Good morning, everyone, and welcome to the Nuix 2024 Annual General Meeting. My name is Rob Mactier, and I'm Nuix's Chairman. I begin today by acknowledging the Gadigal people of the Eora Nation, traditional custodians of the land on which we meet today, and pay my respects to their elders past and present. I extend that respect to Aboriginal and Torres Strait Islander peoples here today. It is now just after 10:00 A.M., the appointed time for the holding of the meeting, and I'm advised that the necessary quorum is present.
I therefore declare the Annual General Meeting open. Before we proceed with the meeting, a couple of quick housekeeping points. Could mobile phones please be turned to silent? Recording devices and cameras must not be used. In the event of an emergency, please head for the exit doors or follow the instructions of staff.
Today, I'm joined by my fellow directors. And here in the room, from your left to right, Nuix's General Counsel and Company Secretary, Ilona Meyer, Jacqueline Korhonen, who's the Chair of our Remuneration and Nominations Committee, Nuix's Group CEO, Jonathan Rubinsztein, Nuix's Deputy Chair, Jeff Bleich, Sara Watts, and Alan Cameron, AO. And in addition, dialing in from offshore is Sir Ian Lobban, who is based in the U.K. but in Singapore today. I hope you can hear us, Ian.
And joining us here in the audience today are several members of Nuix's leadership team, as well as Trent Duvall, representing our auditor, KPMG. The prepared AGM commentary and the presentation for today's meeting have been released to the ASX. Today's meeting utilizes hybrid technology through the Link Online platform.
This enables shareholders to participate in the meeting irrespective of where they are in the world, and I warmly welcome those of you participating online. The agenda for today's meeting is as follows. Firstly, I will present my formal address, and following that, Jonathan Rubinsztein, Nuix's Group CEO, will present his review of Nuix's activity for FY24 and some brief update commentary, and we will then proceed with the formal business of the meeting.
Following conclusion of the meeting, I invite those shareholders here today to join me and my fellow directors for light refreshments. It is my privilege to serve as the non-executive Chairman of Nuix, and I would like to thank you for joining us today in person and online and for your interest in Nuix, a great Australian tech company.
Nuix is a leader in the data intelligence landscape due to its innovative technology and commitment to delivering powerful insights. What makes Nuix special is its ability to process vast amounts of structured and unstructured data rapidly and accurately, turning it into actionable intelligence for a broad range of organizations and for a broad range of uses. This expertise is driven by the powerful capabilities of the Nuix engine to uncover hidden patterns and connections within data.
Moreover, Nuix's dedication to integrity and ethical practices underpins our mission to be a force for good. This commitment fosters trust among customers and stakeholders, enhancing collaboration and ensuring that our technology is used responsibly. With a strong emphasis on innovation, Nuix is continuously evolving to meet the dynamic needs of our customers.
It's this unique combination of advanced technology, customer centricity, and ethical responsibility that makes Nuix such a unique and valuable partner for organizations navigating the complexities of exponential data growth. FY24 was a period of significant progress, achievement, and optimism for our company. We experienced solid growth, strategic successes, and a reaffirmed commitment to excellence and innovation. Pleasingly for all, this has been evidenced by a material improvement in our share price. Shortly, your CEO, Jonathan, will review the FY24 results and update you on the FY25 outlook.
The 2024 financial year saw substantial growth in annualized contract value and statutory revenue. This growth underscores the demand for our solutions in a rapidly evolving market characterized by the exponential growth of data creation. Combined with a careful and considered focus on costs, this revenue growth led to very strong increases in both underlying and statutory EBITDA for the year.
Strategically, a significant highlight of the year was the launch of our new unified platform, Nuix Neo, along with three related use case solutions. This platform represents a fundamental shift in our customer offering, delivering notable efficiency and usability benefits. Our growth trajectory is supported by a solid financial position bolstered by improved cash generation throughout the year, and with a stronger cash balance, an undrawn debt facility, and a significant increase in our equity market valuation, Nuix is well equipped to capitalize on our growth opportunity.
From a personal perspective, a key highlight this year was my first visit to our operations in the United States, a market that accounts for over half of Nuix's ACV. This visit provided invaluable insights into our operations, market position, and the opportunities that lie ahead in the United States.
