Good morning, ladies and gentlemen. I hope you enjoyed that video as much as we do. That is how Mirvac does its business, and the people who make the organization great, and a lot of the management team who are here today are represented in the video. Welcome to the annual general meeting of both Mirvac Limited and the general meeting of the Mirvac Property Trust, which I will refer to today as the meetings. My name is Rob Sindel, and I am the Chair of Mirvac. In the unlikely event of an emergency, an alarm will sound. If this should happen, please follow the directions of our very capable employees. Alex up the back there will assist us all out. May I also ask everyone in the room, please switch your mobile phones to silent mode. I have been informed we have a quorum and therefore declare the meetings open.
I'd like to welcome those of you who have joined us here in our Sydney office and those also joining us online. In the spirit of reconciliation, I would like to acknowledge the traditional custodians of the land from which we are presenting to you today. I'd like to pay my respects to their elders, past and present, and to all Aboriginal and Torres Strait Islander people. Here with me in Sydney this morning, to my immediate left is our Managing Director and CEO, Campbell Hanan, and non-executive directors, Jane Hewitt, Damien Frawley, and Peter Nash. To my right are Mirvac's Company Secretary, Michelle Favelle, and non-executive directors, James Cain, Rosemary Hartnett, and Christine Bartlett. Members of our executive leadership team are also here today and will be available after the meeting to speak to security holders.
Voula Papageorgiou , our lead external audit partner from PwC, is also available to answer any specific questions on the audit. As required, Voula steps down as our lead audit partner this year. I'd really like to thank Voula and the PwC team under her leadership that have contributed to Mirvac's success over the past five years. Before we move to formal matters which relate to our resolutions outlined in the notice of meeting, both Campbell and I will address the meetings. Today, we'll provide you with an update on Mirvac's financial performance, progress in executing our strategy, and also the outlook for the business. From my perspective, I'm pleased to say that the financial year 2025 was a really solid year of execution by the team. Under Campbell's leadership, the team made good progress to set the business up for growth into FY 2026 and beyond.
We executed a number of capital partnering initiatives, grew our living sector exposure, progressed our development pipeline, and refined our high-quality investment portfolio. Our FY 2025 results were in line with our earnings guidance, which included an operating profit of AUD 474 million, or AUD 0.12/ staple security, and a distribution of AUD 0.09/ staple security. Our statutory profit of AUD 68 million was driven by improved asset valuations across the industrial and living sectors, offset by lower office asset valuations and write-downs at selected development projects. Through an active and disciplined approach to capital management, we ensured the balance sheet remained in excellent shape. In FY 2025, the team refinanced AUD 1.8 billion of debt, issued an AUD 400 million green bond, completed AUD 340 million of asset sales, and raised over AUD 1.3 billion through capital partnering initiatives.
Gearing was maintained within our target range of 20%-30% at 27.6%, and our strong credit ratings were also retained. In addition to this, we have AUD 1.2 billion of liquidity in undrawn debt facilities and maintain significant headroom against our debt covenants. Our focus on robust capital management ensures we have the flexibility to take advantage of opportunities as they arise. We have a clear long-term capital allocation target to drive cash flow resilience, strong growth, and maintain the right level of income diversity with our mix of assets. Key to this is growing our living and industrial sector exposure where we see long-term tailwinds and attractive returns. It's been very pleasing for the board and investors to see the progress that Campbell and the team have made in this area.
In FY 2025, this included the completion of two warehouses at Aspect Industrial Estate in Western Sydney, which lifted our industrial allocation to 17%. We also completed three more build-to-rent projects across Melbourne and Brisbane, while our land lease portfolio grew to around 5,000 occupied lots, up from 4,600 in the prior year. Combined, our living sector exposure represents 7% of our total capital allocation, and we have an ambition to grow this to 25% over the longer term. At the same time, we are sharpening our office exposure, focusing on premium-grade assets in core CBD locations. This is where we see the best outlook for rent growth and valuation growth.
