Thank you, and good morning. My name is Gail Pemberton. I'm Chair of the Board of Directors of FleetPartners Group Limited and Chair of this meeting. Ladies and gentlemen, it's 10:00 A.M., and it's the time for holding of the meeting. I'm advised by the Company Secretary that the necessary quorum is present. I therefore have the pleasure in declaring the Annual General Meeting of the Shareholders of FleetPartners open. And I thank you for attending, including those shareholders who've joined us online and via teleconference. I'll commence the proceedings today by acknowledging the traditional owners of the land on which we meet today, the Gadigal people of the Eora Nation, and pay my respects to Elders past and present.
With today a National Day of Mourning to honor the victims of the Bondi terrorist attack, I'd also like to honor those who lost their lives, their families, and all who've been deeply affected by those senseless acts of violence on that day, and I'll just pause for a moment. This morning, I'll provide a brief overview of our business and achievements during the 2025 financial year. Our Chief Executive, Damien Berrell, will then give an update on our business, including expectations for FY 2026 post our first quarter's performance. Our Chief Executive, sorry, there will be time for questions from shareholders when we move on to the formal business of the meeting and the resolutions for your consideration.
I welcome our Independent Non-Executive Directors here today: Fiona Trafford-Walker, also Chair of the Audit and Risk Committee, Russell Shields, Cathy Yuncken, also Chair of the People, Culture, Remuneration, and Nomination Committee, Rob McDonald, and Mark Blackburn. We also welcome Damien Berrell, Chief Executive Officer and Managing Director, James Owens, our Chief Financial Officer, Alexandra Payne, our Company Secretary, Annemarie Kernot, our Chief Legal Officer, Luke Sullivan from KPMG, FleetPartners Auditor, and Tessa Tavita, the Returning Officer for today's meeting from MUFG Pension & Market Services, FleetPartners Share Registry. I'd also like to welcome those of our executive team who've joined us here today. The defining achievement of FY 2025 was the completion of the Accelerate program. This multi-year transformation program consolidated our brands, systems, and processes onto a single platform across Australia and New Zealand, significantly improving current and future scalability, efficiency, and customer experience.
While some of our novated customers experienced service disruptions following the transition, these challenges were temporary and were resolved by year-end, and the group is now in a materially stronger position having completed this program. FleetPartners remains a defensive investment underpinned by consistent performance. Despite subdued business confidence this year, we continue to grow assets and core income thanks to the strength of our products and services. Our operations generate substantial positive cash flow, enabling strategic investments while maintaining disciplined capital management and shareholder returns. New business writings declined 16% year-on-year, largely reflecting the exceptional pipeline unwind in FY 2024. Excluding this, new business writings were still down by 6%, driven mostly by subdued business confidence. Nevertheless, AUMOF grew to AUD 2.3 billion, up by 2%-3%, underscoring the resilience of our business model. Core income reached AUD 169 million, growing at 6% year-on-year.
NPATA pre-EOL was AUD 41 million, up 9%, a strong result driven by disciplined expense management and continued growth in AUMOF and core income. Finally, end-of-lease income was AUD 61 million, with EOL per unit at AUD 5,880 and vehicles sold down 10%. Another critical point to highlight is that the current profit per unit levels. Our portfolio has an illustrative embedded end-of-lease income of approximately AUD 250 million. Earnings per share rose 3% to 37.5%, supported by our on-market share buyback program. Organic cash flow was AUD 93 million, reinforcing FleetPartners as a high-cash flow business, and this provides strength for investing in growth while maintaining disciplined capital management. 90+ Days Arrears finished the year at 44 basis points, offset by the value of underlying vehicles, demonstrating the business-critical nature of the vehicles we lease to our corporate customers. To those customers, our vehicles are tools of trade.