Engaging directly with our teams and the customers in the U.S. reinforced my confidence in our strategic direction and our ability to execute our plans effectively, and although occurring after the end of the financial year, another key highlight was the series of Accelerate Customer events held in September and October in Sydney, London, and Nashville. These events are an important and exciting way to showcase our technology and our talented people.
The level of interest and enthusiasm from our customers and other stakeholders was very evident. Which brings me to the people of Nuix. One of the most exciting aspects of my involvement with Nuix is witnessing the energy and enthusiasm of our staff, including our Executive Leadership Team. Led by your CEO, Jonathan, their dedication, vision, and strategic acumen have been instrumental in our recent growth.
The commitment of the Nuix team to innovation and excellence fosters a dynamic environment that resonates throughout the organization. As announced in May, Chad Barton, Nuix's Chief Operating Officer and Chief Financial Officer, stepped down at the end of August following the release of the FY24 results. Chad's contributions to Nuix's transformation were significant and valued, and I thank him for his dedication.
And I now take this opportunity today to welcome Nuix's new Chief Financial Officer, Peter McClelland, who joined Nuix last week. Peter's there in the front row, and I'm sure he'll buy you a drink afterwards. Peter's extensive public company CFO experience and his financial and strategic expertise will further bolster our executive leadership. I would like to extend my sincere thanks to the Nuix staff, the ELT, and also my fellow board members.
Your hard work, insights, and commitment during the year have been the driving force behind our achievements. And in closing, I say thank you to you, our shareholders, for your continued support and belief in our vision. Nuix is an Australian tech company making an impact around the world, and we thank you for joining us on that journey. Together, we will continue to build on our successes and shape the future of Nuix. And I would now like to invite Jonathan to address the meeting.
Thank you, Rob, and good morning, everyone. FY24 marked a significant step forward for Nuix's transformation. Building on the foundations laid down in the previous year, we have focused on executing on our strategy, which is accelerating the innovation cycle, deepening relationships, and pursuing further growth opportunities. Today, I'd like to talk about the year in the context of our people, our products, and our performance.
Our people are the lifeblood of our business, constantly impressing me with their creativity and commitment. They are the fuel powering Nuix's transformation and delivering innovations for our customers. And what's exciting is that we are only getting started now. Our customers and our partners are also equally inspiring in the work that they do and in the way that they use Nuix technology to solve some of the world's most complex data problems.
Our recent Accelerate events in Sydney, London, and Nashville were powerful reminders of the connections that we have with our customers and our partners. These events were instrumental in driving further interest in our technology roadmap and highlighting our commitment to innovating responsibly, in line with our mission of being a force for good. FY24 saw the launch of our unified platform, Nuix Neo, in line with our strategy.
Nuix Neo is an AI-enriched single platform that helps customers identify, process, and understand complex data in ways that are faster, easier, and smarter. The Nuix Neo platform means that we can offer our customers a streamlined approach to our common use cases for our software, utilizing tuned AI language models specific to each challenge. Further, Nuix Neo enables our customers to harness the power of our proprietary AI technology, making the process of understanding data more intelligent and incisive.
Over the year, Nuix delivered on its product roadmap, releasing three use cases: data privacy, investigations, and legal, to our early adopters in the timetable articulated. To complete this ambitious product roadmap in 12 months is a real credit to our talented R&D team. The enormous contribution of our people, combined with the innovation in our products, translated into performance.
At the start of the financial year, we set ourselves ambitious strategic objectives relating to new product rollout and financial performance. We met those strategic objectives and, in several cases, exceeded them. We said we would target around 10% ACV and stat revenue growth in constant currency. We exceeded that objective in ACV and by quite a significant margin in stat revenue. ACV at the end of the year came in at AUD 211.5 million, a rise of 14% on the prior year.
An important driver of ACV growth was a lift in net dollar retention, which rose to 112.9%, up 3.7 percentage points on the prior year. Stat revenue rose a pleasing 20.9% on the prior year to AUD 220.6 million. We said we wanted to achieve a successful rollout of Nuix Neo and associated solutions to early adopters, which we also achieved. Nuix Neo contributed AUD 12.1 million to ACV in FY24, its first year representing about 45% of overall ACV growth for the year.
We wanted to broaden our sales focus to drive further new business. And during the year, we saw good growth in component sales through new customers and new offerings, with particular strength in Rampiva and Advantage. And as I've mentioned, Nuix Neo sales to both new and existing customers were also a significant contributor to growth.