In FY 2025, we sold two office assets: 10-20 Bond Street in Sydney's CBD and 75 George Street in Parramatta, reducing our office exposure to 54% with a long-term target of 40% as we grow the living and industrial sectors. In response to feedback from proxy advisors and investors, we continue to evolve our disclosures on our short-term and long-term incentive plans, specifically how they align to our key strategic priorities. We retained our long-term incentive hurdles, which aligns executives to performance through an equal weighting of relative return on equity and relative total shareholder return. We also made some changes to our long-term performance and deferred short-term incentive plans. The number of rights allocated under each plan will now be determined on a face value basis rather than on a discounted face value basis.
Key management personnel will be entitled to distributions only on rights that vest and are declared during the performance period. The board intends to award these distributions as Mirvac securities following the end of the performance period. It's also been very pleasing to see that these changes have been well supported by investors, including Alan at the ASA. We will continue to focus on aligning pay outcomes with performance, which is a foundational principle of our remuneration framework. The board remains committed to ensuring Mirvac's operations and the way we work reflects a high standard of corporate governance. We want to foster a culture that values ethical behavior, integrity, and respect. As always, we continue to work with government and the community to drive positive social and environmental outcomes. There are three achievements over the past 12 months that highlight the progress in these areas.
Firstly, our New South Wales construction team achieved a five gold star ICERT rating for the third year in a row. This is great recognition of our commitment to safety and compliance and demonstrates our long-standing focus on building quality. We also reaffirmed our 2030 decarbonization targets and outlined the actions we will take to get there. These include electrifying both new and existing assets, using low carbon materials, installing solar at our residential and industrial projects, and investing in high-quality nature-based offsets. Finally, we released our first-ever social performance report to showcase the work we are doing to deliver social value. Mirvac has a strong brand and a clear strategy that is delivering on its objectives and is well placed for the future.
I'd like to congratulate Campbell, the executive leadership team, and the rest of the team at Mirvac for the work they've done to reset the business and to position Mirvac for success. It's also great to see the progress the team has made in the first quarter of the financial year, which Campbell will talk to you shortly. In the year ahead, the board will continue to focus on the execution of Mirvac's strategy and progress against its capital allocation targets. We'll continue to draw on the lessons we have learned over the past few years, particularly around how we can better leverage our integrated construction model and improve the speed and certainty of delivery. This includes design optimisation initiatives, modern methods of construction, and offsite prefabrication of building elements.
Finally, we will continue to ensure we have the right skills and experience on our board as we steer Mirvac through its next phase of growth. Last year, we welcomed Rosemary Hartnett to the board, who is up for election today. Rosemary brings a wealth of property and funds management experience to the board, and we will hear from Rosemary shortly. I would also like to thank my board colleagues for their support and contribution over the past 12 months. I would also like to thank our valued security holders for your continued support of Mirvac. I will now hand over to Campbell to address the meeting.
Thanks, Rob, and welcome to all of you who have joined us here at 200 George Street in Sydney or online. I would also like to acknowledge the Gadigal people of the Eora Nation and pay my respects to elders past and present. The challenges of the past few years, rising inflation, interest rates, and fast-going construction costs are largely behind us. As we communicated to our security holders at our full-year results in August, we have ring-fenced our COVID-impacted projects to FY 2025. Now it's all about a return to growth, and we have strong momentum across all parts of our business going into FY 2026. Over the past 12 months, we've had a clear focus on executing our strategy to set the business up for the future.
A key part of this is growing our exposure to living, particularly in build-to-rent and land lease, and we've made excellent progress in this space. In FY 2025, earnings from the living sectors were up 184% to AUD 54 million, demonstrating the clear benefit of our strategic capital allocation. Our build-to-rent portfolio of almost 2,200 apartments in Sydney, Melbourne, and Brisbane is now the largest operating portfolio in Australia, and our BTR venture has grown to AUD 1.8 billion in value. Our stabilized portfolio was 95% leased at the end of September, and our first build-to-rent assets in Brisbane, which we call LIV Anura, is currently 54% leased just three months after completion and well ahead of expectations. We have an ambition to grow our build-to-rent portfolio to over 5,000 apartments in the medium term, which plays an important role in adding much-needed new housing supply to our communities.
