive STI and LTI measures this year. Does that mean that the sales growth measure that you've used for many years is finished, and should it be replaced with another measure that encourages organic growth?
Yeah. Good question. I will refer you back to last year. We took sales growth out because of the uncertainty of the effect of tariffs in the U.S., and this year there is uncertainty about the effect on pricing as a result of the volatility in pricing with the Middle East. What we did not want to have is a situation where management were unfairly disadvantaged or unfairly advantaged by, let us say, the uncertainty in pricing with raw materials and tariffs.
You should expect that we will once this might be a bit optimistic, once things settle down, I was going to say. Assuming things settle down and the volatility comes out of the pricing, that you will see sales growth, organic sales growth being a key KPI in the business. But we did not want to have perverse outcomes, either positive or negative, as a result of global pricing issues.
Thank you.
Thanks, Peter.
Hi, good morning. I want to ask permission to I am going to introduce myself, and then I wanted to make a very brief statement as well as asking a question. Is that okay?
Sure.
Okay. My name's Andy Hall. I'm a shareholder. I'm a proxy. I'm also a migrant worker rights specialist, researching forced labor in Ansell's global supply chain since 2014, and I'm representing the Ansell 100 campaign against modern slavery.
I'll just make a brief statement. Our campaign is supported by the Australian Nursing and Midwifery Federation. They've been a key part of our campaign, and their superannuation industry funds have a significant shareholding in Ansell. I think Nathalie has explained, and you've explained in your report, that Ansell's products is a PPE, so it's there to protect workers, and it's there to advance occupational health safety in the workplace.
I think when most people think about Ansell, particularly in the union movement, but I think also the investors here today, they think that they're investing in a company that's helping by providing protective equipment, whether that be during the COVID crisis or for workers. I think that none of us can deny that the role that Ansell is playing is crucial to protecting workers with the PPE, so that's a very good thing. I try to say as many positive things before I say something that maybe is less positive.
I spoke to Nathalie this morning, and I also met with Catherine and your staff when I arrived from the U.K. on Friday evening, and we had a very good meeting, and I learned that Ansell has made a submission to the Attorney-General's Department consultation on reforms to modern slavery legislation. This is a really landmark in Australia that companies are supporting the modern slavery proposals at the Commonwealth level, and I think it shows that Ansell is taking a leadership role in addressing modern slavery in your supply chains and globally. I just wanted to give credit for that.
I think also we have to acknowledge that Nigel has made a lot of statements about the MediCeram case, and we really welcome all that. One of the things that you did say is MediCeram is a 0.01% of your global spend. I just want to mention something here. One glove former, according to the internet searches, makes 500,000 to 1 million gloves. One glove former. So, whereas the amount of money that's actually being spent on buying the glove formers may be small, it's an integral part of your supply chain. Glove formers are an integral part of your supply chain that was not included in your risk assessment process.
I'm going to go into my questions here, because on Ansell's own account, and I think you've acknowledged today in the meeting, in your report, the glove formers. I think most of you would know the glove former is the former you tip the chemicals into the former, and you make the glove. So, it's an integral part of the supply chain. These were not part of Ansell's risk assessment strategy or framework at all. So, this is a key part of your supply chain, but they were never part of that. We're working with Eco Law in Australia. It's a legal firm.
My first question is, Ansell has for many years been talking about sustainability, modern slavery prevention, all these things. I think the investors have seen in the annual reports, in the sustainability reports, the modern slavery statements, and in the annual reports, all about this sustainability and modern slavery. When we've consulted our lawyers, they have suggested to us that Ansell's board may have been engaged in misleading or deceptive conduct in contravention of Section 18 of the Australian Consumer Law, and in respect of statements made to investors in the market in connection with Ansell shares, Section 12DA of the Australian Securities and Investments Commission Act, and Section 1041H of the Corporations Act, by making false and misleading statements regarding modern slavery and supply chain ethics. Can I ask your response on that?
