Well, good morning, everyone. I'm Paul Reynolds. I'm the Chair of Computershare, and I welcome you to our 2024 annual general meeting. This is a special day, as 2024 is the 30th anniversary of Computershare's listing on the ASX, and I'm delighted that so many old and new friends have been able to join us here today. We're delighted to offer our shareholders and proxy holders the choice of participating in today's meeting in person here in our office in Yarra Falls, or via the Computershare-built hybrid meeting platform. The AGM is an important opportunity for shareholders to hear from us and to put your questions to the board, to the CEO, and to the external auditor, and I encourage shareholders to use the various platforms available to participate.
All attendees can watch a live webcast of the meeting, and shareholders and proxies can also ask questions and submit votes online. There is a quorum present, and therefore I now declare the meeting open. Let me commence our business with some introduction. Next to me here, up front, is our president and CEO, Stuart Irving. Non-executive directors are present today: Lisa Gay, Joe Velli, Tiffany Fuller, John Nendick, Abi Cleland, and our new director, Gerrard Schmid, on the end. Also attending today's meeting is the group general counsel and company secretary, Dominic Horsley, and Marcus Laithwaite, up front here from PricewaterhouseCoopers, our external auditor.
Marcus is available to answer any questions you have about the conduct of the audit of Computershare's financial statements, the preparation of the content of the auditor's report, the accounting policies adopted by Computershare in relation to the preparation of the financial statement, and the independence of the auditor in relation to the conduct of the audit. Information on how to access the notice of meeting was distributed to all shareholders, and I will take the notice of meeting as read. For today's meeting, I will address questions together after all items of business and proxy positions have been presented. Online attendees can submit questions at any time. To ask a question, select the Q&A icon, type your question into the text box, and once you're finished typing, please hit that send button.
Online participants can also ask a question via the audio questions line, and instructions on how to do so are set out on the platform. Voting today will be conducted by way of a poll on all items of business, and I will shortly open voting for all resolutions. If you're eligible to vote, once voting opens, press the vote icon, and all resolutions will be activated with voting options, and to cast your vote, simply select one of the options. There's no need to hit or submit an enter button, as the vote will then be automatically recorded, and you will receive a vote confirmation notification on your screen, but you can change your vote up until the time I declare the voting closed.
For those attending the meeting here in person and who are eligible to vote, you can scan the QR code on your attendance card with your mobile device at any time after I open the meeting, after I open the voting, and this will take you to the online voting page. So to cast your vote, simply select one of the options. There's no need to hit a submit or enter button, as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. And if you do not have a mobile device, you may complete your voting items on the reverse side of the attendance card. So I now declare the voting open on all items of business, and I will give you a warning before I move to close voting, which will be towards the end of the meeting.
I also appoint Michael Hutchison of Computershare Investor Services as the returning officer. So, to business. If financial year 2024 at Computershare can be summarized quite succinctly: strong results, reduced complexity, and increased returns. I think we made good progress executing on our strategies to deliver a simpler business model with higher levels of earnings and return on invested capital. As you may remember, we report our results in U.S. dollars and in constant currency. Earnings this year were slightly ahead of guidance. Management EPS increased by 9% to around $1.18 per share. And we had growth across all of our key revenue lines. Core fees, events, transaction revenues, and margin income revenues are all higher. And combining this revenue growth with disciplined cost controls, we were also able to drive operating leverage and expand EBIT margins. We converted these earnings to over $600 million of free cash flow.
This has enabled us to invest in products and technology, reduce our debt leverage ratio, and increase rewards to shareholders. The total dividend per share for FY 2024 is a new high of AUD 0.82 per share in Aussie dollars. In addition, we've continued to progress our share buyback, a share buyback program of AUD 750 million. In the absence of franking, we believe that's a sensible way to balance the rewards to all shareholders. These results are really pleasing, but they're not a surprise. They're the outcome of the team's ability to set and execute clear long-term strategies that add value. We build strong, enduring businesses that consistently deliver superior outcomes for clients and customers. We invest in technologies, continually manage our costs, and deploy our capital carefully. We seek to supplement organic growth with selective acquisitions and deliver solid returns right across the financial cycles.