Within land lease, we have grown our stabilised portfolio to over 5,000 operational sites, with around 3,000 sites in our secured development pipeline. This follows the acquisition of two new communities in Victoria in the financial year to date, which means we will be selling across nine more communities over the next two years. We also have a further site in active due diligence in Queensland. We are seeing positive metrics, with the average settlement price up 12% in the first quarter, with re-leasing spreads of 9% and an average rent increase of around 3%. Both of these established platforms have significant potential for scale and provide us with a clear pathway for further growth.
There is, of course, great alignment between the living sectors, which deliver steady and resilient returns, and our residential business, where we have over 53 years of experience in delivering vibrant communities for our customers. We are one of the only developers in Australia with the ability to deliver across the entire housing spectrum, including apartments, townhouses, detached housing, and master planned communities in the inner, middle, and outer ring locations. We are seeing improved momentum in this part of the business, driven by three interest rate cuts this year, improved consumer sentiment, and improved policy settings at both the state and federal level. We saw a strong pickup in residential sales in the first quarter of FY 2026, with 619 lots exchanged, up 79% on the same time last year.
We also had 432 deposits on hand, close to double what we had in the last quarter of FY 2025, and inquiries were up 26%. Our residential pre-sales balance of AUD 1.6 billion provides a good line of sight to future earnings, and we expect this to be further boosted by the launch of a number of new master planned communities and apartment projects over the next 12 months, with Mirvac now selling across more fronts than ever before. This includes Everdene at Mulgoa in Sydney's west, which is already attracting strong interest from first home buyers and upgraders, as well as the next release of our luxury Harbourside Residence in Sydney, our most premium offering to date.
As Rob mentioned, we are progressing initiatives that leverage modern methods of construction, which have the potential to drive up to 10% in cost savings and significant improvements in build times and sustainability outcomes. We are rolling these out across a number of projects in FY 2026, with the intention of implementing them more broadly thereafter. We've also made good progress in reshaping our investment portfolio, which is delivering strong metrics, positive leasing spreads, and has low capital expenditure. Our Industrial portfolio, focused in Sydney, is performing strongly. We have maintained high occupancy of 99%, and income from this part of the business was up 12% in FY 2025, following development completions at Aspect Industrial Estate in Kemps Creek in Sydney's west. Our next industrial development project, called SEED at Badgery's Creek, close to the new Western Sydney International Airport, is also progressing well.
The 50% sell-down of Stage One to Australian Retirement Trust and the anticipated sell-down of Stage Two will help us to fund the continued expansion of our industrial portfolio and deliver new, resilient income to the group. As we grow our exposure to both living and industrial, we are also sharpening our office footprint, with a focus on continuing to create and own premium-grade assets in core CBD locations. These assets remain the most resilient in terms of both capital and tenant demand. Following AUD 1.2 billion of asset sales over the past two years, we now have a young and modern portfolio of high-quality assets, 54% weighted to premium grade, with an average age of just 9.6 years and a 5.3 star neighbours energy rating.
Within our urban retail portfolio, our strategy to derive value is delivering results, with occupancy at 99%, leasing spreads of 2%, and positive sales growth. We continue to refine our retail mix and collaborate with both new and existing partners to maximize sales productivity and drive value. Over the year, we opened 43 new stores across our portfolio, including new retailers such as Haigh's Chocolates and Adore Beauty, helping to attract more visitors to our centers. I'm also pleased to say that last week we exchanged contracts for the sale of the former Toombul site in Brisbane to Irvine Property Group, a local Brisbane developer. Security holders may remember we made the difficult decision to permanently close the center following severe flooding in March 2022. This was an incredibly challenging time for our retailers, the community, and everyone in our Mirvac retail team.
Since then, we have completed demolition of the site and have worked with Brisbane City Council on key planning issues and a critical flood solution. We then commenced discussions with potential partners about the best way forward. Given the scale of the site and the extensive remediation works required, we believe the sale of Toombul to Irvine Property Group allows for renewed investment, and we believe this is the best outcome for the community and for our security holders. Our integrated model and in-house design, development, and construction capability is something that is uniquely Mirvac, and it's important to our customers and capital partners who invest alongside us.