I don't know the relevant sections, Andy, so I'll take that as you've indicated. I think from an Ansell point of view, it's really important that I say we take our legal and our disclosure obligations very seriously. From the board's point of view, we oversee risk, compliance, and governance, which are established or overseen by established policies and controls. I've said today that we'll learn, we continue to learn, and we'll continue to adapt our policies and our controls, and the MediCeram experience has provided us with learnings where we can improve our processes.
I've also said that we can't guarantee that there won't be future labor rights issues in a very complex supply chain. What I can guarantee is that it's a focus of our business, it's a focus of our board, it's a focus of our management team, and it is something that is discussed at every single board meeting that we hold each year. We have been, we are, and will continue to be focused on transparent and accurate reporting.
Okay. The second question is, you talked about the compensation claim. Again, it would have been nice to get some advance responses because we're working on, based on what you're saying in live. Will you compensate the workers who are requesting AUD 17,750 per person? Will you set up a compensation fund?
I think from our point of view, our focus initially, Andy, was on ensuring we could do what was immediately important to the people. As I said, we spent the best part of a million dollars on buying forward requirements for the formers to provide the cash available to MediCeram to reimburse those workers. We also paid early on the complete understanding with MediCeram that that money would be used to reimburse the workers. As you are aware, in addition to that, we made a contribution to the Responsible Business Alliance to help with food and with other requirements, the immediate requirements of the affected workers.
Now, look, we acknowledge, I acknowledge the effect that this has had on those workers who lost their jobs. I do not like to see workers lose their jobs in any jurisdiction, particularly those who have moved country to take on those roles. As a company, we pressed MediCeram to support the workers and to work with the authorities and the Bangladeshi High Commission on visa and immigration issues. As I understand it, most of those workers have returned home safely at no cost to them. A few are working, as I understand it, elsewhere in Malaysia, and continue to be treated as appropriate migrant workers in that country.
Okay. My next question is, what is actually the current situation of the MediCeram workers? Has Ansell followed up since you made the payments? There are a number of workers claiming that they did not get the money from the Bangladeshi High Commission or the RBA. I am wondering, has Ansell followed up? Do you know how many workers were involuntarily repatriated with force and violence? Do you know how many workers were blacklisted from Malaysia? Do you know how many workers in Bangladesh still remain without their passports because they were deported without their passports? What has been Ansell's follow-up to your assistance, your welcome assistance, and your important assistance to the workers? Have you followed up, and what is their current situation? Are they at risk of falling into modern slavery again?
There are a lot of questions there, Andy. Let me just answer that in a global perspective. We worked with the Responsible Business Alliance and their local authorities in Malaysia to optimize the position for the affected workers. As you are aware, we also worked with the Bangladeshi High Commission to ensure that the work that was done there to return passports and to help repatriate those affected workers was as efficient, as effective as it could be. My understanding, I think the company's understanding, is that most of those workers have gone home to Bangladesh, and as I said, a number have stayed in Malaysia and found other jobs.
Okay. Just a few more questions, and I will finish.
Just to give others a chance, Andy, maybe one more, and then we can give someone else a chance, and happy to answer any others if you have them later.
Sure. The workers haven't been fully compensated yet. We really don't know how this happened within Ansell's supply chain. It would be really good to understand how it happened, how a crucial part of your supply chain was not even monitored for years. I have a question here, again, from legal advice.
Ansell has benefited and profited from selling gloves with the glove formers produced with forced labor in MediCeram. One glove former makes 500,000 to 1 million gloves. Are you aware that complaints have been submitted to the Australian Federal Police and the ASIC in relation to Ansell for profiting from forced labor? We understand that profiting from forced labor is categorized under Australian law and can be categorized as Australian law as money laundering and proceeds of crime, as set out in the ASX Corporate Governance Principles and Recommendations, Principle 7.