They're revenue-generating assets, and the group's portfolio credit performance reflects that. Damien will talk to this in more detail in his presentation, but we also made two important changes to our capital management framework in FY 2025. First, we increased our capital payout range to 60%-70% of NPATA. And second, notwithstanding the success of our multi-year buyback program, the Board determined to end the buyback program and return to paying dividends to investors. In this context, we announced an AUD 29 million unfranked dividend at AUD 0.136 per share, representing the midpoint of our payout ratio range. Finally, and significantly, the dividend represents an 8.9% annualized yield. Damien will cover more about the group's updated strategy following on the successful Strategic Pathways. The new strategy is built around four pillars: attracting new customers, retaining existing customers, growing our share of wallet, and profit optimization.
The acquisition of salary packaging and novated lease provider, Remunerator, which was announced post-balance date on November 17 last year, was driven by this strategy and its renewed focus on growth post-completion of Accelerate. Our rationale for acquiring Remunerator was to enhance our salary packaging capability for existing and new customers. Remunerator is not only earnings accretive, but it'll also broaden and expand our addressable market for novated. Moving on next to ESG, which is one of the guiding principles of our corporate strategy and culture. We continue to help our customers reduce their impact on the environment, along with demonstrating leadership in this space, as evidenced by three achievements in particular. 60% of novated leases written in FY 2025 were electric vehicles.
Our team has conducted 126 customer sustainability reviews with our corporate fleet customers since FY 2024, and we've delivered a 42% reduction in Scope 1 and 2 emissions since FY 2022. These initiatives place the group in a strong position to support our clients with their own ESG journeys and assist them to achieve their own emissions targets. Our commitment to ESG principles extends beyond environmental initiatives. We're actively engaged in fostering social responsibilities within our group and the broader community. By investing in our employees, supporting local communities, and championing diversity, we continue to build a corporate culture that has its foundations in empathy, respect, and equality. Most importantly, the Board is proud of the energy and passion our team at FleetPartners dedicates to supporting their local communities each and every year.
The group also continues to be a proud WGEA employment of choice for gender equality, and in FY 2025 has seen growth in the number of women in senior management to 38%, which is an increase of 2% since the prior year. Our team are also passionate about volunteering, and this year they've given more than 158 volunteer hours to our charity partners, including the Cerebral Palsy Alliance. Finally, the group continues to strive towards best practice in corporate governance. FleetPartners has a capable Board of Directors who oversee the business, with a good balance of gender diversity, sector, and governance skills and experience, retained corporate knowledge, and built-in succession. In closing, I'd like to express my sincere appreciation to all team members who've contributed to the strong performance of the group.
Their loyalty, resilience, and dedication has delivered the financial results of FY 2025, while at the same time they gave tirelessly of their time and energy to complete the Accelerate program and deliver the promised process improvements and cost efficiencies. Finally, on behalf of the FleetPartners Group, I also express my sincere thanks and appreciation to our customers, our investors, and to our capital market partners for your continuing support. I'd now like to ask our Managing Director and Chief Executive Officer, Damien Berrell, to address the meeting.
Thank you, Gail, and good morning to our shareholders. It is a pleasure to address the Annual General Meeting here this morning. Over the past year, FleetPartners has undergone significant transformation, and I want to begin by acknowledging the dedication of our team. Their commitment has enabled us to deliver this significant outcome for both our customers and our shareholders. There's much to like about the opportunity that FleetPartners presents today, but allow me to nominate five key areas. First, we continue to invest for growth in large, underpenetrated, addressable markets that offer attractive returns and feature high barriers to entry. Our confidence in growing share in these markets is underpinned by the compelling nature of our product proposition. We are leaders in reducing the cost of vehicle ownership and our business-critical supplier for our customers who span virtually all industry sectors.
In turn, our product proposition is supplemented by market-leading capabilities built over four decades of experience. We are best in class at fleet management, funding, credit, vehicle maintenance, and residual value underwriting. Fourth, our business model delivers stable, predictable, and recurring earnings. 95% of core income is annuity-like in nature, embedded in every lease for the average of term of 3.9 years. In addition, approximately 80% of leases remain on book from the start to the end of the year, with those rolling off being replaced 90% of the time. And finally, we are a high-yield business because of our strong cash flow generation. At the time of its announcement, the dividend declared by our Board in November last year had an implied yield of 8.9%. It is these fundamentals that ensure the group delivers consistent returns for shareholders, which brings us to the next slide.