Our committed development pipeline is expected to create around AUD 100 million in new annualized income for our investment portfolio over the coming years, while delivering simultaneously AUD 540 million of value through development profit and NTA uplift, and also adding a further AUD 2.7 billion of funds under management. We are making good progress on our active development pipeline, with all projects now on track and many ahead of schedule. At our flagship mixed-use development at Harbourside in Sydney, for example, we have completed the southern podium structure, and the residential tower is now at level 20. We are also close to completing our 7 Spencer Street office asset in Melbourne, which we co-own with Daibiru, and we are in advanced discussions with prospective tenants that would see pre-leasing increased to around 50%.
In industrial, we have three more warehouses at Aspect Industrial Estate that are due for completion next year, and total pre-leasing across Aspect north and south is around 86%. Within our funds business, we have added around AUD 13 billion of third-party capital over the past three years, including AUD 1.6 billion in FY 2025. Our funds wholesale status, in-house management experience, and stabilized assets are generating resilient income, uniquely positioning us to pursue our next growth opportunities and attract further capital to the platform. In particular, we are seeing strong demand for the living sectors, industrial, and more recently, premium-grade office, where we have demonstrated competitive advantage. Within the Mirvac Wholesale Office Fund, the top-performing fund in its index, we have raised around AUD 413 million since April, driven by a focus on owning the best assets in the best locations.
With gearing of 25%, one of the lowest in the sector, the fund is positioned to deploy capital at the right point in the cycle. I would like to address some of the questions we have received regarding our involvement in the proposed change of manager in the Australian Prime Property Fund platform, or APPF. Earlier this year, we were approached by a number of APPF investors who wished to instigate a change of management of the APPF funds. Mirvac was invited to put forward a proposal that provided investors with an alternative for APPF. In response, Mirvac engaged with investors and developed an aligned proposition that reflected leading governance, fee and liquidity frameworks, transparency, and access to Mirvac's sector specialist teams. These proposals provided an avenue for investors to be given a choice to change the responsible entity of APPF industrial and APPF retail to Mirvac.
While the outcome was not as we had hoped, we're pleased to have had the opportunity to build relationships with a broad group of investors and showcase our sector-leading capabilities, our high-quality assets, strong investor-led mindset, and steadfast commitment to transparency and good governance. Attracting and retaining top talent is something we continue to focus on so that we have the best people in place to execute our strategy. We have an ambition to create a workplace where people feel engaged and inspired to deliver outperformance, and where they can grow and develop into the next generation of Australian property leaders. In line with this, we continue to roll out our Mirvac Master's program to our employees, which we launched last year in collaboration with the University of Sydney.
The Master's program provides our employees with deep technical learning and a curriculum tailored to meeting the evolving demands of the industry. Gender equality has been a long-standing focus at Mirvac, and in FY 2025, we saw a solid improvement in our gender equality metrics. The number of women in senior management roles increased to 47%, up 2% on FY 2024, and well ahead of our 40% target. It was also great to see that 44% of parental leave was taken by male employees in FY 2025, reflecting our commitment to a culture where care is supported equally. Our ongoing focus on our people delivered an employee engagement score of 81% this year, which places Mirvac in the top quartile of Australian businesses, and this is a notable achievement given the operating environment we have been working in.
Although uncertainties remain in both global and domestic markets, I believe that Mirvac, with its best-in-class investment portfolio, growing funds platform, development capability, and strong living sector focus, will continue to deliver value for security holders into the future. We have a strong balance sheet and a clear strategy in place, and we will continue to leverage our integrated creation and curation capability to provide a balance of stable income and focused growth. This is our key competitive advantage. Importantly, we have a highly engaged and talented team of people who support our vision. We remain on track to achieve our strategic objectives in FY 2026 and have reaffirmed earning guidance of between AUD 0.128-AUD 0.13 per security, which represents growth of between 6.7%-8.3%, and distributions per security of AUD 0.095, up 5.6% on FY 2025.
I'd like to thank the team for their hard work, passion, and commitment over the year, and for their contribution to our performance. I'd also like to thank our board for their support and guidance, and our leaders for their role in Mirvac's success. I'd like to thank you, our security holders, for your continued support. Thank you, and I'll now hand back to Rob.