During the last three years, has Ansell clearly disclosed to its investors, as set out in the ASX recommendations, that forced labor is a crime, that profiting from forced labor is a crime, and to what extent, if Ansell has profited knowingly or otherwise from gloves made from MediCeram? Because the acute reputational damage that can be caused to the company and to investors' interests by risk of criminal liability for forced labor. Are you aware of these complaints, and have you notified your investors?
I'm not aware of any complaints, no.
Okay, I will send those, the complaints to the Australian Federal Police and to the ASIC. I will send to Catherine so you can be informed of those. How do you think about that? Did you profit from the MediCeram case?
Look, I think let's just go back. We have a global supplier framework. We have a risk process that we have continually optimized as time's gone on. I said from the start, I can't guarantee that in a complicated supply chain, there will not be issues with labor rights. I can guarantee that we will do whatever we can to minimize those risks and to make sure that the workers involved are treated appropriately.
Under the United Nations Guiding Principles on Business and Human Rights, as you know, we decided in this case and in others to work with the affected companies to ensure that the affected workers were in as optimal position as they can. Most of the others, bar one, walked away. We didn't walk away. We don't walk away from our responsibilities. We stayed. We paid the additional money. We brought forward 12 months of supply to ensure that the money was available. We did that on condition with MediCeram that those workers were reimbursed. Without us, I wonder what that situation would have been.
But I promise you, we will not walk away from these issues. I promise you, every day we wake up, we want to be better at these things, and we will continue in our quest in that regard.
Okay. Thank you.
Yeah. Ron Guy, Regional Trade Unions Human Rights Shareholder Group.
Nice to see you again, Ron.
Good to see you. I did send in a stack of questions to you, which presumably you have seen. I sort of felt there that I was a Stephen Mayne for a little while there. I have not seen him around at.
I am sure there will be some questions online.
I hope so. I hope so. I have been missing him a bit. As you know, we started a campaign, the Ansell 100 Shareholder Group, trying to get the 100 names up for resolutions to be put on notice. Unfortunately, we fell short of our 100 by the time that we needed them. Nevertheless, those four resolutions are still in play, and we shall work towards the 2027 AGM.
I do see that, well, our first one is to establish the forced labor compensation fund for the MediCeram workers, which hopefully we can work further on that, and improve Ansell's human rights due diligence process with international standards, and a resolution of Ansell's public support of strengthening the Commonwealth Modern Slavery Act. Although you have put in a submission, we have not seen what that submission is yet, but it is a welcome move. Maybe we can drop that one the next year.
The resolution of directors' future bonuses and performance payments to be weighed to improvements reducing modern-day slavery in the supply chain. That is one that not just Ansell, but a lot of Australian companies under the ASX need to work towards because it is a continuing failure that happens. I guess, to put it as a question rather than a statement, will you support these resolutions if they get put forward next term? I could keep commenting a little bit.
Okay. Just, yeah, keep going.
Yep. Because even though, there is a lot of unions have passed motions in support of the Ansell workers, and not by default, but by design, most of these unionists are in industry funds. When we go through the shareholding holders, major holders, Hostplus, Cbus, we end up with probably with union industry funds being close to about 20% of the shareholding. It is no insignificant amount. We are certainly hoping that the pressure from the workers on our funds will start to push further on that particular issue.
I know that you meet with the superannuation funds before this, and also with the Australian Shareholders' Association, which by themselves, besides their remuneration concerns of dividends, if they took in human rights a little bit more seriously, then we would have our 100 already. I was just wondering how much of this conversation came up, especially with the superannuation funds when you met with them.
Okay. I will try and cover all of those things, Ron. If I miss one, there is no malintent, it is just I have forgotten. I will start at the end. We met with ACSI, which is the Australian Council of Superannuation Investors. Is that it? Yeah. Prior to the AGM. They are, as you know, the body that looks after all of the superannuation funds. There was, I am guessing, eight representatives at that meeting, and we talked about the performance of the business, the issues at the AGM, and I particularly was proactive in mentioning the MediCeram issue, to be really clear on what we have done and what our business's view is and what our processes are going forward.
