Morning, ladies and gentlemen. Welcome to the 30th Annual General Meeting for shareholders of the Fiducian Group. My name is Indy Singh, the Executive Chairman of the company. Today's meeting is being held at our offices at One York Street, Sydney, and online via the Computershare platform. This allows shareholders, proxies, and guests to attend the meeting in person and virtually. In addition, shareholders and proxies have the ability to ask questions and submit votes. First, of course, I would like to introduce to you individuals that are also in attendance, your directors, Frank Khouri, on my right, Sam Hallab at the end, and Kerry Skellern in the middle. In addition, we also have in attendance our General Counsel and Company Secretary, Paul Gubecka, our Group Chief Financial Officer, Mr. Rahul Guha, and our Company Auditor, Mrs. Noong Sattle from KPMG, who is not in person but attending online.
Mr. Aakash Godara is here as well from KPMG, who's in attendance. Now, these people will be able to answer any questions relevant to them if you have something special to ask. The quorum and open meeting. It is past the appointed time of 10:00 A.M., and Mr. Gubecka has advised me that there is a quorum through attendees at One York Street and on the Computershare platform. So I declare the meeting, which is to be held at a reasonable time and place that is convenient to shareholders, open. Questions can be submitted at any time. To ask a question, you may select the messaging tab within the Computershare platform, or alternatively, directly ask a question to the chairman or any of the directors. The Computershare platform provides guidance on how to lodge any questions.
Please note that while you can submit questions from now on, I will not address them until after we have put forward the financial report and resolutions for consideration at this meeting. After which, we will address the questions together one after another. Please also note that your questions will be received by Mr. Paul Gubecka, General Counsel and Company Secretary, and may be moderated, or if we receive similar questions, may be amalgamated. Due to time constraints, we may run out of time to answer all your questions. If this happens, we will answer them in due course and will post our responses on our website. There were 2,152 shareholders registered as holding 31,652,623 shares at 10:00 A.M. on the 15th of October 2026.
The number of shareholders in attendance immediately prior to the commencement of this annual general meeting was 12 shareholders. Now, let me explain the procedures for voting. Voting will be carried out in the following manner. One, as disclosed in the notice of meeting, voting today will be conducted by way of a poll on all items of business. As the poll is being conducted, the minutes of this meeting will record the total number of proxy votes exercisable by all proxies validly appointed. The directions in the proxy forms and the total votes in favor, total votes against, and total abstentions in accordance with Section 251AA of the Corporations Act. The persons entitled to vote on this poll are all shareholders, representatives, and attorneys of shareholders and proxyholders who hold color admission cards or have logged into the Computershare platform.
If you are eligible to vote at this meeting and attending in person, on the reverse of your color admission card is your voting paper and instructions. If you are eligible to vote at this meeting and attending virtually, a polling icon will appear within the Computershare platform. Selecting this icon will bring up a list of resolutions and present you with voting options. To cast your vote, simply select one of the options. There is no need to hit a submit button or enter any other button, as the vote is automatically recorded. You do, however, have the ability to change your vote up until the time I declare voting closed. I now declare voting open on all items of business. The voting tab will appear soon. Please submit your votes at any time. Voting will end within two minutes of the closure of the meeting.
I will give you a warning before the closure of the meeting to remind you to cast your vote. Welcome, Mr. Smith. We were looking out for you. Now for proxies. Computershare, the company share registry, received 84 proxies, comprising 20.91% of the securities issued by the company and totaling 6,619,574 votes, including those received electronically by 10:00 A.M. on 13th of October 2026. Of those proxies, Resolution 1, that remuneration report be adopted 6,546,137 or 98.89%, and the 0.69% of open board-appointed proxies, which totals 99.58% of eligible proxies cast are in favor of the motion. For Resolution 2, to re-elect Mrs. Kerry Skellern OAM as director, 6,903,391 or 98.75%, with 0.79% of open board-appointed proxies, totaling 99.54% of eligible proxies cast are in favor of the motion.