Thanks, Campbell. I will now go through the procedures for voting and asking questions at today's meeting. All resolutions at the meeting will be decided by a poll, which I now declare open. The polls will remain open for all resolutions until the end of the meetings. This gives you the opportunity to vote now or at any time throughout the meetings. For those present in the room, when you registered today, you would have been given an attendance card.
Please raise your hand now if you have not got an attendance card. If you have a yellow card, you are a voting security holder, proxy holder, or corporate representative, and are entitled to vote and speak at the meeting. You can vote by placing a cross or a tick in the for, against, or abstain boxes opposite each resolution. Please place your completed voting cards in the ballot box at the back of the room before the polls close. If you have a blue attendance card, then you are a non-voting security holder who is entitled to speak at today's meeting but not entitled to vote. If you have a red attendance card, then you are a visitor and cannot vote or speak at today's meeting. As the Chair of the meetings, any open proxies given to me will be voted in favor of each resolution.
The number of direct votes, as well as the proxy votes received prior to today's meetings, will be displayed on the screen for each resolution as it is considered. When I call for questions, if you wish to speak, please make your way to the microphone stand and state your name. Please bring your yellow or blue attendance card with you. If anyone is unable to move to the microphone, then please simply raise your hand and a microphone will be brought to you. To be fair to everyone and to allow other security holders a reasonable opportunity to participate, I request that you please limit yourself to two questions or comments at each question time. Only questions that are relevant to the meeting will be addressed.
If you have any questions relating to customer or personal matters, please speak to a member of the management team after the conclusion of the meeting. He'll be very happy to assist you. As shown on the screen, there are four items of business on today's agenda. The first item of business is the receipt and consideration of the financial reports, the director's report, and the auditor's report for Mirvac Limited for the year ended 30th of June 2025. While there is no resolution for this item, security holders and proxy holders are welcome to ask questions about these reports. I will now invite any questions on this specific resolution.
Hello, Mr. Chair. I will go and ask two questions, and then I'll sit down. I've only got another couple anyhow. By the way, I'm Alan Golden. I'm representing the Australian Shareholders Association and hold, I think it's just under a million securities and proxies. As the CEO mentioned, you were trying to go and change the Lendlease management of two funds so far, perhaps a third one to come. Your latest setback was in the retail fund. Now Lendlease is selling all the assets in that fund. It seems that the investors don't actually like that structure anymore. Would it have been different if you had been successful? Would it have been different if you had been successful.
Thank you for your question. It's really hard to answer that question. I think I'll let Campbell make a few comments because he's much closer to it. From our perspective, it was an investor-led process in the sense that those unit holders approached Mirvac and said, as Campbell said, "Would you consider representing us if there was a change of manager?" We were very happy to do that. I think that's a good process from our perspective because opportunities come and go, and you've got to take those opportunities as they arise. In terms of the retail fund, it had a liquidity event that we've just seen in the last week or two. We're not sure whether that would have occurred under us, but we have no way of assessing one way or the other. Is there anything you want to add?
Look, the only thing I'd say, it's a real privilege to be invited by investors to manage their assets. We were thrilled to be given that opportunity. Just remembering who Mirvac is, we are a developer. We own a lot of the real estate ourselves, and we look to partners to help us fund partial ownership of some of those assets. For us, we are in the business of trying to find good, long-term, secure capital partners who want to invest alongside us. The whole experience with APPF was a really wonderful opportunity for us as a business to get closer to some very deep pools of Australian superannuation capital. I'd hope at some point in the future we will be able to demonstrate that that is worthwhile. To a certain extent, I think we've seen that with the ability of Mirvac to raise AUD 413 million in our office fund, which is certainly the first office fund in the country to raise significant equity.
Just continuing on this one for a second, with your discussions with these superannuation investors, institutional investors, the fact that so many of them are—I'm sorry. The fact that so many of them took advantage of this liquidity event to move out of it, when you were talking to them, did you feel that there was any movement away from a managed fund like that, an external managed fund like that, or did you think that they still had interest in that and it was more effective they wanted to change the manager?