We wanted to achieve operational leverage in the business by growing revenue faster than operating costs. Operational leverage was evident in the strong EBITDA growth delivered over the year, with underlying EBITDA up 38.7% to AUD 64.4 million and stat EBITDA up 60.2% to AUD 55.9 million. Lastly, we said we wanted to be underlying cash flow positive for the full year, and we delivered underlying cash flow of AUD 24.7 million, up 171% on the prior year.
Not only that, we were also cash flow positive to the tune of AUD 11.9 million, up from the negative AUD 12.9 million in the prior year. These were ambitious but achievable targets that we set ourselves at the beginning of the year. I'm really proud of the hard work by the Nuix team to not only meet the strategic objectives we set, but in several cases, exceeding them significantly.
At the FY24 full year results in August, we flagged the following strategic targets for the full year FY25: targeting 15% ACV growth in constant currency, continued successful rollout of Nuix Neo, revenue growth to exceed operating cost growth, excluding non-operational legal costs, and being underlying cash flow positive for the full year. We continue to execute on our strategy, and I take the opportunity to reiterate these targets.
Nuix's sales are not linear over the course of the year, and our current expectations are that growth will be weighted towards the second half of the fiscal year. In closing, I want to acknowledge the hard work of the team who are driving this transformation. They are committed to the execution of the strategy, with a particular focus on customer centricity. Thank you for your tremendous efforts over the year.
I'd also like to extend my thanks to our fellow directors, along with all our stakeholders, including you, our shareholders. We are tremendously grateful for your support and look forward to delivering further innovation and growth. Thank you.
Okay, we now come to the exciting part of the meeting, the formal business. The notice of meeting dated 9th of October was circulated to shareholders, and I will take the notice as being read. Before moving to the various items and resolutions, I'll now briefly outline procedures for today's meeting. In accordance with the company's constitution and as set out in the notice of meeting, we have determined that voting on each of the resolutions will be conducted by a poll.
We adopted these procedures to ensure that the views of as many shareholders as possible are represented at the meeting, and I now declare the poll open. The results of the poll will be declared and released to the ASX later today. Only shareholders, proxy holders, or appointed representatives are entitled to speak or vote at this meeting.
Only shareholders who are entitled to vote at this meeting may cast a direct vote on a resolution. As chair of the meeting and as detailed in the notice of meeting, I will vote, where authorized, all undirected proxies in favor of each resolution. For those attending the meeting in person, you can cast your vote by filling out a paper voting card, and if you have any questions, please see a Link Market Services team member at the registration desk.
For those shareholders participating in the meeting via the online platform, you can cast your direct vote using the electronic voting card that you received when you validated your registration. If you have any questions about casting your vote online, please refer to the online platform guide or call the number set out in the guide or on the screen in front of you.
Steve Kooy of Link Market Services is the returning officer for this meeting. During the meeting, we will display on the presentation slides the number of direct proxy votes received prior to the meeting on each resolution. As I said before, the final results will be released to the ASX as soon as they are available. If we experience any technical issues today, a short recess or an adjournment may be required depending on the number of shareholders being affected. We're a great Australian tech company, so that won't happen. If this occurs, I will advise you accordingly. If you are attending the meeting in person, you would have been given an attendance card when you registered on arrival.
If you have a yellow voting card, you are a voting shareholder, proxy holder, or corporate representative and have chosen to vote using a paper voting card, and you are also entitled to speak at the meeting. If you have a blue card, you are a non-voting shareholder, and while you're entitled to ask questions and make comments, you are not entitled to vote at the meeting. And if you have a red card, you are a visitor and not entitled to speak or vote at this meeting.
If anyone with a yellow or blue card wishes to speak, please raise your hand at the appropriate time, and a microphone will be brought to you to ask your question. Please show your card and say clearly your name when asking your question.
For those who are participating via our online platform, you will be able to submit questions by registering as a shareholder or proxy holder and selecting the Ask a Question tab, and I will consider the questions submitted online after I have taken questions from the floor, and we may aggregate questions if we receive multiple questions on the same topic, and out of fairness to everyone present, I ask that you limit your questions to one at a time and also restrict your questions and comments to the resolution being considered, and I reserve the right as chair to rule questions not pertaining to the AGM as out of order, so item one relates to the financial statements and reports. The 2024 report contains the financial report, directors' report, and the independent auditors' report.