That's the Computershare way. And this slide shows the successful outcome of these strategies. Computershare has effectively doubled earnings, dividends, and returns in capital over the last five years. Since financial year 2019, Management EPS has increased by an average of 13% per annum. ROIC, return on invested capital, has increased from 17% to over 30%, and dividend growth has outpaced earnings growth. Computershare has paid out $1.9 billion in distributions and spent an additional $486 million in share buybacks. So cheers to 30 years. As I mentioned, the opening this year is a special birthday for us. It's been 30 years since our IPO on the ASX. Some of our shareholders, I know, have been invested throughout our public-listed life. But for those of you who are a little newer to the company, let me reflect for a moment on where we've come from and how we've grown.
In 1994, we had less than 100 employees, and today we've over 12,000. We operated then solely in Australia and New Zealand, and today we really are a global organization. I'm delighted our investors have been rewarded for their support. Having listed at $ 1.80 per share, we've gone on to deliver 25,000% return. That's not bad. We've clearly grown into a significantly larger, more sophisticated, and resilient business. So happy IPO birthday, Computershare. In October, we released our ESG report. It's an important statement of Computershare's values and aspirations. And what does it mean for us? Put simply, we aim to do the right thing and support our employees, our clients, and the communities in which we operate. We're committed to using less carbon, having greater diversity across our organization, and contributing to our communities and regularly assessing our work against externally measured metrics.
I'm really proud of the progress we are making, but inevitably, there's much more to do. In financial year 2025, we'll continue to implement our net-zero program, and I'm pleased to say we look forward to finalizing our work with World Youth International and preparing to select a new global charity partner. So let me close by saying, on our 30th IPO birthday, how proud we, the board, are of this rare and, I think, really special company. And what makes Computershare special? I think there's one overriding answer. It's our people. It really is a privilege to be part of this team. And I'd like to thank Stuart for his inspirational leadership, for my fellow directors, the management team, and all our colleagues across the group worldwide. Thank you for your contributions to our culture and to the performance we've described today.
And thank you also to our customers and to you, our shareholders, for your trust and support. And on that note, I'll hand over to Stuart. Stuart.
Thank you, Paul. I'd also like to add my welcome to all our shareholders and guests today, but I have to admit to being a little bit nervous because my two previous bosses are sitting in the second row. So welcome, former CEO, Mr. Crosby, Mr. Jones, past chairman. Great to see your passion and support of Computershare is still strong, and you're coming along to see us. So, as I said, it's a special day in the calendar for me, despite the nervousness, thinking of getting a staff appraisal. Anyway, as Paul touched on earlier, our FY 2024 was another impressive year for Computershare. I think Paul went through the numbers, but we've really, the most important thing over the last few years is really delivering on that multi-year strategy to build a simpler Computershare with higher returns.
So, I mean, the question is, how did we actually deliver that strategy? So in the year, we announced a sale of our U.S. Mortgage Services business last October, and we subsequently completed that in May. And I think that was a significant milestone in reducing the complexity and also some of the capital intensity of the overall business. We also made excellent progress in some of our major projects, and one of them was completing the separation of the U.S. corporate trust infrastructure and business from Wells Fargo. Now, that itself was a very large and complex project. It included moving or rebuilding over 120 different technology systems and getting them into the Computershare technology ecosystem. Now, these systems oversee the distribution of billions of dollars per day, so really are mission-critical. You can't mess these things up.
Now, the fact that you didn't hear of any delays, any setbacks, really speaks volumes for the capability and commitment of the team that delivered this tremendous result. And kudos to Mr. Mark McDougall, one of my senior technology managers at the back, who oversaw that project. It was an immense and successful project and very important for Computershare. So that business now can focus on building scale, growing core fee revenues, and really capitalizing on the emerging market recovery that we see in our corporate trust business. So Computershare today is focused, it's high quality, and a capital-light business really anchored around these three core divisions: Issuer Services, Corporate Trust, and Employee Share Plans. Now, these businesses are high margin and cash generative. They have deep moats, well-established market shares, and enlarged growing markets.