Look, that's a hard question to answer. Probably what I would say is we have a pooled fund, which is not dissimilar to those products, which has demonstrated it can raise capital. So I think there is a place in investment funds management for pooled opportunities. The reason of change really is one for the investors, but ultimately the things that they hold us to account on are fees, governance, conflicts of interest. There is a series of liquidity events, all of these things, and all of those play ultimately to the decision of how this capital wants its assets managed. I really can't answer it because I really can't speak for the investors themselves. It's personal to them. Certainly the fact that we were invited to participate for us was a great experience to demonstrate our capability.
Okay. Thank you. Just one more question at the moment on a different matter. You mentioned—I'm sorry, not you, sir. The CEO mentioned that you've just sold Toombul to Irvine Property Group. Did you get more than AUD 500 million for it?
No, we didn't.
That means you lost money.
We did.
Yeah.
I don't know about the AUD 500 million. That wasn't the value of that.
You bought it in 2016 for AUD 233 million. In that period of time, if you didn't get more than AUD 500 million for what money cost you, it's not a good deal. That's I'm looking.
I'm happy to take that, Rob. On that assessment, yes. We certainly didn't anticipate that we would have an event that would destroy a shopping center through flood. That was certainly unexpected. The consequence of that has been very real for the community. This was a much-loved community center. For the retailers whose businesses and livelihoods were involved in that shopping center, this was a terrible experience for them and, of course, for us as well and our security holders.
Okay. I'll sit down for a while.
Thanks, Alan. Any other questions from the floor on resolution one? Okay. Thank you. As there's no further questions, we'll now turn to item two, which contains two resolutions for the re-election of directors and one resolution for the election of a director. We'll introduce all three resolutions and then take questions. The first of these resolutions concerns my re-election as a director, and accordingly, I'll ask Christine Bartlett to assume the position of Chair for this first item. Thank you, Christine.
Thanks, Rob, and good morning. The first resolution is for the re-election of Rob Sindel as a director of Mirvac Limited. Rob retires under the director rotation requirements in Mirvac's constitution and therefore offers himself for re-election today. The resolution for item 2.1 is shown on the screen, as are the proxy votes and direct votes received on this resolution.
The board, excluding Rob, who is abstaining, recommends that security holders vote in favor of Rob's election. Rob was appointed to the board as a non-executive director in 2020 and as the chair in 2023. His experience is set out in the notice of meetings. The board values Rob's leadership and contribution and unanimously supports his re-election. I now invite Rob to address the meetings. Thank you.
Thanks, Christine. I'm honored to have the opportunity to present myself for re-election to the Mirvac board. Mirvac, as we said, has a really proud history of developing, owning, and managing places to live and work for over 50 years. Since my appointment in 2020 and as chair in 2023, I believe I've worked diligently to ensure the ongoing success and growth of Mirvac.
Now, what makes Mirvac a great company in my eyes is the dedication and commitment of its people. As a board, our role is to support and challenge the Mirvac team to provide a strong organizational culture, excellent customer service, and solid returns to security holders. We fully support the strategic direction and changes implemented by the team and are confident that these actions will position Mirvac for sustained long-term growth and success. With the support of shareholders, I look forward to working with my board colleagues and the leadership team led by Campbell as they continue to drive Mirvac's growth. I'll continue to do my utmost to support our dedicated team members and nurture what we see as a great culture at Mirvac. Thank you, shareholders.
Okay. Based on the proxy votes, I think I've been returned, which I really support security holders for their support.
Moving to the next resolution, which is for the re-election of Peter Nash as a director of Mirvac Limited. Peter retires under the director rotation requirements in Mirvac's constitution and offers himself for re-election. The resolution for item 2.2 is shown on the screen, as are the proxy votes and direct votes received on this resolution. The board, excluding Peter, who is abstaining, recommends that security holders vote in favor of Peter's re-election. The board highly values Peter's experience and his contribution to the board over the past seven years, including his very effective leadership as chair of the Audit Risk and Compliance Committee. The board has the utmost confidence in Peter's ability to continue discharging his responsibilities in an extremely diligent and professional way. As such, the board unanimously supports his re-election.
I now invite Peter to say a few words and address the meeting.