All proxy votes that have been cast for the discretion of the Executive Chairman will be voted for the resolution, which is all my shareholdings and my family trust shareholdings will be voted for. The notice of the meeting has been circulated to shareholders and sets out the purpose of the meeting being to, one, discuss the financial reports, adopt the remuneration report, re-elect Mrs. Kerry Skellern OAM as a director, deal with other business in accordance with the company's Constitution and Corporations Act 2001. No notices have been received in respect of other business. Having set out the business within the notice of meeting, the notice of meeting is taken as read. Minutes of the previous shareholder meetings, copies of the minutes of the AGM for 2025 of Fiducian Group Limited will be reviewed and signed at the next meeting of the directors.
Shareholders may request a copy of the minutes from the Company Secretary if you wish to see them. The first item of notified business is the consideration of the financial report for the year ended 30th of June 2026. The consolidated financial report and the reports of the directors and auditor were made available on both Fiducian and ASX websites and issued to shareholders on request. Before dealing with the report, though, I would like to give a short review, which isn't that short, of the progress and outlook for the group. Dear shareholders, as Executive Chairman and on behalf of the directors who are in attendance, I am pleased to present this report on the consolidated operating performance of Fiducian Group Limited and its controlled operating entities for the year ended 30 June 2026.
Despite uncertainty from the Ukraine and Iran wars, renewed inflationary pressure in Australia, and volatile investment markets worldwide, the group delivered a resilient underlying performance. Operating revenue rose 8% to AUD 96.1 million. Previously, it was AUD 89.4 million, while net revenue increased 9% to AUD 74.4 million. 2025 was AUD 68.2 million. This reflects the continuing growth and a higher base of funds under management advice and administration, which grew 7% to AUD 15.88 billion, and 2025 was AUD 14.84 billion. Cost management improved EBITDA by 12% to AUD 34.7 million.
On an underlying basis, which the board considers the truest measure of the group's cash-generating capability, margins rose to 45.7% of net revenue. Underlying EBITDA grew 16% to AUD 33.9 million. The underlying net profit after tax increased 15% to AUD 24.2 million. Last year was AUD 21 million. This was reflected in underlying earnings per share, which rose 15% from AUD 0.669 - AUD 0.768.
Statutory net profit after tax was AUD 13.4 million, 28% lower than prior year. This is a surprise, but I will explain why it was lower, and 2025 was AUD 18.6 million. Statutory earnings per share is AUD 0.425. 2025 was AUD 0.589. I can explain this as the reduction is attributable entirely to a one-off ASIC penalty, including ASIC's legal costs, which came to AUD 7.95 million, and this was recognized during the year. Excluding this non-recurring item, the group's underlying momentum remains firmly positive across all three operating segments. The group continues to maintain a clean balance sheet and remains debt-free, with a positive working capital and cash flow position. The board may consider a capital raising or debt funding where suitable acquisitions or business growth opportunities are expected to deliver corresponding earnings per share. Final dividend.
The board remains prudent while retaining confidence in the business. As a result, the fully franked dividend of AUD 0.282 per share was declared for the second half of the year, bringing the total fully franked dividend declared for the 2026 financial year to AUD 0.537 per share. In 2025, it was AUD 0.466. An increase of 15% over the previous financial year. The full year dividend represents 70% of the underlying net profit after tax or cash profit for the year. The final dividend was paid on 14th September 2026 in respect of issued shares held on 31st of August 2026.
The fact to note is that a shareholder who invested AUD 1,000 in Fiducian shares in 2012 will now be receiving AUD 554 as a fully franked dividend, which could be equated to around AUD 790 after franking credits. During the year, no shares were bought back on market, leaving 31.44 million shares on issue at year-end. Cash flow and liquidity. Group generated operating cash flows of AUD 24.9 million in financial year 2026. In 2025, it was AUD 22.4 million. After funding strategic acquisitions, providing development loans, funding to franchisees, paying a higher dividend, and meeting these obligations, cash and cash equivalents increased by AUD 2.2 million to AUD 37.1 million. On 13th June 2025, it was AUD 34.9 million.
That enables the group to continue its strong liquidity position. Notwithstanding the 15% increase in underlying net profit after tax, the Executive Chairman, that is me, did not receive any options in respect of the year ended 30 of June 2026. I would like to present something on financial planning, but I will ask Robby Southall. Robby, can you please come up? Robby is the Executive Chairman of Fiducian Financial Services, and I request him to present the report on the company's financial planning activities and services. Thank you.