They're quality businesses that can perform through economic cycles and are really built on the same foundations and have the same DNA, and that's really our world-class capabilities as a technology-enabled servicer of financial assets and payments provider. Now, you can see some of the stats there at the bottom of the slide, and they really are impressive. I mean, across our integrated model, we administer financial assets for shareholders, employees, and bondholders. We manage over 35 million active shareholders' accounts, close to 6 trillion of debt, and over 230 billion of employee share plan units under administration. Now, managing these underlying assets is really our core competency. These assets drive our recurring fees, our event and transaction revenues, and the cash balances that earn margin income.
I mean, a little-known fact is that at Computershare, in FY 2024, we received and paid out close to $2 trillion of payments in a year. And it's these payment flows that ultimately generate the margin income that's in the group. And I think these statistics really demonstrate the scale and the strength of the business that we have been growing for so long. And it's a reasonable question to ask then that, given all this hard work and all this heavy lifting, reducing complexity, how would the new streamlined Computershare have performed across FY 2024 compared to group results that we reported? Now, we call these sort of pro forma results. Well, obviously, as we sold a business, pro forma revenues would be about 10% lower. Not surprising, as I say, because of the disposals. Management EPS would have been very similar.
This really reflects a trade-off of lower margin income and less debt interest costs. But then the story gets a little bit more interesting. On a pro forma basis, free cash flow would be up 11% on group, and ROIC would have been at over 35%. It's almost 510 basis points higher. So, as I say, the new Computershare can deliver higher returns. Now, we've also made really good progress on our other key strategy of improving the consistency of Computershare's earnings. Now, part of that really talks to hedging. What's hedging all about? Well, it's really about protected margin income as interest rates start to come down. Computershare, we've moved proactively and locked in interest rates on around 50% of our exposed balances, almost $10 billion.
Now, these hedges, using fixed interest rate swaps and term deposits, will provide a guaranteed income irrespective of interest rate movements over the next few years. We have secured around $ 1.5 billion of margin income through these hedges at an average yield of just over 3%. Now, the majority of that will be delivered over the next five years. So this strategy itself will reduce our direct exposure to interest rates and really lower any earnings volatility in the group. Now, through the early part of FY 2025, we have continued to increase the hedge book to protect more margin income and also increase that average yield. But more importantly, FY 2025, four months under the belt, how are we doing? Yeah? Well, with strong foundations and really the momentum coming from last year, let me talk a little bit about our outlook for the new financial year, FY 2025.
Look, I'm pleased to see we've had a really solid start to the year. And today we're affirming full-year earnings guidance. Now, we said in August, management earnings per share is expected to be around $1. 26 per share, which is up 7.5% versus the PCP, despite a falling rate environment. Now, with four months trading under our belts and strengthening trends across the businesses, we actually have increased confidence in that guidance. Now, remember, guidance for FY 2025 does not include the benefit of shares acquired in the buyback since 1st of July 2024. So looking across the group, I can see that revenue, ex-margin income, is up year- on- year. We're seeing continuing strength in the employee share plan trading and stronger-than-anticipated corporate actions activity. EBIT ex-MI is set to be up around 15% on the prior year, as we called out earlier.
Our guidance on margin income is still at around 745, which is the same number we actually gave in August. Now, the yield curves move around a lot, and the 50 basis point rate cut in the U.S. during the first quarter was probably a little bit more than we had anticipated. While yields are lower, and as we said at the time, lower rates drive more activity in Computershare, and balances are higher, and that's really offsetting any rate cut impact that we've seen to date. Now, there's a lot of detail on yields and balances in the slide pack, and we have published that there. I think the key point is guidance is affirmed, demonstrating that Computershare continues to grow earnings despite a lower interest rate environment.
and as usual, we'll provide further and more detailed sort of insight to that in February at our first half results. So this growth in earnings is converting to cash flow, and that really helps us with a number of things. First of all, it helps us to reduce our debt, and the financial strength gives Computershare a lot of optionality. We can do the following. We can make investments in technology to drive operational efficiencies and improve customer services. We have a range of programs refreshing a lot of our tech and enhancing that going on in the group at the moment. We can support strategic M&A in our core businesses, which will help us add scale, enhance offerings, and really continue to build market share. Importantly, we can balance returns to shareholders, including dividends and buybacks.