I would say I got a respectful audience. They asked some good questions, as you would expect, and I think they were interested in it, and they were happy, I think I would say, with the work that we had undertaken. We recognized to them, as I have today, that there are opportunities for continued improvement in a very complicated supply chain. So, we were very open about that and upfront about it.
On the issue of director bonuses as it relates to human rights issues, as directors, we do not get bonuses. We do not have incentives. We just get paid a fee. From an executive team point of view, everybody has a component of their incentives under what we call ESG, so that is environmental, social, and governance, which will include, depending on your role, human rights issues. So people do have that in their ESG, and that is, correct me if I am wrong, 30% of somebody's short-term incentives. As directors, we do not have incentives, so that is not relevant for us, but for the management teams, it certainly is, and that is included.
On the, what do you call it? The Ansell 100, have I got that right? The Ansell 100. Yeah, look, they did not get up for the meeting this year, but let me say, we share the underlying aims of what is proposed. Fair treatment of workers, clearly, I think I have been pretty clear about that. Effective due diligence and proper remediation of those workers. So we share those. I am happy to stand up and say they have been, they are, and they will be things that we focus on as we go forward.
Just one more thing. I guess reflecting on the 0.01% that you keep mentioning. I suppose in a global context with Ansell, it sounds like nothing, but when you start to narrow it down into Malaysia and then down to the shop floor, so to speak, and then to the individuals, it is not just a small percentage.
I agree.
And we were trying to get a link-up happening so that you could hear the voices of a couple of the people that are experiencing the end product of the modern-day slavery. Their experiences, some beaten up by the police, there is about 79 of them haven't got their passports back from Malaysia, so they are in dire straits with trying to support their families. So they've got no- They're basically starving. As we know, Bangladesh is harsh, especially at the moment. There is a lot of activities going on, but these are the direct results of that are still paying off loans that they made to basically, it's to put themselves in.
Hopefully, they were going to get a job that paid so they would support their family at home. Instead, they've got debts that they've got to pay out to people. Some of them, they've had to pay their own flights back. They were beaten up in Malaysia, so that the conditions are horrific, and they're still the byproduct of it. Now, I know that you put the compensation towards them, but in some ways, it's like, there is a poem about the Smiths from Western Australia, but it's like you've sent it off to the Smiths of Western Australia, and there is many Smiths, but it hasn't got back through to the right Smith in Bangladesh to remediate their ongoing problems. So, I certainly hope we can improve on that area.
Ron, let me just say, the 0.1% was to highlight that our risk assessment for that supplier meant that we didn't do detailed due diligence or detailed audits on that customer or supplier. At the end of the day, though, these are people, and these are people who have been affected by some very unfortunate circumstances. I've got empathy for that. I don't want to see that happen to anybody, and that's why we're committed to continue to do whatever we can to stamp out modern slavery in our supply chain. Thanks, Ron. Are there any other questions in the room? Yes, sir.
Donald Smith. I became aware of the MediCeram issue as I was doing radio last summer, and through Ron, I got to interview Andy about the issues and became aware of them and have been following it a bit since then. I've got two questions. You gave them back some money for recruitment fees, but you haven't given them compensation for the terrible experiences they went through. As you say, most of them are back in Bangladesh, and you're well aware that it's very difficult for them to bring any sort of legal case against you. It's almost impossible. Not being in Malaysia, they can't bring a case in Malaysia.
But you have moral obligations. A couple of million dollars would go a really long way in Bangladesh. It'd be almost immaterial against your current profit levels. I think for goodwill, you want to avoid getting in the bad books with the Norwegians. How much have you spent on legal costs in relation to these matters? Why not act in goodwill and good faith rather than wait for the legal obligations to hit? Thank you.