Since FY 2023, our earnings per share have grown at a compound annual growth rate of 6%, driven by our share buyback program. Excluding end-of-lease income, underlying EPS based on NPATA pre-EOL has grown at 15%. Our approach to EPS growth is anchored in gaining market share in high-returning, underpenetrated segments, expanding core margins through investment in products and services, and maintaining strict cost discipline and leveraging scale efficiencies. As mentioned, FleetPartners operates in three major underpenetrated and high-returning target markets of large fleets, small fleets, and novated.
Each presents significant long-term growth potential supported by distinct tailwinds. In Australia, the total addressable market is estimated at AUD 138 billion for large fleets and AUD 124 billion for small fleets. In the current phase of the economic cycle, companies are increasingly turning to cost reduction to deliver earnings growth, and the outsourcing of fleet management is a popular option in that context.
In the mid to long term, outsourcing tailwinds such as the transition to electric vehicles and increasing regulatory complexity will continue to drive demand for the expert fleet management and leasing solutions that we offer. For small fleet owners, our bundled Pay As You Go product simplifies fleet management and facilitates the shift away from fleet ownership and into fleet usage, vehicle usage, which is a trend that we see well established in other markets such as Europe, and finally, in novated, where the total addressable market includes 15 million employees, the accelerating adoption of electric vehicles via novated leasing has significantly increased the awareness of the advantages of this product by both organizations and individuals. Our strategy is clear and focused on four pillars. First, attract new customers through focused industry targeting and an omnichannel distribution network.
In 2025, we achieved several successful outcomes to that end, including launching our small fleets online calculator, enhancing our automated credit scorecard, and expanding our relationship with several OEMs. Second, retain existing customers with industry-leading service and by cultivating deep, multi-layered relationships. We are committed to continually increasing our Net Promoter Score with no upper limit on our ambition. In the second half of 2025, we focused on strengthening our novated relationship. Part of this effort included the recent upgrade to our novated customer digital portal. Third, grow share of wallet by delivering a comprehensive suite of market-leading fleet products that support our customers' goals of productivity, safety, and sustainability. Solid progress was made around this in FY 2025, evidenced by the core margin expansion in both Fleet New Zealand and novated.
And finally, profit optimization by continuing to maximize the operational leverage from the recent consolidation onto a single operating platform. In FY 2026, we have an extensive pipeline of initiatives to drive these strategies forward, with a select few listed in the third column on this slide. As announced in November last year, in consideration of both market factors and the group's strong capital position, the Board has concluded the group's buyback program. The buyback program, which was initiated in FY 2021, has returned AUD 310 million to shareholders since its inception. Going forward, dividends will be the primary means of delivering shareholder returns, subject to the availability of superior alternative uses of capital. As a further indication of the confidence in the group's strong capital position, the Board has also increased the group's capital payout ratio range to 60%-70% of NPATA.
For FY 2025, the Board declared a final dividend of AUD 0.136 per share, representing 65% of 2H 2025 NPATA, with an implied annual yield at the time of 8.9%. While this dividend is unfranked due to carry forward tax losses, our current expectation is to resume franking after September 2026. Turning now to our 1Q 2026 trading update. Core income grew up 2% compared to the prior comparative period, despite subdued operating conditions and weaker-than-expected new business writings. The result continues to validate the defensive and stability of our group's business model. While NBW were below expectations at AUD 185 million, down 13% on PCP, our outlook on NBW for the full year remains marginal growth, with momentum in 2H 2026 supported by ongoing strong tender success and several sale and leaseback opportunities.