And I think this sets up the business very well for our next stage of growth. The company is in a really good place. Now, let me close today on this particular page. Really, the question is, what does the next 30 years at Computershare potentially look like? We will continue to build a high-quality Computershare that endures. Enduring is really important to me. It will be a business that can perform and deliver superior returns across multiple economic cycles. A business that's built on trust, technology, long-standing client relationships, and importantly, execution capability. But how do you measure this? Through the cycle, the new capital-light Computershare should be able to deliver approximately 30% EBIT margins and 25% ROIC, excluding M&A, of course. We generate positive cash flow, and going forward, we will continue to maintain a strong balance sheet.
Now, we have the ambition, capacity, and capability to take Computershare to the next level of growth and success. So, as Paul said, it's our 30th anniversary of the IPO. Now, I've been here in the engine room for the majority of that time, and I'm extremely proud of our people, past and present, and what they have achieved. And just quietly, with the people, the technologies, and the great businesses we have, I don't even think it's halftime yet. I'm confident that our best days are ahead of us, and I really look forward to the challenges and the opportunities that lie ahead. And I'd just like to say thank you to all the Computershare team for your contribution and to our customers for their loyalty and also for our shareholders for your trust and support. Thanks very much. I'll now hand back to Paul.
Thanks, Stuart. It's a great story. As I mentioned at the start of the meeting, we will answer all questions at the same time once all of the items of business and the proxy positions have been presented, and we'll be starting those questions shortly. Let's now run through the formal items of business. The first item of business relates to the tabling of the company's financial reports for the year ended 30th of June 2024. If you have any questions concerning the financial statements of the company or have a question for the company's auditor, we'll address them during the Q&A session, which will commence shortly. I'll now proceed with the resolutions to be considered. Any undirected proxy votes given to the chairman on resolutions six and seven will be voted in favor of the relevant resolutions, and voting will remain open during the resolutions.
I'll provide you with notice that the polls are about to close, and we'll move now to consider the first resolution. Just pause a second. As the first resolution relates to my reelection, naturally, I will not do that, and I will ask Lisa Gay to take the stand. Lisa.
Thanks, Paul. Paul is due to retire from office, and being eligible presents himself for reelection. The board, in the absence of Paul Reynolds, unanimously supports this reelection. Before we move to the resolution, Paul will say a few words in support of his reelection.
Thanks, Lisa. Look, it's been my great privilege to serve your interests as shareholders on the board of Computershare since 2018 and as Chairman since the AGM of 2022, and I put myself forward for reelection today. As we've heard this morning, it's a very special company, and we've gone from strength to strength, and I've had the privilege of working with this fantastic, strong, and international board and management team to help guide the company's global success, and I think that draws on my background as a Chairman, as a CEO, and as a Director of companies based in Australia, New Zealand, Ireland, Japan, and the U.K., including Scotland. I have experience serving markets as diverse as media, telecommunications, software, and financial services across the world.
And with that breadth of experience over 30 years, I've had some success in helping companies navigate the challenges of growth, of technological disruption and innovation, of major regulatory change, and of turmoil in the financial markets. In an increasingly complex and changing and challenging world, I do believe Computershare needs the services of directors who bring such wide experience. Thank you.
Thanks, Paul. I will now move the reelection of Paul Reynolds as a director of the company. The resolution and a summary of the votes received before the meeting now appears on the screen. I will now pass the chair back to Paul Reynolds.
Thanks, Lisa. That's a relief. This next resolution relates to the election of Lisa Gay. It's passed as partial. Lisa is due to retire from office, and being eligible presents herself for reelection, and the board, in the absence of Lisa Gay, unanimously supports her reelection. Before we move this resolution, Lisa, of course, will say a few words in support of her reelection. Lisa.
Thanks, Paul. Since I joined the board in 2018, I've had the opportunity to be involved as we've gone through some really big events: the pandemic, the biggest acquisition the company has ever made, and numerous other strategic projects and achievements. Delivering these kinds of things successfully requires an excellent culture, and that is something that Computershare has in spades, and I think Irv and Paul have both referred to that already. I'm delighted to contribute to that in my role as Chair of the People and Culture Committee, and I'm particularly pleased to have assisted with the simplification of the remuneration structure along the way. Always work to do there.