During the year, funds under advice grew from AUD 5 billion in June 2025 to AUD 5.5 billion in June 2026. Our financial advisors continue to deliver superior quality advice, predominantly through face-to-face interactions, which have played a key role in driving net inflows. At the same time, we are steadily expanding our delivery of digital advice solutions for clients who, for a variety of reasons, may be unable to attend a client advisor interview or portfolio review session in person. We have a program in place to implement the application of AI agents in all the activities across financial planning. This could lift productivity and enable an advisor to significantly grow the number of clients they can serve. The first tranche of AI agents for client meeting notes and client records is being implemented now.
We anticipate that with this technology enhancement, our advisors will have the capacity to increase their client base significantly over the coming 6-18 months. I believe that this is a paradigm shift to the way growth in financial planning businesses is going to be perceived. The objective is to increase profitability through productivity and not increasing numbers of advisors, as the same advisor should be able to service many more clients. It could also improve accuracy, cap the number of support staff we employ, and reduce our compliance costs. Fiducian expects the highest standards of compliance and client service from the financial planning network. We believe we may have one of the highest supervisor management to financial advisor ratios in Australia. While this comes at a cost, we consider it essential to maintain the quality, consistency, and integrity of the advice provided.
Our compliance focus concentrates on advisor development. We have established an advice delivery manager and an AFSL coach to assist all of our advisors deliver excellent outcomes to our clients, as well as ensuring the highest level of standards are being maintained. The group provided loan funding of AUD 1.2 million to assist several of our franchisees in acquiring financial planning practices during the financial year 2026. We acquired AUD 3.4 million worth of client books. Fiducian Financial Services generated net inflows of AUD 264 million during the financial year. Our practice managers and marketing team remain focused on helping financial advisors lift revenue, attract new clients, and build their businesses.
Our focus will continue to be on generating inflows through both organic and inorganic growth, including future acquisitions of client bases that can readily be assimilated into the way that we do business, and the onboarding of franchise offices that demonstrate a strong cultural fit to our existing network. Two new franchises are being finalized, one in Brisbane and one in Riverwood, Sydney. We are currently working with several potential new advisors looking to join Fiducian. Company-owned offices with salaried advisors are now established across New South Wales, Victoria, Western Australia, South Australia, Northern Territory, and Tasmania, and they contribute meaningfully to the group's overall results. Our salaried offices account for approximately 50% of our funds under advice, supported by 37 advisors. Franchise offices make up the remaining 50% of funds under advice, comprising 38 franchise financial advisors nationally. Back to you, Indy.
Thank you, Robby. Robby's operating the financial services business for some years now and done a marvelous job. There are about 110 people or more
Yes.
-employed under him, and he does a great job. Thank you, Robby. He'll be around if you have any questions. I'm sure Robby can answer them. Now let's talk about portfolio administration. Portfolio administration provides wrap administration across superannuation and investment services to financial advisors, complemented by separately managed accounts, which give investors direct access to a select range of shares and funds managed separately on their behalf. Fiducian-enabled platforms, purpose-built for our aligned financial advisors, are now complemented by badged platforms and by Auxilium, our dedicated offering for the external independent financial advisor. Our administration system, FasTrack, is comfortably servicing the diverse and often complex requirements for external IFAs who have chosen Auxilium superannuation and investment services in preference to the established larger providers. Momentum is building, with funds under administration transferring to Auxilium growing steadily.
To date, we have 92 external financial advisors who have registered with Auxilium, of which 18 have begun using Auxilium. We believe Auxilium has genuine potential to become a meaningful contributor to group revenue over time. Total funds under administration on our platform stood at AUD 4.31 billion at 30th of June 2026, with overall growth in net funds under administration driven by a healthy combination of new inflows and market appreciation. Funds under administration attributable to IFAs now represent around 13% of the total. Efforts continue to forge new relationships and lift net inflows from non-aligned financial advisor groups. The distribution team has grown. I think there are now five people who are working there to build on this background and our Auxilium exposure.