A copy of the annual report is available on the Nuix website and was also sent to those shareholders who requested it. The financial statements have been audited and approved by the directors. I will take the reports as received and read. Prior to today's meeting, we received a question in relation to the general strategic direction and financial strength. It was really 45 questions in one, but I will respond in general terms to say that the board has endorsed the overarching strategy that has been outlined by Jonathan, and it's particularly pleasing to see that our strategy is coming to fruition. The financial position of the company is very sound, and noting a strong cash balance at the end of the financial year, the undrawn debt facility, and the general lift in our equity market valuation.
I have every confidence in the position of the company, the opportunity in front of the company, and the governance of the company. I would now like to invite any shareholders on the floor to ask questions or make comments about the management of the company or any other general matters, and ask the auditor any questions that you have about the conduct of the audit and the preparation and content of the auditor's report. Please keep questions about specific resolutions until we consider that resolution. Are there any general questions at this time?
Thank you both, CEO and Chairman, for your address. I've been a shareholder since day one, so I've sort of gone through the travails. Is the Nuix Neo responsible for the turnaround and in finances in general, sort of prosperity of Nuix at the moment, or is it due to a lot of other things like when to recognize revenue, et cetera, because it's been a bit of a ride over the last four years?
Thank you for your question. It has been a challenging ride, and a lot of that was created by external forces that were keen to denigrate this great Australian tech company. What we've done is we've hunkered down and we've focused on what we can control, which is the performance of the business, the quality of our tech, and the Nuix Neo platform that we've introduced is part of the evolution of the company and part of our growth path going forward.
It's not the reason, it's not the sole reason for the turnaround, it's one of the elements of the turnaround. But Jonathan and the ELT team have reinvigorated the company, and across many facets, the business is heading in the right direction. And we empathize with shareholders who've been through that ride, but we think you can look forward to the future with great conviction.
With regard to Nuix Neo, I don't quite - is that just a more powerful engine, and does it set you up in the new world of generative AI with competitors, et cetera, who may want to enter this area?
I'm going to let your esteemed CEO respond to that because he's the absolute expert.
Nuix Neo is a new platform. We took a bunch of our components, we combined them together, and we built a platform that allows us to solve the same problem in a repeatable way. We built three solutions. We built our data privacy solution, our forensic investigation solution, and now our legal solution. Your question is, what has driven the transformation? It's a combination of, as I said earlier, it is the people, the products, our go-to-market.
There's been a massive shift in how we think about our strategy. To me, strategy is simple. It's where to play and how to win. We thought about our strategy. We've thought about how we take our software to market in a slightly different way.
Our platform solves the same problem repeatably, and our ability to innovate quickly in terms of the horizontal workflow and our customer centricity. We think our platform gives us that ability to do that more quickly. In terms of the generative AI, our platform, actually, we've built in our platform what is called a deep learning framework, and we think that that platform allows us to access generative AI technology much more easily.
So being able to reach outside and take vectorized data, which is what generative AI is based on, and being able to embed that into our platform gives us a massive advantage and a huge kind of new TAM that we can play in. Very happy to talk afterwards if you want more detail. I can ramble on forever, so I'll stop there.
I hope you've got a free afternoon. Do we have any questions on the online platform?
Yes, we do. We have a question from Mr. Stephen Mayne, who asks, "After a blizzard of post-IPO bad publicity, you really have turned things around from a share price point of view. Macquarie remains our largest shareholder with a 29% stake, which is currently worth AUD 758 million. Macquarie's history has been to sell out of equity positions such as Transurban, Boart Longyear, Sydney Airport, and JB Hi-Fi. Are they a long-term holder? Who on the board represents Macquarie? Who handles engagement with them? And do we treat them any differently to other shareholders? And are they one of our biggest customers?
Okay. Macquarie is indeed a very valued shareholder of the company. They're a long-term shareholder of the company. I would never seek to comment on Macquarie's intentions. That's their business. They're also a very valued customer of the business. They don't get treated any differently to any other shareholder. We occasionally meet with them. The engagement with Macquarie is handled by Jonathan and myself, and what else have I missed?
Are they one of our largest customers?