In 1Q 2026, operating conditions for Fleet Australia and Fleet New Zealand continued to be characterized by low business confidence and delayed customer fleet renewal decision-making, while novated was impacted by organizational restructuring in the banking sector, where FleetPartners enjoyed strong market share and is compared against a period of high demand leading up to the removal of the FBT benefit exemption for plug-in hybrid vehicles in March 2026. Assets under management or financed ended the quarter at AUD 2.4 billion, inclusive of Remunerator, and was broadly stable, excluding Remunerator. Finally, end-of-lease income per vehicle was AUD 5,571, marginally down from 2H 2025. As highlighted in the group's FY 2025 results presentation, our portfolio has an illustrative embedded EOL income of approximately AUD 250 million. Turning to the outlook. Against a continued challenging operating environment, the group expects marginal growth in NBW for FY 2026, relatively stable UMOF and by extension core income, and stable end-of-lease income.
We also expect ongoing strong OpEx discipline and full-year OpEx, inclusive of approximately 3/4 of a Remunerator of AUD 98.5 million-AUD 99.5 million. And finally, we expect high cash flow generation despite elevated cash tax, able to support consistent shareholder distributions. Specifically in relation to NBW, while we expect to see customers remaining cautious and holding vehicles longer, which impacts NBW, the group expects momentum to be derived from the continued strong interest of electric vehicles in novated, though note the government has announced a statutory review of the Electric Car Discount Bill. With public submissions closing on the 6th of February, it is still too early to predict the outcome of the review or the potential impact on novated demand. Second, our large fleet team have had several successful tender outcomes over the past six months, as well as an increased pipeline of sale and leaseback opportunities.
We see continued momentum in small fleets, which has seen double-digit growth in both Australia and New Zealand, and finally momentum from the contribution of Remunerator to the group. In closing, FleetPartners is well positioned to capture future opportunities. Our resilient business model and strong cash flow generation has delivered consistent shareholder returns in recent times, a key strength in today's macroeconomic environment. We are united by a clear, energizing strategy that motivates our team to pursue these opportunities with confidence and ambition. Management remains focused on executing this strategy and delivering sustained value for our shareholders. Thank you for your ongoing support.
Thank you, Damien. I'll now move to the formal part of the meeting. The Notice of Meeting dated 11th of December 2025 was circulated to shareholders, and I will take the notice of the meeting as read. As outlined in the Notice of Meeting, voting on all resolutions will be conducted by poll, and I have appointed Tessa Tavita from MUFG Pension & Market Services as Returning Officer for the meeting. When each shareholder here in person registered their attendance this morning, they would have been issued with an attendance card. The persons entitled to vote on this poll are all shareholders, representatives, attorneys of shareholders, and proxy holders who hold yellow voting cards. If anyone believes they're entitled to vote on this poll in any capacity and does not have a yellow voting card, please see our share registry representatives at the registration desk outside the meeting room.
So I'll assume no one needs to leave the meeting room, so I'll continue. If you're registered on the online platform as a shareholder or proxy holder, you can submit questions by selecting the Ask a Question tab on your screen. You can submit questions now or at any time before the meeting gives consideration of the item of business to which your question relates, and they'll be dealt with at the appropriate time. If you have a question already prepared, I encourage you to submit it now so that as many questions as possible can be answered.
All questions will go through our Chief Legal Officer, Annemarie Kernot, our moderator for the meeting, who will identify each person who asks a question, read out the question, and will then pass the question on to me, and I will either answer the question or pass it on to the most appropriate person to answer. We reserve the right to rule out questions that do not relate to the business of the meeting. We will also not answer questions that are the same or substantially similar to questions that have previously been answered. Otherwise, we'll endeavor to answer as many of the questions as asked as we can. For each item of business, I will address questions from the floor first, which will give as much time as possible to those shareholders who wish to ask questions via the online voting platform.
I will then address any phone or online questions. I will give instructions at the relevant time on how to complete your in-person voting cards. Shareholders who are attending via the online platform may cast a vote during the meeting. If a shareholder has previously lodged a direct vote and wishes to vote during the meeting, the previous direct vote needs to be revoked. Similarly, to vote during the meeting, the previous direct, if the shareholder previously appointed a proxy holder and wishes to lodge a vote themselves during the meeting, they must revoke the voting rights of the proxy holder before being able to cast a vote. Shareholders may be able to cast a direct vote at any time from now until five minutes after the close of the meeting.