Thank you, Rob, and good morning to everyone that has joined the meeting. It has been my privilege to serve as your elected representative, and I greatly appreciate the opportunity to address you at this morning's AGM. When I addressed this meeting three years ago, it was against the backdrop of social and economic challenges of the COVID pandemic and the uncertainty that accompanied that. Since that time, uncertainty and volatility have continued as key themes. This has affected our company in a variety of ways: disruption to supply chains, increased costs impacting materials and labor, and demand uncertainty across several of the asset classes in which we operate.
Nevertheless, through the endeavors of our high-quality management team led by Campbell, together with strong oversight from the board, Mirvac presents itself today as a company with a strong balance sheet and the financial capacity to meet the challenges that lie ahead and, perhaps more importantly, access the many opportunities available to us as we pursue our strategy and deliver benefits for our security holders. I've been a part of the Mirvac board for close to seven years now. I have a strong understanding of the strategy we are pursuing, the assets we invest in, the projects we have underway, and our future pipeline. In the deliberations of the board and its engagement with management, the particular skills that I bring include business management and strategy, financial management and reporting, internal controls, and risk management.
These skills have been developed over almost 40 years in a career through which I've served as an audit partner in KPMG, specializing in financial services, as the Chair of KPMG Australia and a member of its global board guiding business strategy investment, and as the director or former director of other ASX-listed companies, including Westpac, where I'm currently the audit committee chair. I've examined the range of my commitments outside of Mirvac and believe I have both the time and the capacity to fulfill my responsibilities to Mirvac. The economic and geopolitical landscape ahead of us remains complex. Both opportunity and risk are clearly present. Nothing is certain, and in such times, I believe security holders are best served by good management and sound governance. I firmly believe that Mirvac has the right mix of these two key ingredients.
Ladies and gentlemen, thank you for the opportunity to address you this morning. I will continue to be a committed and dedicated director, and it would be an honor to have your support. Thank you.
Thanks, Peter. I'm just going to do all three directors, if that's okay, Mr. Golden, and then we'll open it up for questions on all of us. The next resolution is for the election of Rosemary Hartnett as a director of Mirvac Limited. Rosemary was appointed as a non-executive director in December 2024, and in accordance with Mirvac's constitution, offers herself for election today. The resolution for item 2.3 is shown on the screen, as are the proxy votes and direct votes received on this resolution. Rosemary's appointment reflects the board's commitment to renewal and broadening our range of skills and experience. Over the past 12 months, Rosemary has made excellent contributions to the board.
The board, excluding Rosemary, who is abstaining, unanimously supports and recommends that security holders vote in favor of Rosemary's election. I invite Rosemary to address the meeting.
Thank you, Rob. Good morning, everybody. I appreciate your time today and the opportunity to be considered for election to the Mirvac board. Over my career, I have observed Mirvac evolve and adapt while steadfastly maintaining its reputation as a creator of vibrant places and high-quality products. Mirvac holds a proud and enduring heritage, and it would be a privilege for me to contribute to Mirvac's future. I've had the pleasure of working within the organization over the past 11 months and have thoroughly been impressed by the depth to which Mirvac's values are embedded in the business and the strength of its culture. 86% of Mirvac employees say they are proud to work at Mirvac, and I feel exactly the same.
I'm also pleased to note, as Campbell did earlier, 47% of senior management roles at Mirvac are held by women, marking a significant achievement within the property sector. I am genuinely enthusiastic about the prospect of continuing to work alongside the Mirvac team led by Campbell, a highly respected and authentic CEO, and his distinguished, capable, and cohesive executive leadership team and leadership team. I have had the pleasure of interacting with Mirvac employees across all states and business units. Their shared desire to strive for excellence is inspiring. I'm eager to continue to work alongside Mirvac's board members, who bring a diverse array of skills and life experiences. The board's commitment and unity in pursuing Mirvac's long-term success is clear, and I look forward to collaborating with my colleagues to support, enable, and constructively challenge the Mirvac team.