Thank you. I think that was a comment more than a question, but let me just respond quickly to your comment. As I said at the outset, when this issue became evident, all suppliers, or sorry, all customers other than two, of MediCeram walked away. Ansell was the largest and one of only two who stayed to help. We worked with the RBA, as I've said before. We brought forward 12 months of purchases. We paid immediately on the basis that those workers were reimbursed for their recruitment fees, provided food and other basic necessities. We worked with the Responsible Business Alliance and the Bangladeshi High Commission to help with the repatriation of those workers.
From our point of view, we didn't walk away. We did what we thought was right, and there was us and one other who worked with the MediCeram and the High Commission to put the affected workers in the best possible position that we could, given those circumstances.
Thank you. I specifically asked how much you spent on legal costs in relation to these matters.
I do not-
And what I would like you to do is compare that with what is the total amount of compensation they are seeking?
Mm-hmm. I do not have that number, I am sorry. Yeah.
Would it be millions?
I don't know.
Yeah, well, you could deploy the funds more usefully.
Thank you.
Yeah, sorry, just one other thing. I forgot to mention that on November 6, there was a press release from the unions internationally, so industrial, PSI unions. There are global union consequences of all of this. A lot of the different unions and the union members, because Ansell gloves are used across the chemical industry, they are used across every industry.
It is a major issue that should be resolved sooner than later, because the impact has the possibilities of being severe, as a lot of the union members, especially in the hospitals, et cetera, are part of the procurement process. If modern-day slavery is in that, it does breach a lot of those policies which they can introduce at their union meetings, at their board meetings, at the whole scenario. I just hope that we can have a shift. When I asked before about the directors, Nathalie is new to here, and she comes from, I noted that she does stuff with the Myanmar Foundation. Is that correct?
That is Christina.
Christina.
Christina is involved with the Myanmar Foundation.
Oh, sorry.
Yes.
Got that mixed up. Which is I'll digress if I go into that. But on a previous Ansell incident, there was a couple of Burmese people that were in Thailand, and I think from memory, one of them was returned into Myanmar, which is. Nobody's heard of that person since. And another one who was in Thailand, but had to go under refugee status. So, the ongoing issues keep happening. As far as directors go, there's been four or five strikes. If there's another incident in the supply chain, is that a sixth strike? If you were an employee, which in a sense you are.
Which we are. Yeah.
There'd be consequences for ongoing problems. Thank you.
Thanks, Ron. I will try and address all of those issues. I have not seen the release, but happy if you can provide us with a copy of that. Christina and the Myanmar Foundation, she is very passionate about that, and that certainly helps with our understanding of workers from that particular country, and Christina has been heavily involved in those things.
From a director's point of view, I will just reiterate what I have said. We take our responsibility seriously. I cannot guarantee that there will not be other issues in a supply chain that is very complicated, that we do not control all of it. What I can guarantee is we will do our level best to ensure that our supply chain is in the best possible condition that it possibly can be. We have done that, we will do that, and we will continue to do that.
Thank you, and thank you for engaging with us last Friday. Much appreciated.
Thanks, Ron. Good to see you again. Are there any more questions in the room? If not, Michael, we might go to questions, written or audio questions.
Chair, we have a verbal question from Mr. Abdullah Mamun. Abdullah, would you please ask your question?
Yes, hello. This is Abdullah Al Mamun. I am from Bangladesh, and I am President of Migrant Welfare Network. Here is with me, MediCeram worker, Niranjan. I want to just translate his statement here. As he said, I have a question on the financial report. As a victim of modern-day slavery in Ansell's supply chain, I would like to outline what happened with me. My name is Niranjan. I am from Jamalpur, Bangladesh. in May 2023, I paid recruitment fee of BDT 670,000 to work at MediCeram, Malaysia. A company makes ceramic mold for Ansell.