If you have any questions about casting your vote online, please refer to the virtual meeting online guide that was issued with the Notice of Meeting. In accordance with the company's constitution, as Chair, I've determined that voting on each of the resolutions will be conducted by a poll rather than a show of hands, and I now declare the poll open. Proxies have been inspected, and all those validly lodged have been accepted. Proxies have been received representing just over 162 million shares, or 75.1% of the issued capital of the company. Undirected proxies or open votes that have nominated the Chair as their proxy will be cast in favor of each resolution being put to the meeting today. The results of the poll will be declared and released to the ASX as soon as possible after the conclusion of the business of the meeting.
I'll now move to the first item of business, which is consideration of the annual report, which includes the financial report, director's report, and the independent auditor's report for the year ended 30 September 2025. Shareholders were given the opportunity to submit questions to either the Board or the auditor via the MUFG Pension & Market Services website, and I note that I think one question was received for the Board and none were received for the auditor prior to the meeting.
Luke Sullivan from our External Auditor, KPMG, is available today, and shareholders as a whole will be given an opportunity to ask specific questions of Luke about the conduct of the audit and the preparation of the content of the auditor's report, the accounting policies adopted by FleetPartners in relation to the preparation of the financial statements, and the independence of the external auditor in relation to the conduct of the audit. Are there any questions or comments about the reports or questions and questions for the auditor? If you'd like to ask general questions or make any comment regarding the management of the company, a reasonable opportunity for those questions and comments will be provided to shareholders at the end of the meeting. Are there any questions from the floor for Luke? If there are no questions from the floor, I'll now address any phone questions.
Moderator, are there any phone questions relating to this item?
There are no questions on the phone line at this time.
Thank you. If there are no questions from the telephone, I'll now address any online questions relating to this item. Are there any online questions relating to this item?
There are no online questions, Chair.
Thank you, Annemarie. If there are no more questions, I will now proceed to the formal resolution set out in the Notice of Meeting. You might just put those up. Item 3B refers to the election of directors, and as Resolution 1 relates to my own re-election, I'll now step down from the Chair and ask Fiona Trafford-Walker to chair the meeting for this resolution.
Thank you, Gail. The first two resolutions relate to the re-election of Gail Pemberton and Rob McDonald. Gail and Rob have made significant contributions during their tenure at FleetPartners, offering valuable insights and leadership that have strengthened our organization. The Board believes their continued service will further support the attainment of our strategic goals and long-term success. The first resolution of the meeting is the re-election of Gail Pemberton as displayed on the screen. I will now invite Gail to address the meeting.
Thank you, Fiona. Just a correction from my earlier comment. We actually have four questions that we've received prior to the meeting, and we'll address those as they're appropriate for each resolution. I'm standing for re-election to the Board today for what will likely be my final term. I joined the Board of FleetPartners nine years ago, just prior to its IPO and entry on the ASX as the Eclipx Group. I was appointed Chair in 2021. My background from my executive career was banking and financial services, technology and transformation, and people leadership.
This background has been particularly relevant to FleetPartners in my time on the Board and particularly so over the period since I was appointed as Board Chair. I'd just like to say that FleetPartners is a terrific company with an exceptional executive leadership team led very capably and in a very focused way by our CEO, Damien Berrell.
We're very fortunate to have the deep industry experience that's represented across the entire leadership team. It's a team that has a strong shared sense of ownership of the business, which drives effective collaboration. This mutual collaboration and support is part of the corporate culture and came to the fore with the challenges post the implementation of the Accelerate program, which is a major shared goal for the company. That sense of collaboration and teamwork is mirrored at the Board. We're all equally committed to the business and have an open and transparent relationship with management and staff and each other. The Board has undergone an almost complete renewal since my appointment as Chair. The current board brings genuine diversity, connections to our operational centres, industry domain experience, and strong credit risk funding and finance skills.
Looking forward with Accelerate behind us, I'm excited by the opportunities ahead as we now pivot our business strategy to continued profitable growth and leverage the tailwinds from the global technology transition of the motor vehicle industry. Thank you for your support.