They are one of our largest customers, yes. Macquarie does not have a nominee on the board. Mr. Dan Phillips was previously on the board as Macquarie's nominee, but as disclosed, he stepped down in August last year.
Thank you, Chair. We have a further question from Mr. Mayne. "Thank you for offering shareholders a hybrid AGM today. I couldn't find a copy of last year's AGM webcast on your website, but there are copies of the results webcasts going back to 2022. Out of respect for your 15,000 retail shareholders, more than 99% of whom won't be attending or watching this AGM live, could you please undertake to publish a full copy of the AGM webcast on the investor relations section of your website?
Thank you, Mr. Mayne, for the question, and I'm sure I will work with Brett Diamond and Ilona Meyer, and we'll make that happen.
We have a further question from Mr. Mayne. "Thanks to Jeff Bleich for making the trip down under to attend today's AGM in person and for sticking with the company as Chair and now Deputy Chair through all the ups and downs of the past few years. Given Jeff's expertise on U.S. politics, could he please share his perspectives on what the election of Donald Trump could mean for our business, particularly now that more than half of our revenues come from the U.S. market? And could the CEO also comment on broader U.S. regulatory issues in the big data and tech sector?
Okay. I'm not sure whether that's totally on point for the AGM, but knowing Jeff, he will provide you with a succinct and eloquent response.
Given my past powers of prediction of American politics, I would not place any great faith in my comments on this. I do think that most likely, given that President Trump, President-elect Trump, having served in office before and having already started to announce some of his key appointees, will be able to hit the ground running when he comes into government.
I think that a lot of the people who he's already named are very focused on the types of AI-driven solutions that Nuix provides, and that we are unlikely, given that there has been no turbulence in the transition of power following this last election, I think it's unlikely that we're going to have any slowdown in government contracting and that a lot of the contracting could well be things, bids for which we are well qualified and I think would be competitive.
So in terms of its impact on Nuix's business, I don't see any particular storm clouds, and I actually see some potential positive opportunities, particularly for our U.S.-based business, given that he's also looking to reduce corporate taxes for U.S.-based companies. I think with that, I'll limit my comments to Nuix's impact on Nuix and similarly situated businesses. And I'll not go any further.
Look, I'll be quick. Our three solutions that we've got, we have a cyber breach data privacy solution, we have a forensic investigation solution, and we do legal, we have a full end-to-end EDRM solution. I guess my point is, in this world, those three solutions are becoming more and more important as the world gets slightly more complicated. So cyber breach, forensic investigation, and legal, I think, becomes, if you want, a tailwind for ourselves as the world gets complicated.
Thank you. There's a final question from Mr. Mayne in relation to this item. "There's a lot of hype about AI, extraordinary amounts of big tech AI investment, and talk of a bubble. Where do we sit on the AI continuum? Are we an AI-enabled stock, and how much of our resurgence can be put down to AI? Also, what level of engagement do we have with the big global AI players such as Nvidia, Microsoft, OpenAI, and Alphabet?
It was remiss of me not to welcome Mr. Mayne onto the register. He's obviously an astute investor, so thank you, Stephen. Jonathan would like to comment.
So in terms of what we've done over the last two and a half years, we actually acquired a business now almost four years ago out of Boston called Topos Labs. And I always joke that four years ago, most people could kind of just spell AI. And we've spent the last three and a half years actually taking our natural language processing and embedding that within our Nuix Neo platform. So we've been spending almost four years doing that. It truly is part of the end-to-end platform that we've got, but it's not only the NLP. It's also the Neo platform includes our automation product that we acquired, which was Rampiva.
And then joining that together with our world-leading data processing engine means that we think at a platform level, Nuix Neo, which has AI embedded in it, is truly a unique and proprietary AI technology that allows us to do what we do. And internally, we use Neo. The internal branding was doing things 10x better. So we truly believe that it's not the sole reason why Neo is performing well, but it is key to the success.
And certainly, when you think about what we do, we take massive data sets and we try to find causal or correlated insights, and AI can just do that faster, smarter, and easier, and it allows us really to do this as a repeatable platform. And so from our perspective, again, this is the start of that journey. Again, as an end-to-end platform, being able to use the vectorized data in the deep learning framework, we think also gives us a massive advantage.
Thank you. There are no further online questions.