Superannuation Trustee Board, established in March 2015 for the Fiducian Superannuation Fund, our public offer superannuation wrap fund, comprises a majority of independent directors and continues to operate professionally and with genuine independence. The board is functioning well and discharging its duties diligently, supported by the Office of Superannuation Trustees. Some directors are due to retire in 2027, and steps have been taken to bring on new directors who are already attending board meetings and will seamlessly fill any vacancies that arise. During the year, following an industry-wide thematic review of superannuation funds, all offered through platforms, APRA, the regulator, imposed additional license conditions on a number of such funds. In fact, most, including our Fiducian Portfolio Services Limited, which is the trustee from 2nd of April 2026.
The review suggested enhancement in the onboarding and ongoing monitoring of over 230 investment options that can be used by financial advisors for their clients on our platforms. The management of any conflicts of interest, the board governance and oversight that is required for this product. To comply with these conditions, the trustee appointed independent experts to review all investment options being offered on our platforms, all 230 of them. Its investment governance, its conflicts management frameworks, and the effectiveness of its board and committees. Work is ongoing and progressing well, and no matters of any significant concern have arisen to date. This work will enable the trustee to enact uplift plans consistent with APRA's observations. It is pertinent to point out that what really drove this thematic review was the failed Shield at First Guardian Funds that cost investors over AUD 1 billion in losses, sorry.
AUD 1 billion of losses. I can report none of these are offered by Fiducian. Add to that, there have been no failures of investment products on Fiducian platforms. Nevertheless, we continue with this thematic review and all the requirements of APRA. Just to mention there, some of these items for uplifts have to be reported to APRA by December, and I think we're pretty far ahead in doing that. Some in February and some in March. Most of these already action has been taken, and we can't find any issues that should cause concern. But these will be reported to the external experts, and then they will be raised with the regulators. The funds management in 2026, and this is not a pleasant occurrence, which I actually spoke about the last AGM.
The group resolved several ASIC proceedings brought by the Australian Securities and Investments Commission, ASIC, against several of our subsidiaries, Fiducian Investment Management Services, in relation to the Fiducian Diversified Social Aspirations Fund. An ESG style fund that operated for nine years before being closed in May 2024, due to lack of scale. As we mentioned before, we were losing money. There was hardly any new money coming, and so we decided it wasn't worth it to run this fund anymore, but to offer the underlying assets to the investors. ASIC alleged, however, later, that the fund's product disclosure statement contained some statements liable to mislead as to its environmental, social, and governance characteristics. So on that basis, FIMS, they said, did not discharge its responsible entity duties with requisite care and diligence. As advised at last year's AGM, the board chose to resolve the matter and avoid protracted litigation.
Following court-ordered mediation, FIMS agreed to pay, I repeat, this is a court-ordered mediation. FIMS agreed to pay a pecuniary penalty of AUD 7.3 million, together with a contribution to ASIC's costs of AUD 650,000. The settlement has been finalized by the Supreme Court of New South Wales in August this year. I would just like to mention importantly that we did pay AUD 7.3 million. The fund only had AUD 15.4 million on closure. No investor suffered any financial loss. The fund delivered a return of 7.62% per year over its nine-year life, giving some investors who started a return of something like 80-odd percent. On closure, 75% of the investors chose to stay with the two underlying funds offered through the DSAF, with the rest moving to other Fiducian funds and a few of them transacting their holding.
While this unfortunate one-off penalty has reduced statutory profit for the year, I am pleased to say it has not impacted the underlying strength, profitability, or growth of the Group. Following the ASIC action, the Group engaged an independent expert to review all product disclosure statements across our funds range. Even there were no matters of material nature drawn to our attention. Even so, we continue to invest in additional staff at strengthening our governance, compliance, and monitoring frameworks so that the high standards our clients expect are consistently upheld. Our in-house manager system of investment continues to attract the majority of retail funds placed with us. Fiducian funds have performed well over the medium to long term in their respective categories and suggested investment terms, as we diversify their assets through a carefully selected range and blended underlying fund manager range to reduce risk and volatility.
Our clients are long-term investors since they invested to build over many years their superannuation investment assets with us. We aim to deliver above average returns with below average risk through the combination of some 28 different underlying fund managers in our diversified asset sector funds, which hold around 60% of the money under management. An investment operations and control team, which is separate from the investment team, has been established to review and monitor all investment products offered on our platforms. I will talk about IT now. The Fiducian information technology development team has continued to deliver a steady stream of system enhancements that improve efficiency and broaden functionality across our suite to proprietary systems: FORCe, our financial planning system; FasTrack, our platform administration system; Fiducian Online, a client-facing front-end and account reporting tool.