Thank you, Gail. The proxy votes for this resolution are now displayed on the screen. I now invite any shareholder wishing to speak to this resolution to do so by raising their hand or moving to the microphone. Shareholders who have joined via the MUFG Pension & Market Services portal can submit their questions online. Are there any questions from the floor? There are no questions from the floor. I will now address any phone questions. Moderator, are there any telephone questions relating to this item?
There are no questions on the phone line at this time.
As there are no questions from the phone, I will now address any online questions relating to this item. Annemarie, are there any online questions relating to this item?
We have one online question from Stephen Mayne. The question is, Gail has been on the Board for 10 years. Is she intending to serve a further three-year term as Chair, and what is the Board's policy in terms of tenure limits and Chair succession? Does Gail believe the next FleetPartners Chair is currently on the Board, and do we have an external recruitment firm currently engaged to assist with Chair succession and Board renewal?
Okay, thank you, Stephen. Gail has made some remarks with regard to that question, but I might hand to Gail to add any further comments.
Thank you. Thank you for that question, Stephen. We've had good discussions about my tenure on the Board and my continuing on for another term in my role as Chair. As I noted in my comments regarding my reappointment, this term will likely be my final term. We have a policy which is consistent with our constitution and ASX sort of good governance principles, but we don't have a specific, we don't specify exact limits on tenure. I think I can speak for the Board in saying that, and perhaps Fiona could validate this, that the Board believes that it is in the best interests of the business and shareholders if I serve another term as Chair, given my extensive knowledge of the business and my relationship with the team in the business. Do we have a successor within the existing board?
I believe we have a number of potential successors on the Board, and we will be moving forward over the next few years with identification and development of those directors who aspire to the Chair role. Will we appoint an external firm? We haven't actually had that discussion yet. I'm not sure that we need to, but that is a point I will take up and discuss with the Board at a future point in the coming year.
Thank you, Gail. Certainly, I can validate Gail's comments, and I just would note that Gail sits before the shareholders today unanimously supported by the Board for her re-election, both as an Independent Non-Executive Director and as Chair of the Board. Annemarie, are there any other questions online?
There are no further questions.
Thank you. I will now ask you to record your vote, please, by placing a mark in the For, Against, or Abstain box against Resolution 1 on your voting card. And I will also return the Chair of the meeting to Gail. Thank you.
Okay. Thank you very much, Fiona, and thank you for those kind words. I'll now move to Resolution 2, which is for the re-election of Director Rob McDonald. And I'll now invite Rob to address the meeting.
Thank you, Gail. [Foreign language] . Good morning, everyone. It's a pleasure to be here today and to speak briefly as I stand for re-election to the Board. Over the past two years, I've greatly valued the opportunity to contribute to the governance of this trans-Tasman business. As someone based in New Zealand, I've appreciated bringing a local perspective to a company with a quarter of its operations in New Zealand. The past year has been particularly significant. The successful completion of our major IT platform transformation, while not without its challenges, has laid a strong foundation for the company's next phase of growth. It is a credit to the team that we've emerged from that program with enhanced capability and greater agility to execute a growth strategy.
With my background in governance and finance, I've focused on ensuring strong oversight, sound risk management, and alignment between our strategic ambitions and operational execution. I remain enthusiastic about the road ahead, especially as we continue to innovate in fleet management and deliver value to our customers and shareholders. I believe the Board has a critical role to play in guiding that journey with clarity, accountability, and ambition. I would welcome the opportunity to continue serving on the Board and contributing to the company's ongoing success. [Foreign language] , and thank you for your support.
Thank you, Rob. The proxy votes for this resolution are now displayed on the screen. Are there any questions from the floor, Moderator? If there's no questions from the floor, Moderator, are there any telephone questions relating to this item?
There are no questions on the phone line at this time.
Thank you. Annemarie, are there any online questions relating to this item?
There are no online questions, Chair.