Okay. With no further questions, I'll now move to the next item. Item two and resolution one is the company's Remuneration Report. The Remuneration Report is contained within the 2024 annual report, which is available on the Nuix website. I will take the Remuneration Report as read. Further details about this resolution are also contained in the explanatory statement that accompanied the notice of meeting.
This vote is advisory only and is not binding on the directors or the company. And noting that each of the directors has a personal interest in their own remuneration from the company, each of the directors recommends that shareholders vote in favor of adopting the Remuneration Report. Do we have any questions on this item here in the room? Are there any online questions?
Yes. We have a question from Stephen Mayne. "Which of the proxy advisors cover us, and did any recommend a vote against any of today's resolutions, including this Remuneration Report item? If so, what reasons did they give? Finally, please disclose the proxies to the ASX with the formal addresses at next year's AGM, and when disclosing the voting outcome to the ASX, please adopt scheme-like disclosure, including data on how many shareholders voted for and against each resolution. As a data-rich company, it would be respectful to let shareholders know their data on how they voted.
We are covered by, and particularly having re-entered the 300 index, we are covered by a number of the proxy advisors. The proxy advisors, they provide reports to there subscribers. It's not a public matter. There were some votes against some recommendations, but we believe that the position that we've taken and the disclosure that we've provided is very positive and should be supported by shareholders. In terms of our disclosure of the results of the meeting to the market, we will look at best market practice and we'll see what we can do but appreciate your comments, Stephen.
There are no further online questions.
Okay. As there are no further questions, proxy votes for this resolution are now shown on the screen. If you have not already submitted your vote for this resolution, please submit your vote now. Okay. Item three concerns the election of directors, and at this point, I will ask Jeff Bleich, Nuix's deputy chair, to chair the meeting while my re-election is being considered.
Thank you, Rob. And good morning, shareholders. Resolution two concerns the re-election of Rob Mactier as a director and as chair. Rob's background and experience is detailed in the notice of meeting. And it's my pleasure to speak to the resolution that Rob be re-elected to the board of Nuix. Rob was appointed to the board in October 2021 and to the role of chair in February 2023.
Throughout his time on the board, Rob has exhibited unwavering commitment, exemplary leadership, and a deep understanding of Nuix's mission. He's helped to navigate the company through both challenges and successes with a clear vision and a commitment to transparency and with a collaborative spirit. On the negatives, he's too tall, and he has maddeningly exceeded the achievements of his predecessor.
Notwithstanding those failings, I am confident that under Rob's leadership, Nuix's board and its management can continue to work effectively to build on our successes and to drive the organization forward. I and my fellow directors are very, very pleased that Rob is standing for re-election today, and I will now invite Rob to make a few comments of his own in support of his re-election.
You want to stand next to me, Jeff, so we reinforce that point? Thank you, Jeff, for your very kind words. I'm not sure that I should try to enhance upon your words, but I will nonetheless make some very brief comments. As Jeff said, I joined the board in October 2021 at the height of the storm engulfing Nuix post its IPO. At the time, many people questioned my decision, but I had a belief that Nuix just needed to weather that storm. Once the storm had passed, it would be very evident to all that Nuix is an amazing Australian-born tech company with great technology, great people, awesome customers, serious revenue, and an incredible growth journey. As it turns out, my assessment was right. I'm delighted I joined the board.
I'm privileged to be the Chair, and I'm very happy that I've had the opportunity to play a small role in helping the real Nuix re-emerge onto the world stage, and with the support of shareholders, I'm very keen to keep supporting Nuix on its upward journey. Thank you to our shareholders who have voted in favor of my re-election, and thank you to my fellow directors for their support during my tenure.
Well, thank you, Rob. The directors and Rob Mactier of Nuix have unanimously recommended that shareholders vote in favor of this resolution. Do we have any questions on this resolution here in the room? Just reiterate that I mean resolution, not revolution. Okay. Do we have any questions via the online platform?
There are no online questions.
Oh. And thank you, Mr. Mayne, for not asking me any questions. As there are no further questions, proxy votes for this resolution are shown on the screen now. If you have not already submitted your vote for this resolution, please submit your vote now. And with that, I will hand it back to Rob.