Cybersecurity and protection of our systems and client data remains firmly front of mind, and they continue to guide our ongoing investment in resilience and safeguards. I can see James Randall, our Head of IT, here, and if anyone has any questions, you are welcome to speak to him after this session. For the first time, actually a handful of external dealer groups have registered to use FORCe, our financial planning software, for their businesses. This is a welcome development because never had that before, and that has come through from the distribution team. We have also begun to progressively embed artificial intelligence across our systems, in particular with AI agents created for our financial advisors, which would lift their productivity and permit for servicing for many more clients by them, as mentioned by Robby Southall.
A senior AI software engineer has been appointed to develop AI agents for ongoing reporting to clients and developing financial plans in accordance with our proprietary models. On the network front, work has commenced to move all our data onto a cloud system, and this should be completed by year-end. At Fiducian, we have always regarded our people as our most important and valuable asset, and we remain deeply committed to nurturing their growth personally and professionally. For the last 30 years, our enduring philosophy of treating our staff as one large Fiducian family, standing shoulder to shoulder through good times and challenging ones, has continued to serve us well. In turn, our staff have reciprocated with unwavering loyalty and superior performance. Management has fully embraced the worldwide shift towards flexible hybrid working.
We are also mindful of the very real pressures that ongoing cost of living crisis has placed on our people, and we have responded with meaningful increases in salaries and bonuses to help ease that burden and recognize their valued contribution. Employee diversity, I would like to mention that Fiducian is proud to be an equal opportunity employer and genuinely values and celebrates diversity in all its forms. We recognize that diversity extends well beyond gender, age, ethnicity, and cultural background. Our diversity policy actively encourages people of all genders, ethnic backgrounds, ages, and skill sets to participate fully and to receive recognition, reward, and responsibility commensurate with their performance and contribution. This inclusive culture is reflected across our workforce, which comprises staff from more than 27 countries of origin, with 23% aged over 55 years, and 44% of employees being women, of whom 58% are in senior roles.
I must speak about the Financial Advisors Council, which comprises franchise and salary financial advisors who generously volunteer their time and expertise to the council. Over the past year, it has again made a significant and valued contribution to the company, serving as a trusted sounding board for management and the boards. The council remains an invaluable resource, bringing frontline insight to emerging financial planning issues and helping to guide meaningful enhancements to the functionality of FORCe, FasTrack, and Fiducian Online. Its practical perspective and constructive engagement continue to strengthen both our service offering and the network as a whole. With the board of directors, throughout the year, the board and management have continued to work together cohesively and constructively, underpinned by a culture of mutual respect, candor, and trust.
The strong and collaborative leadership, combined with a clear understanding of each other's distinct roles and responsibilities, enabled robust discussions, sound decision-making, and effective oversight. It remains a defining strength of the group and continues to serve shareholders well in the pursuit of optimal performance and sustainable long-term value creation. I must add, that has been a great support for me and for business. The board has undergone an external expert assessment of the board's independence this year. This expert assessment confirmed that the board may consider all non-executive directors to be independent. This followed on from the thematic review for superannuation, which has also undergone a full review, and there, too, they had a similar result. We always support communities, and we believe that strong communities are built through long-term relationships and meaningful local support.
Through our national financial planning network, we continue to invest in community organizations and sporting clubs across Australia, proudly sponsoring around 40 sporting and community projects spanning a diverse range of disciplines. These partnerships help create opportunities for grassroots participants to develop their skills, build confidence, and pursue their sporting ambitions. This year also marks our fourth year of supporting the junior development program at Avondale Golf Club in Sydney. Although our contribution is modest, it is rewarding to see the program continue to produce outstanding results. Several promising young female golfers have progressed to compete on the U.S. LPGA tour, including a recent major championship winner, while others have proudly represented Australia and New South Wales here and internationally, and secured national amateur titles and begun their professional golfing careers. We are pleased to play a small part in supporting the next generation of Australian sporting talent.