To pay this fee, my family took out loan, borrowed additional money to high interest. When I had arrived in Malaysia, my passport was taken at the airport. I forced to excessive overpowered workload, safety equipment, and delayed wages, overtime payment. At the point of five-month wage, overtime was unpaid. When we demanded our wages, we are threatened and sent back to Bangladesh. On 31 October 2025, 177 workers, us, was dismissed. On 5 November 2025, I was forced repatriated to Bangladesh.
Today, I am unemployed and still own BDT 550,000 to interest continue to grow. My family and I are suffering several financial and physical hardship. Also deposit trying, I cannot back in find in Bangladesh. I want to ask Ansell, where does the negative cost feeling into modern slavery for me and my family and for my community? And ongoing financial hardship fit into the profit margin outlined in your financial report?
Okay. Thanks, Abdullah, for your outlining and-
I can ask one more questions from myself, as I am one of the Migrant Worker Networking Organization President. I feel like one small questions, if you answer this.
Sorry, do you want to ask another question now or?
Yes. I think after answer these questions. Yeah.
Okay. Let me. Thank you for outlining your position, which I understand, and it's clearly very difficult for you and your family, and I'm very sorry to hear of that. I think I'll just reiterate what I said. From Ansell's point of view, our focus was on doing the best we could for all of the affected workers with the MediCeram issue to ensure that, A, their recruitment fees were repaid, and B, they were able to be repatriated to their home country, and C, they were provided with basic necessities to ensure that they are in the best position they can be during that process.
It is unfortunate that MediCeram then went into bankruptcy or liquidation, which meant that all workers of that business were without a job because the business went under. And I regret that that happened. It's outside our control, and I regret the effects that that has on all of the people involved, both migrant and non-migrant workers who have been involved in that company. Michael, are there any other questions?
Chair, we have a written question from Mr. Stephen Mayne. In terms of meeting our continuous disclosure obligations, what happened on August 24 this year when our shares were up by 20% at one stage in response to the full year results? Why did we keep market expectations below the reality leading into the full year results? Have we changed any of our processes and procedures to reduce the prospect of this happening again?
I wish we had control over market pricing, Stephen. We do not. I think you will see that our results were, as Nathalie said, our results were within our guidance and were at the top end of our guidance range. Nothing changed, and our results were consistent with our guidance. As a result, we met our disclosure obligations under the listing rules, and we gave upgraded guidance for fiscal 2027 as part of those results, and we have today reiterated our guidance for FY 2027.
Chair, another question from Mr. Stephen Mayne. It was an unusual CEO succession process that we executed on January 8 this year, with no clue that Neil Salmon was intending to depart, and then his successor, Nathalie Ahlström, being announced on the same day. The market initially had indigestion as the stock fell more than 5% on the day to around $33.30, but is today 37% higher at $45.66, which is excellent. When was the decision made to change CEO, and when did we first have any contact with Nathalie? Which recruitment firm assisted with the process, and did Nathalie know of any of our directors or senior executives before engaging with the recruitment process?
I am not going to go into the details of all of that. I will say that from a board point of view, one of our key responsibilities is succession, not only of the CEO role, but also of other senior roles in the business. We used an external recruiting firm, Heidrick & Struggles, one of the global, as they call them, SHREK companies, the big global executive recruitment firms, and we went through a detailed process to find our new CEO. As I have said, I am very happy with the decision that we made, and I think credit to Nathalie and to Neil, our previous CEO, in the way they have handled the handover and the continued smooth running of the business.
Chair, another written question from Mr. Stephen Mayne. Has new CEO Nathalie Ahlström brought anyone into the business so far as an employee, consultant, or advisor that she has worked with previously? What have been the most noteworthy changes in our senior executive ranks since Nathalie arrived?
Well, I think I mentioned this morning, the most noteworthy, other than Nathalie obviously, is we have a new CFO with Erik joining us, I think, two months ago. To my knowledge, we have not had any other changes in our senior executive ranks, although I would expect that over time, we will have continued change, not for any reason other than people move after a period. Nathalie has not brought in any of her team that she's worked with before. The major change, as I've said, is Erik joining us two months ago.