Outside of Computershare, I'm proud to have recently completed a nine-year stint on the Council of Trustees of the National Gallery of Victoria, to be on the board of Koda Capital, and to have been appointed this time last year as Chair of Victorian Funds Management Corporation, leading a predominantly female board and executive team. With my background and my heart both firmly in capital markets, I reckon once you're in markets, you never really leave them. My long tenure at Goldman Sachs and JBWere, 20 years. I'm delighted to be standing for reelection to the Computershare board this year.
Thank you, Lisa. I will now move the reelection of Lisa Gay as a director of the company. The resolution and a summary of the votes received before the meeting now appears on the screen. So the next resolution relates to the reelection of John Nendick. John is due to retire from office, and being eligible presents himself for reelection. And the board, in the absence of John Nendick, unanimously supports his reelection. And before we move this resolution, John will say a few words in support of his reelection.
Thank you, Paul. Good morning. I'm pleased to be re-nominated as a board and risk and audit committee member, having now served in these roles for three years. I believe that my experience and expertise is a good fit for Computershare due to three key reasons. Business expertise, I have significant global experience working with companies with similar global footprints to Computershare. I currently serve on boards of other companies in the fintech and technology space and spent five years as a deputy leader of EY's global technology, media, and communications business. Secondly, financial, I'm a financial accounting and audit expert. From a credential standpoint, I'm a CPA in the U.S., a chartered accountant in the U.K., and an accredited National Association of Corporate Directors in the U.S. From a practical standpoint, I have significant experience meeting and working with boards of leading global companies.
Thirdly, location, I'm based in California, and I'm well connected with the business and technology world in the U.S. and beyond. That's relevant to Computershare these days because we generate 50% or more of our revenue and earnings from the U.S. market. So thank you for your consideration.
Thank you, John. I now move the reelection of John Nendick as a director of the company. The resolution and a summary of the votes received before the meeting now appears on the screen. The next resolution relates to the election of Gerrard Schmid. Gerrard was appointed by the board as an additional director on the 14th of March 2024. Under the company's constitution, he holds office until the end of this AGM, and being eligible presents himself for election by shareholders. The board, in the absence of Gerrard Schmid, unanimously supports his election. Before we move this resolution, Gerrard will say a few words in support of his election. Gerrard.
Thank you, Paul. My colleagues create a very hard act to follow, so I'll keep my comments very brief. My name is Gerrard Schmid, and it's a real pleasure to be here at my first Computershare AGM in person. I'm based in Toronto, and I've served as a senior executive in the financial technology sector for many years and have a background as a chief executive on three different occasions. I have extensive global operating experience as well as U.S. operating experience, and I've worked extensively with financial institutions both in the U.S. and globally. My background includes M&A, large-scale digital transformations, cybersecurity, and risk management, and I also serve on public company boards as well as private equity portfolio companies. I believe that all these skills are relevant to Computershare's journey going forward.
Over the past few months, I've thoroughly enjoyed getting to know the Computershare board and the executive team, and should I be elected, I look forward to serving the company going forward. Thank you, Paul.
Thanks, Gerrard. I now move the election of Gerrard Schmid as a director of the company. The resolution and a summary of the votes received before the meeting now appears on the screen. We'll now move to consider the next resolution, which is the adoption of the company's remuneration report. The Corporations Act requires that at the AGM, a resolution that the remuneration report is adopted be put to the vote. The vote is advisory only and will not bind the company or directors. The resolution and a summary of the votes received before the meeting now appears on the screen. The remuneration report sets out the policy for the remuneration of directors, the CEO, and other designated senior executives and details how their remuneration is structured. It also contains remuneration details for the directors and senior executives for the period ended 30th of June 2024.