Thank you. If there's no further discussion, I'll ask you to please record your vote by placing a mark in the For, Against, or Abstain box against Resolution 2 on your voting card. I'll now move to Resolution 3, which is the adoption of the FY 2025 remuneration report. The remuneration report is set out in the 2025 Directors' Report, which is available on our website. Further details about the resolution are also contained in the explanatory memorandum that accompanied the Notice of Meeting. I notice that while the vote on the item is advisory only and does not bind the company or its directors, the Board will take the outcome of the vote into account in setting remuneration policy for future years. I'll now invite any shareholder wishing to speak to this resolution to do so by raising their hand and moving to the microphone.
Shareholders who've joined via the MUFG Pension & Market Services portal can submit their questions online. Are there any questions from the floor? If there are no questions from the floor, I'll now address any phone questions. Moderator, are there any telephone questions relating to this item?
There are no questions on the phone line at this time.
If there are no more questions from the phone, I'll address any online questions relating to this item. Annemarie, I believe we have at least one online question relating to this item.
Yes, we do, Chair. We have one question from Stephen Mayne. The question is, which of the proxy advisors issued reports ahead of this meeting, and were there any recommendations against any items of business, including this remuneration report item? If so, what were the concerns raised, and why didn't you disclose a proxy position earlier along with the formal addresses to allow for a more fully informed AGM debate and provide more timely market disclosure? Given the likes of Computershare, Myer, etc., do this? Will you follow their lead at next year's AGM?
Thank you, Annemarie, and thank you, Stephen, for your question. Every year, one of the management team, myself and Cathy, the Chair of the PCRN committee, meets with the proxy advisors, as we did this year. Those are the four main proxy advisors, which are CGI Glass Lewis, ACSI, Ownership Matters, and ISS. We had an extremely positive set of meetings this year. There were no recommendations against any of the resolutions. They were all voted for, the resolutions. I think it may have been one of the proxy advisors raised an issue around non-disclosure of detail of STI targets. However, they nevertheless recommended a vote for the remuneration report. It's been our practice to disclose proxy recommendations after the AGM, and we'll take note of your recommendation.
Stephen, I just note that often, because of the timing of our AGM, we often don't get the proxy reports until very late in the piece. But we will take your recommendation under consideration for next year. Is that the only question, Annemarie?
That's right. Thank you.
Great. Okay. So if there's no further discussion, I'll ask you to please record your vote by placing a mark in the For, Against, or Abstain box against Resolution 3 on your voting card, and I'll now move to Resolution 4, which is the grant of rights to the CEO, Damien Berrell, in respect of his FY 2025 short-term incentive payment, sorry, issue of equity. The next resolution is displayed on the screen. Details about the resolution are contained in the explanatory memorandum that accompanied the Notice of Meeting and in the 2025 remuneration report.
The proxy votes for this resolution are now displayed on the screen. I will invite any shareholder wishing to speak to this resolution to do so by raising their hand and/or moving to the microphone. Shareholders who've joined via the MUFG Pension & Market Services portal can submit their questions online. Do we have any questions from the floor? If there are no questions from the floor, Moderator, are there any telephone questions relating to this item?
There are no questions on the phone line at this time.
Thank you. I'll now address any online questions relating to this item. Annemarie, are there any online questions relating to this item?
There are no questions relating to this item.
Thank you. If there's no further questions, I'll ask shareholders to record their vote by placing a mark in the For, Against, or Abstain box against Resolution 4 on your voting card. I'll now move to the final resolution, which is Resolution 5 and the grant of rights to the CEO, Damien Berrell, in respect of the FY 2026 long-term incentive grant. The next resolution should now be displayed on the screen. Details about the resolution are contained in the explanatory memorandum that accompanied the Notice of Meeting and in the 2025 remuneration report. The proxy votes for this resolution will now be displayed on the screen. I'll now invite any shareholder wishing to speak to this resolution to do so by raising their hand or moving to the microphone. Shareholders who've joined via the MUFG Pension & Market Services portal can submit their questions online.
Do we have any questions from the floor? If we have no questions from the floor, Moderator, are there any telephone questions relating to this item?
There are no questions on the phone line at this time.
Thank you. I'll now address any online questions relating to this item. Annemarie, I think we may have one online question relating to this item.
No, Chair, we don't have a question relating to this one.