Chair, another written question from Mr. Stephen Mayne. KPMG has been the external auditor of Pacific Dunlop and Ansell ever since the firm was created in 1989, 1990. Have we ever conducted our full competitive tender for external audit services over the past 36 years? Please don't talk about five-yearly signing partner rotation. We all know that is the law. If there was a tender, what year did it take place, and when are we next likely to run a competitive tender for the external audit?
Thanks for your question, Stephen. It's certainly topical at the moment. In our governance statement this year, you'll see that the board has decided that we will put the audit out to tender in 2029, following the expiry of the current term of Chris Sargent, our current auditor. The audit will go out to tender at that time.
Chair, one final written question from Mr. Stephen Mayne, a question on disclosure and AGM process. Why did we not disclose the proxy votes to the ASX along with the formal addresses so that the market and this AGM could be informed more promptly about the strong voting support on all resolutions that you have just disclosed to the meeting? Many other companies do this. It is disappointing that you are not following the agenda today, instead dealing with all questions in one jumbled job lot, losing focus on important issues like remuneration and director elections.
Do you abandon the agenda in board meetings and ask for questions on all items at once in the name of efficiency? Obviously not. Will you respect the AGM process and follow the agenda next year? Finally, will you disclose the headcount data to the ASX in the poll results, as many other companies now do, including ASX, Qantas, Myer, Tabcorp, and our own share registry provider, Computershare?
Lots of questions there. Let me answer those. The closing date for proxies was Saturday, so we could not lodge any proxy details with the ASX before this morning. As I have said, the proxies will be lodged with the ASX today. As it relates to my address, Nathalie's address, and the slides, they were lodged with the ASX this morning before the AGM concluded. They were approved by the board this morning because we need to give an earnings guidance, and we need to have the most up-to-date information before we do that. We had a board meeting at 8:00 A.M. this morning, 8:15 to be exact, to approve the final drafts of the documents, to approve the earnings guidance, and to then authorize the lodgment of those with the ASX.
I take your point about questions. I think I have been at different AGMs over the last 12 months. Different companies do it different ways. We elected to do it this way today, particularly given what we thought would be the interest in the MediCeram issues, and we wanted to make sure we had the opportunity to cover all of the other items.
Chair, we have another verbal question from Mr. Abdullah Mamun. Abdullah, would you please ask your question?
Yes, hello. Thank you very much for giving me another chance. Yes, I want to ask, this is my counting that about five high-profile shortfalls in modern slavery prevention that has happened over the years in Ansell, as supply chain, and each time Ansell says they take those risks seriously, yet it happened again and again. I know that you are a new role as a CEO, and we wish you will end those. But if another incident of modern slavery days happen in supply chains under your watch, will you acknowledge that your due diligence system is not effective, and then, more importantly, guarantee that the proper remediation will take place? Yeah.
Okay, Abdullah, thanks for your question. I will take that. I will just reinforce, global modern slavery is complex, and as are the risks that are involved in any supply chain. No company, and certainly not Ansell, can guarantee that labor rights issues will never arise. What matters, though, is how fast we react to those when we see them, and what we do about it. And I can absolutely assure you that we will act quickly, and we will take any issues seriously, as we have in the past, and we will continue to do that as we go forward. Are there any other questions, Michael?
Chair, there are no further questions.
Okay. With there being no further questions, that concludes the discussion on the items of business. If you have not yet voted, please do so now, and Computershare staff will collect completed voting cards from those in the room. The poll will remain open for a further five minutes after I close the meeting so that online participants may finalize their votes. I will then declare the poll closed. The final results will be released to the ASX later today and made available on Ansell's website.
Ladies and gentlemen, that concludes the business of the meeting. Thank you for your attendance and for your continued support of Ansell. I declare the 2026 Annual General Meeting closed. Thank you.