Noting that each director has a personal interest in their own remuneration from the company as set out in the remuneration report, the directors recommend that shareholders vote in favor of adopting the remuneration report, so I move the adoption of the remuneration report. The next resolution for consideration is to approve a grant of performance rights to the CEO, Stuart Irving, under the terms of the company's long-term incentive plan. Approval is requested from shareholders under the ASX listing rules to authorize the company to grant equity securities to the CEO under an employee incentive scheme. Full details of the terms of the issue of the equity securities are set out in the notice of the meeting, and the board, in the absence of Stuart Irving, unanimously supports the grant of performance rights to the CEO. I move the grant of performance rights to the CEO.
The resolution and a summary of the votes received before the meeting now appears on the screen. Okay, now that we've tabled all items of business to be considered at the meeting, I'll open up the meeting to questions. We have received some questions from shareholders in advance of the meeting, which I will address first. The questions will be read out by our Company Secretary, Dominic Horsley. I invite anyone attending here in person who wishes to ask a question to do so in a minute, but Dominic first.
Yeah, it's actually just one question this year ahead of the meeting, Paul. It's from shareholder Jasmine Yim, who has asked, why has Computershare not paid fully franked dividends?
Thank you, Jasmine. Computershare's ability to pay franking credits is based on the level of income tax that Computershare pays in Australia. In financial year 2024, almost 95% of our profits were generated outside of Australia. That's the reason. Over time, we do accumulate franking credits, and for example, in financial year 24, our interim dividend was franked at 20%. I know it's a topic of interest. We do pay franking credits where they're accumulated, but the nature of our business is increasingly global. That's the answer. Dominic.
That's it for the questions ahead of the meeting.
Say that again.
That's it for the questions that we got ahead of the meeting.
Thanks, Dom. So any questions from the floor? Stewart, I know from the Australian Shareholders Association. Hi, Stewart.
Thank you, Mr. Chairman. We actually have two questions this year. We note your representation of women in senior roles is lower than we would hope, at 27% versus 45% in the manager roles. Can you comment on what your targets are in this area? I did notice you had 27% on your slide, but we would hope that over time this will increase.
Yeah, of course, and we work hard at all times to increase the diversity across the company from the board and all through the organization. I think we've shown an improving profile, and we work hard to get there. Stuart, you may want to comment further about it in the business.
Yeah, I think that diversity in general is a positive thing. We have a number of senior management roles where we create opportunities, try to move people around, give them opportunities, and we try to focus on having the right person for the right role. I think that we are blessed in many regards at Computershare with having very loyal and tenured employees, and as that progresses, there will be opportunities for women in roles. One of our largest divisions is run by Fiona Chalmers. She's sitting at the back. So the shareholder issuer services business is run by Fiona on a global basis, and we'll continue to look for other opportunities as people head towards retirement or move on to other opportunities to promote diversity. So it's something that we're always considering and looking for opportunities.
Thank you, Mr. Chairman. The second question is, in the past, we've been a little bit critical of the remuneration awards offered by Computershare because historically, a lot of the income came from margin income. We noticed that you've implemented a large number of changes over the last two or three years, especially the acquisition of Wells Fargo and a number of other organizations, which could be used to justify the remuneration. So we're wondering if the chair could please advise the shareholders what initiatives are planned. We noticed you said this would be in the second half of the year, not the first half, and what performance hurdles will be implemented to justify the ongoing issue of STIs and LTIs at a market premium compared to the majority of large Australian companies.
So Stewart, thanks for the question. And clearly, STIs and LTIs are offered by virtually all companies in Australia. And in Computershare's case, we look at this very much from our perspective as a global business. The results we've seen this morning, which have delivered, I think, fantastic returns to shareholders, have been the result of a very deliberate strategy set by the board and management and executed by Stuart and his teams. And it's really resulted in some pretty exceptional outcomes. For example, we set out to, I think it's called a bold move to purchase the corporate trust business of Wells Fargo back in the day, a really massive program of integration of a significant part of a global bank into our business. And I'm delighted, and I hope you're delighted in the room, at the results we've achieved from that effort.
It's been very much as a result of management delivering on a very demanding plan set to it by the board. Now, our STI and LTI targets for Stuart are based on those global goals and in the context of a global market. As I was saying a moment ago, less than 5% of our income is earned in Australia. 95% is overseas. I think the bulk of that these days is in the U.S. and Europe, and as a result of that, we tried to set the CEO's targets, goals, and target remuneration by benchmarking, independent benchmarking against three markets: Australia, primarily ASX 20-50, but also ASX 100 companies with a lot of international business; secondly, the U.K.; and thirdly, the U.S., and as we look at the combined total of the CEO's target, 75% is at risk. 75% is at risk.