I think there is one for Stephen Mayne. There might be one here. Or is that the general question, the last one?
That's correct.
It's a general question. Okay. So if there's no further questions, I'll ask you to record your vote by placing a mark in the For, Against, or Abstain box against resolution 4B on your voting card. I'll now move to other business. I'd now like to invite shareholders with any questions about the company generally to ask them now. Are there any questions from the floor? If there are no questions from the floor, I'll now address any phone questions. Moderator, are there any telephone questions relating to this item?
There are no questions on the phone line at this time.
Thank you. Annemarie, we do have a question.
We have a number of questions, Chair.
Okay, great.
The first question is from Stephen Mayne. It's, "Thank you for once again offering a best practice hybrid AGM and also for opening online questions and voting half an hour before the meeting commenced, a practice which maximizes retail shareholder voting participation. Will you continue last year's excellent practice of disclosing the headcount data with the poll results, and are you still opposed to publishing a copy of the AGM webcast on your website? If so, please explain why when AGM webcast disclosure is standard practice and basic transparency.
Okay. I'll take the compliments. So the only question is the only question about webcast? Yeah. Well, we don't actually make a webcast of the AGM, and that's really a cost issue. I think I answered that question last year and said we'll take it under consideration. So I'll answer it in the same way again this year, Stephen.
The other question about the headcount data with the poll results?
Sorry, I thought it was a thank you for a.
It was, "Will you continue last year's practice of disclosing headcount data with the poll results?
Yes. Yes. Yes, we will.
The next question is actually two questions from Stephen Mayne. One was directed to the Chair and one to Rob, and it's the same question. "Will the Chair agree to marginally delay next year's AGM so we don't have the situation of the deadline for board nominations on November 17, coinciding with the release of full-year results on the same day? It is poor practice not to give shareholders enough time to digest the performance of the directors before deciding whether to nominate for the Board and contest their positions. The ASX agreed to delay its AGM two years ago to satisfy a similar request. Will you take this request on board for serious consideration?
I might take that one, Gail. Yeah, I think when it comes to determining the timing of the AGM, there's several factors, Stephen, that come into that consideration. And your point that you raised is one of those, but not the only factor. But certainly, as we go into next year and we look at the timing of the AGM for next year, we will take that one on board for serious consideration when we determine the AGM date.
A further question from Stephen Mayne. "Could the CEO please summarise the extent and breadth of engagement he has had with analysts, brokers, fund managers, and institutional investors after each six-monthly result release to the ASX? How does that compare with what the company does for its approximately 4,500 retail investors? What is your approach to holding an investor day, and will retail investors be invited to the next one?
In terms of investor engagement on the institutional side, so at the end of our half-year results and full-year results, Stephen, we have a number of sessions with the brokers, the sell brokers, and then off the back of that with our investors as well. In the past, we've also met with retail brokers, and then going forwards, we've got a number of retail brokers set up to engage with. Off the back of the fact that we've now started to pay dividends, we feel like this is a strategy that we'll focus a lot more on. In terms of investor day, no, there's no plan for an investor day at this stage.
There are no further questions online.
Thank you, Annemarie. Ladies and gentlemen, that concludes the formal part of the meeting. If you've not already done so, please record your vote by placing a mark in the For, Against, or Abstain box for Resolution 1 to Resolution 5 on your voting card. For all shareholders and proxy holders who are present here at the venue and wish to vote on the resolutions proposed today, I ask that you please hand your voting cards to the share registry staff, who will now be coming around with the ballot boxes to collect all completed yellow attendance cards. You must lodge your yellow attendance cards for your votes to be counted. For online attendees, the poll will remain open for a further five minutes, and shareholders who have not already voted may lodge their online votes during that time. I've got time. Thank you.
Has everyone wishing to cast a vote been able to do so? Thank you. I'll now declare the poll closed. After votes have been counted, the results of the polls will be released to the ASX. There being no other business to be brought before the meeting, I'd like to take this opportunity to thank you all for your attendance at our 2026 Annual General Meeting, and I now declare the meeting closed. Thank you.