At Avondale, the quality and the talent is just amazing. Vision Beyond AUS, which is our charity, proudly sponsored by the Fiducian Group, has continued its life-changing work in hospitals across India, Myanmar, Nepal, and Cambodia. To date, more than 61,000 men, women, and children living in abject poverty have had the precious gift of sight restored, and vital surgical equipment has also been donated to hospitals overseas. In addition, some 18,000 children have been screened for eye disabilities in the rural areas of Nepal. Fiducian staff generously volunteer their accounting, administration, marketing expertise to Vision Beyond AUS, ensuring that every single dollar contributed by our donors goes directly towards eliminating preventable visual impairment around the world. I will ask one of my shareholders what happened to my visit that was planned in Nepal to the hospital that we support.
Well, we had to cancel it because just before our flight, we realized that there was an uprising in Nepal, and they burnt down the hotel we booked it. That is as well. Vision Beyond AUS, as a charity, has been exceptionally, done exceptional work around the world. The current economic and market environment I have to mention, and I must thank Conrad who is sitting at the back, our Head of Investments, for contributing most of this. Conrad will remain after the presentations if you have any questions. The global economy is forecast to slow marginally this year, partly due to a lift in inflation and a consequent small increase in interest rates in some economies in recent months.
The International Monetary Fund, the IMF, noted in its latest report in July, said, "The global economy as a whole has so far weathered the shock from the war in the Middle East better than feared." The key reason for this solid outcome is the momentum in the global technology cycle, thanks to artificial intelligence and its adoption, such that core inflation has remained relatively stable to date in most countries. An ongoing issue for some of the major economies is the persistence of large government deficits, which has seen government debt balloon to excessive levels in some cases, including the U.S. While the economic outlook remains positive, in the view of the IMF, risks to the outlook are still tilted to the downside. The advanced economies of the group, however, are forecast to grow by 1.7% this year and 1.8% in 2027.
While developing economies are forecast to grow by 3.8% in 2026 and then 4.5% in 2027. This year, most major stock markets have recovered from a heavy fall after the outbreak of the Iran war. Markets began to recover from early April, and by October, major markets witnessed strong positive movements. This year, corporate earnings are forecast to grow strongly in most jurisdictions by around 34% in the U.S., largely driven by their IT boom, 15% in Japan, 8% in Germany, 14% in China, 10% in India, and they even forecast 12% in Australia, according to MSCI data as of October and Yardeni Research. As always, we recommend that investors should consult their Fiducian financial advisors to develop financial plans with the aim of achieving diversified investment strategies that over time could help investors realize their financial goals.
The outlook, which I usually give at the end, and I can say that over the past 30 years, the consistency of our strategy has served the group well and enabled us to build a business to where we are today. By pursuing disciplined growth strategies, we have been able to scale up existing capacity while leveraging our controlled, relatively low fixed cost base. This approach has proven its resilience through difficult and uncertain times, consistently delivering increasing revenues and profits. However, going forward, we have geopolitical risks from the Ukraine and Iran wars, looming state elections to be followed by a federal election with the emergence of One Nation as a potential competitor to the traditional parties. As well, recent tax changes such as negative gearing and capital gains that may have contributed to falling home prices.
In combinations, seems like a perfect storm and can make investors nervous and cause them to sit on the sidelines. While gross inflows are continuing at a slower pace, we are seeing withdrawals being made to assist children amid cost of living pressures, which is resulting in reduced but still positive net inflows. People are afraid. Let's face it. People are afraid when you have a property that you thought was worth AUD 2 million and now no one wants to buy it for AUD 1.5 million this year, and they would rather sit on the sidelines and maybe leave their money in the bank to get a 3% or 4% or 5% on investment deposit. That's hardly the time to tell people, "Hey, go out and invest in the technology fund." But people are coming, and we're still positive. We're still having positive net inflows.
The board always, as before, remains to build scale and deliver consistent double-digit earnings growth over the long term, and management is determined to stay committed and focused on achieving that goal. On behalf of the board and management, I would like to thank all participants for their individual contributions to the growth and success of Fiducian. Thank you. I'll continue with other slides. First item. Now please, just to remind you, please provide your questions via the Computershare platform, and we will address them shortly. The first is the adoption of a remuneration report. I've already read out the shareholders and their votes. The remuneration report is set out in the 2026 annual report on pages 13- 26. The vote on this resolution is advisory only and does not bind the directors or the company.