And as we look at how he's paid in comparison to those markets, he's at the median to 75th percentile point in relation to the U.K. and those Australian companies we compare to. He's well below the median in terms of the U.S.A. We think we've got the balance right between Australia, 5% of our business, the U.S.A., and the rest of the world, the great bulk of our business, and we take a very careful benchmarking to achieve that as best we can. The structure of the STI and LTI is quite similar to other businesses. There are very clearly set out financial goals. You can see that set out in the notice of the meeting. The board is very stringent in setting those targets and monitoring Stuart and the team's performance against them.
So we think it's balanced and fair and reflects really an exceptional performance that the company has delivered for shareholders. And I hope you would be pleased with those returns. Thank you. Any more questions in the room? As there are no further questions from the floor, I will take audio questions received from online participants. Dominic, are there any audio questions?
No.
Okay.
No audio questions, is that correct? Okay. We do have some questions that have occurred during the course of the meeting. So would you like me to read these ones out now?
Yep.
So the first, we've got a couple of questions from shareholder Ms. Natasha Lee. The first of these is, the LTI remuneration hurdle is three years. Many companies have longer periods, such as four or five years. I ask the board to consider extending the LTI hurdle accordingly.
Well, we do look at that, Natasha. We think three years is reasonable. I mean, these are very volatile and changing markets. We tried to see through the financial cycle and set some targets based on what we can see. And we think three years is an appropriate level. But some other companies, perhaps, may I say, less flexible and variable markets might take a slightly different view, but we think three years is a reasonable LTI period for Computershare and the nature of its business. Dominic.
Next question, also from Ms. Natasha Lee. There has been an increase in Scope 1 emissions attributed to vehicles, cooling refrigerants, and generators. Does the company have a policy of adopting electric vehicles or hybrid vehicles to address GHG emissions? What stage is Computershare at in converting their vehicle fleet to zero or low emission vehicles?
Stuart?
Yes. Well, I think, first of all, Computershare has a very, very small vehicle fleet. We don't offer company cars. There is a handful of sales teams in continental Europe who have a company car and a couple of trucks in Germany that deliver envelopes to the post office. So our vehicle fleet is very, very small. And however, we have mandated that as that comes up for renewal, that they are switched to electric, and we'll do that. The actual increase in Scope 1 emissions is actually attributed to cooling refrigerants. Really, we talked about the acquisition of Wells Fargo. That comes with offices and warehouses for storage, and that gets added on into your Scope 1. And we also have more people coming back for work.
We will continue to look at more efficient ways to do that, but that increase is not really down to the vehicle side of things. It's really about a return to work and an expanding business.
Thank you, Stuart. And the final question that we've received online is from Mr. Michael McGowan, who says, "Is the board concerned about the growing market share of share registry competitors such as Automic? And what ways are Computershare offerings ensuring a competitive advantage?
Thank you. Good question. Stuart?
I mean, overall, competition is good. I think that for those that are not aware, Automic is a player in the share registry space in Australia. I think at a Computershare level, the Australian market is quite small in the grand scheme of global Computershare. I think that the local team here have a very, very strong offering. They continue to invest. They've got a number of exciting sort of technology roadmap items, which are going to be really beneficial for retail shareholders in the Australian market. And we're confident that we can retain and improve our competitive position in the Australian market going forward.
Thanks, Stuart. Dominic?
No more questions.
Okay. So as there are no further questions, that concludes the question section of the meeting. I'd like to advise that voting on all resolutions will close shortly. And I'll provide you all with a few moments to allow you to finish voting. So please complete your voting now. Going around the room. A few more. These are all being collected by Computershare staff. I think we're all finished. So voting is now closed. The final results will be advised to the ASX and also made available on Computershare's website after the meeting. Thank you all for your attendance. As the business of the meeting is now completed, I declare the meeting closed. Thank you very much.