With over 35 years of practical experience in property investment and development, banking and finance, funds management, and technology, I hope to bring a broad and nuanced perspective to Mirvac and assist to drive strong outcomes for you, our security holders. My experience includes 14 years as a non-executive director, including ASX board roles and chairing Industry Super Property Trust, holding AUD 22 billion in funds under management. I have appropriate expertise across all property asset classes and major cities within Australia and can provide oversight of investment decisions and assist to mitigate risk. My executive and board roles have equipped me with strong financial skills and a deep understanding of capital markets, along with valuable leadership experience. I also feel alignment with Mirvac as a purpose-driven organization committed to supporting its people, communities, and the planet.
Despite uncertainty in global markets, I am optimistic about Mirvac's future into 2026 and beyond. I see Mirvac's disciplined approach to risk-adjusted returns, robust capital management, and commitment to sustainability underpinning growth and resilience. Mirvac has distinct advantages through its integrated delivery model, stable investment portfolio income, and active development pipeline that can provide flexibility and opportunity into the future. Together with the board and the leadership team, I am eager to contribute to Mirvac navigating challenges and achieving positive outcomes for its stakeholders. To receive your support is truly an honor. Thank you.
Thanks, Rosemary. Well said. Okay, so Rosemary's voting is up on the board, but I now open the floor for questions.
Mr. Chair, why was there such a large vote against Mr. Nash?
Two of our proxy advisors recommended against the re-election of actually, what they said was security holders may like to consider whether they should vote for or in favor of Mr. Nash, and I suspect that's driven some of the against votes, but we see 72% as a strong endorsement.
Yeah, 28.2% is a big vote against. The question is why they made that recommendation?
They related it to some issues at another organization.
Mr. Nash has resigned from the ASX board, and I assume that's the board that they were talking about. They are talking about the past performance of that company?
That's what they wrote in their reports, that they were unhappy with the performance of stuff at the organization you talked about and gave shareholders the opportunity to express their displeasure through another company. From our perspective, that is not the way we see it.
We can only assess Peter's contribution, diligence through what he does at Mirvac, and from our perspective, as I said in my opening remarks, he's an excellent director, extraordinarily diligent, well-respected by the management team. He's a good challenger as well, as Rosemary talked to. I think that's what makes a good director, and we are very happy to endorse his re-election.
Good. Yeah, and we also are voting in favor of Mr. Nash, too.
Thank you.
We are on all three directors, but yeah.
Thank you. I'm sure we all appreciate that. Thank you. Any other questions on director election? Okay, as there are no further questions, the next item of business deals with the adoption of the remuneration report for the year ended 30th of June 2025. The remuneration report is set out from page 52 of Mirvac's annual report, which is available on Mirvac's website.
It contains information on Mirvac's remuneration framework and the outcomes from the financial year, 30th of June 2025. While the vote on this item is advisory only and therefore non-binding, the board will take into account the outcomes when considering remuneration policy. The board unanimously recommends that security holders vote in favor of the adoption of the report. The resolution for item three is shown on the screen, as are the proxy votes and direct votes received on this resolution. We will consider questions on the REM report together with the next item as they're related. The last item today is item four and relates to the participation of Campbell Hanan in the long-term performance plan. Campbell is the only director eligible to participate in the plan. The resolution for item four is now shown on the screen, as are the proxy votes and direct votes received on this resolution.
The board believes that the offer of performance rights under the long-term performance plan is an important part of Campbell Hanan's overall remuneration package. The performance rights are designed to provide a long-term incentive to pursue the growth and success of Mirvac that, in turn, generates value for security holders. The plan is focused on individuals whose contributions are identified as critical to the continued growth and success of the group. Details of Campbell's remuneration arrangements are contained in the REM report. The board, excluding Campbell, who is not eligible to vote, recommends that security holders vote in favor of Campbell's participation in the long-term performance plan. I now ask if there's any questions or comments in relation to the REM report or Campbell's participation in the long-term performance plan. Thank you.
As there do not appear to be any further questions, this brings us to the end of the resolutions being put to today's meetings. If security holders have not already voted, I ask that you do so by now recording your votes on the voting cards. Now, that concludes the formalities of today's meetings, the results of which will be released to the ASX and published on our website later today. On behalf of the board and management of Mirvac, I really do appreciate and thank you for your attendance at today's meetings. I now declare the meetings closed and invite those here to join the directors and management team for refreshments in the foyer just outside. Thank you again for your attendance.