However, I note that pursuant to the Corporations Act, if 25% or more of votes that are cast are voted against the adoption of the remuneration report on two consecutive annual general meetings, shareholders will be required to vote at the second AGM on a resolution, which is called a spill resolution, for another meeting to be held within 90 days of the second AGM, at which all the company's directors, other than the Executive Chairman, must stand for re-election. I don't think that is necessary now, but the following ordinary resolution is proposed in the notice of meeting, that the remuneration report is adopted. Please ensure that you have voted on the Computershare platform. The next resolution is to elect Mrs. Kerry Skellern OAM as a director of the company. Mrs. Skellern's personal details are included in the explanatory memorandum attached to the notice of meeting.
The following notice motion is to be passed as an ordinary resolution. That Mrs. Kerry Skellern OAM, being a director, retiring by rotation and being eligible for election, is re-elected as a director of the company. Again, I remind you to please ensure that you have voted on the Computershare platform. We need to call a poll? No. No late notices have been received to deal with other business in accordance with the company's Constitution and the Corporations Act 2001. As there is no other business, we will turn to any questions that shareholders may wish to ask the company.
As part of our notice of meeting, we asked shareholders to send questions to Computershare for a response this morning. Computershare confirmed that there were no questions received by them prior to this meeting. Our Company Secretary, Paul Gubecka, will now identify any shareholders from the Computershare platform who wish to ask a question, and then you will have the opportunity to ask your question. Paul, are there any questions?
There are no questions from the platform.
No questions. Any questions from the floor? I am not surprised. David was the first founding partner of Fiducian. Without whom I wouldn't be standing here, and we wouldn't have our Fiducian.
I think on behalf of the shareholders, we have to congratulate you on 30 years. An excellent result. Well done. I can remember, Indy, when we were contemplating the names of the companies. Indy snuck up to the State Library to look around at various sets of ideas and came back with Fiducian. It sounds solid. Then he chose the logo, a lion. It's interesting, but when you look back, you think of a lion, it just steadily walks through the jungle and the desert, and it's strong.
It knows where it's going. Of course, it sees an opportunity, like a fresh gazelle or something, it pounces. When you look back over our 30 years, we've been really solid, steady, clear long-term goals, which you've attained. When opportunities have come up, the organization has taken those and jumped. Indy, to reach AUD 100 million turnover, including in this consistent, clean, long-term business. Congratulations.
It wasn't that simple. To get past the name, I had a whole list. I sent Jay and my daughter out to go and get me a name. One of the strange ones that came out was Kilara. Which means sunrise, but the word killed him now. In frustration, because we had rejections, I thought Pinnacle would be good. I thought if we had to give out golf balls as gifts, they're Pinnacle golf balls already. You don't have to print any Pinnacle. There were 380 something Pinnacles. It was in frustration that it opened the big Latin-English dictionary in the library, it opened on fidelis, which is fidelity.
I thought to myself, I said, "If I go back to David, Alan, Rich, Bob, and others, and say I've got a company called Fidelity, they'd say, 'What are you thinking about, man? Infidelity or fidelity?'" As I closed the book, the big Latin document book, it fell on fiducia, which is trust, integrity, people you trust. In fiduciary capacity. When I brought it back, I think David was the first to say, "Okay, we like this." That's how it got in. As I said, David was a founding partner of mine, and if he had said no, there would be no Fiducian. Bob was the first chairman. Where did I even stand up so staff could see you again? I'm getting older at this. He was a mentor and a guide, and much better. So thank you, David. Thank you.
Any other questions? Time to state that I suppose. No further questions. A person from Computershare will collect any voting cards or the colored voting cards. Please ensure you print your name when dictated or sign the voting papers. I'd like to remind you that if you have voted on the Computershare platform, voting will end at the end of two minutes following the closure of this meeting. The outcome of the resolution will be lodged with the ASX as soon as practicable after the closure of voting. Thank you for your attendance and confident contribution, and the meeting is now closed at 11:00 A.M. exactly. Thank you very much.