Thank you, shareholders. That brings us to resolution three, the re-election of Jackie Korhonen. Jackie's background and experience is detailed in the Notice of Meeting, and it's my pleasure to endorse Jackie for re-election to the board today. And I've lost the comments that I was making about. So Jackie has been a wonderful addition to the board. She joined the board at the same time that I did during the height of the storm, and we've been in the bunker together. And in particular, Jackie has led the Remuneration and Nominations Committee during that period, and she's overseen material improvements in the way that we remunerate our people, incentivize our people, and the results of that are starting to come through.
In addition, we have, during that period, had some reasonably significant turnover in our ELT and across the broader group, which requires finding and onboarding senior executives, and Jackie's played a very instrumental role in that. Also, Jackie has a long history in the Australian tech scene, so she brings a lot of acumen to our strategic discussions around the board table in terms of driving growth in the Australian and the global market. So it's my absolute pleasure to endorse Jackie, but I'd invite Jackie if she wanted to say a few words on her own behalf.
Thanks, Rob, for those kind words, and good morning, everyone. And I'm also not very tall. As many of you know, and you've just heard, I joined the Nuix board in 2021 in what was undoubtedly a very challenging time for the company. And since then, it really has been my privilege to participate in and contribute to Nuix's transformation. As Rob noticed, I've been the Chair of the Remuneration and Nominations Committee for the last three years.
And in that role and in my broader board responsibilities, I've had the opportunity to work both collaboratively and constructively with my fellow directors and with the extremely talented Nuix team. This includes working closely with our Executive Leadership Team, but in particular, Nuix's remarkable People and Culture Team. Together, we've driven significant changes in our rewards framework and better aligned our people to the goals of the organization.
It's been an incredibly rewarding thing to witness Nuix's turnaround across financial metrics, technology advances, and staff satisfaction. Nuix's stature as an Australian tech success story, acting as a force for good in the world, is only growing. With your support, I look forward to continuing to contribute in my way to Nuix's success in the future. So thank you.
Thank you, Jackie. The directors, with Jackie abstaining, unanimously recommend that shareholders vote in favor of this resolution. Do we have any questions on this resolution? Are there any online questions?
There are no online questions.
As there are no further questions, proxy votes for this resolution are now shown on the screen. If you have not already submitted your vote in favor of Jackie, please do so now. Item four relates to the approval of the grant of performance rights to the CEO and executive director. Resolution four concerns the approval of FY24 STI performance rights to the CEO and executive director under the Nuix incentive plan. The directors, with Jonathan abstaining, unanimously recommend that shareholders vote in favor of this resolution. Do we have any questions on this resolution from the room? Are there any online questions?
There are no online questions.
As there are no further questions, proxy votes for this resolution are shown on the screen, and if you have not already submitted your votes in favor, please, sorry, they don't have to be in favor, just submit your votes for this resolution. Please submit your votes now. I don't want to direct the audience. Resolution five concerns the approval of FY25 LTI performance rights to the CEO and executive director under the Nuix incentive plan. The directors, with Jonathan abstaining, unanimously recommend that shareholders vote in favor of this resolution. Do we have any questions on this resolution from the room? Are there any online questions?
Yes. We have a question from Stephen Mayne. Could the CEO summarize his past LTI grants as to whether they are vested or lapsed? Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company?
Jonathan.
There have been some shares that have vested from the LTI scheme. The second question was, have I ever bought? Yes, I have bought shares directly myself. And then, have I ever sold any shares? No, I have not sold any shares.
Jonathan's clearly an astute investor.
There are no further online questions.
As there are no further questions, proxy votes for this resolution are shown on the screen. If you have not already submitted your votes for this resolution, please submit your votes now, and I should have added, as I said, for all of these, that the open votes will be directed in favor of all these resolutions at my direction. Item five and resolution six relate to the increase in the remuneration pool for non-executive directors as poor, hardworking directors.
All non-executive directors have abstained from making a recommendation to shareholders in relation to this resolution, and given they have a personal interest in this resolution, do we have any questions? Are there any online questions?
There are no online questions.
As there are no further questions, proxy votes for this resolution are shown on the screen, and if you have not already submitted your votes for this resolution, please submit them now, and that brings us to the end of the meeting. Thank you for your attendance and participation today.
The poll will close in five minutes, and for those of you who are present here today in person, please join myself and my fellow directors and the Nuix ELT team for refreshments outside the room. To those shareholders and visitors participating online, I also thank you for joining us, and I now declare the meeting closed.