Good morning, ladies and gentlemen. The time is 9:30 A.M., and the Company Secretary has confirmed we have a quorum, and accordingly, I open and welcome you to Resimac's 2023 annual general meeting. On behalf of your directors, I acknowledge the Gadigal people of the Eora Nation as the traditional custodians of the land on which we're meeting, and pay respects to their elders, past, present, and emerging. The notice of meeting, together with the FY 2023 annual report, has been distributed to shareholders in the required timeframe established by our regulators. My name is Warren McLeland. I am your company's Chairman. In accordance with our constitution, as it has been three years since I last stood for re-election as a director, I shall be standing for re-election to the board during the formal section of today's meeting. Also standing for re-election is Caroline Waldron.
I'm joined this morning by my non-executive director colleagues, Susan Hansen, Duncan Saville, Wayne Spanner, and Caroline Waldron. Also with us this morning is Heather Baister, our audit partner, representing Deloitte. Heather is available to answer any questions shareholders may have in relation to our audited financial statements. I welcome the presence of Scott McWilliam, Resimac's CEO, Andrew Marsden, our Chief Treasury Officer, and Peter Fitzpatrick, Company Secretary. Scott, Andrew, and Peter are available to respond to any questions from shareholders in relation to their specific areas of responsibility. I extend a welcome to our key stakeholders in Resimac's ongoing success, including representatives from our key partner bankers, our private and institutional investors, both domestic and international, in our securitized bonds, and our growing number of equity investors in our ordinary shares.
Prior to providing my Chairman's address to the meeting, I advise that the notice of meeting has been sent to all shareholders and lodged with the Australian Securities Exchange on the 13th of October, 2023. It has also been made available on the Resimac Group website and hosted on the share registry website since that date. I will take the notice of meeting as read. The minutes of the last meeting of shareholders of the company, which was the annual general meeting held on the 15th of November, 2022, have been reviewed by the board, signed by me as chairman on January 31, 2023. The minutes are with the Company Secretary and are available for inspection. Shareholders will be asked to consider three resolutions at this meeting.
As chairman of the meeting, I exercise my right pursuant to the Constitution of Resimac Group Limited to request a poll on these resolutions. In order to provide you with enough time to vote, I will ask the registry representative to open the voting and the poll for all resolutions now. The login instructions for the online voting portal are detailed in the notice of meeting and the online voting guide. I will then read out the resolutions and allow time for shareholders to ask questions on the resolutions. You may vote on any resolution at any time before I close the poll at the end of the meeting. I will now proceed with my Chairman's address. FY 2023 was our toughest year of operations since the end of the GFC in 2011.
FY 2023 was dominated by increasing political risks and uncertainties in our macro operating conditions, namely inflation, rising interest rates against the backdrop of near to full national employment. Business and investor confidence and investment confidence was a bit subdued, and supply problems continued across many sections of the economy, initially compounded by the impact of the Ukraine War, but later spreading to most of Australia's trading partners. As a consequence, real growth of GDP for the year was significantly lower than FY 2022. But our difficult operating conditions were caused by far more than that. Our principal decline in earnings was largely due to an unintended consequence of the RBA's decision to financially support the banks and ADIs during the worst stage of the COVID crisis, approximately 3 years ago.
But especially the major banks, providing the support to the sector, with AUD 216 billion of term funding at near to zero cost, launched at 25 basis points and subsequently reduced to 10. This Term Funding Facility, or TFF, as it was referred to, was introduced for effectively a four-year period. It provided very cheap funding to act as a stimulus to the banks to boost lending to retail customers and small to medium-sized enterprise. While sounding simple, the unintended consequence of the TFF led to extreme price competition between the major banks, essentially eliminating any sense of competition between the banks and the non-banks. The result of the TFF was to increase market share for the major banks, which has only exacerbated the chasm between the big banks and the rest of the market participants, that is, the smaller banks and the non-banks.
The consequence of the TFF has been an increase in power for the banking oligopoly. Fortuitously, Resimac's product and asset class diversification program, which commenced a few years ago, permitted Resimac to have an in-house buffer against the lower levels of lending in the prime mortgage space. Resimac expanded with a focus on higher-risk mortgage lending products, term specialist, non-conforming loans, asset financing loans such as secured business loans, small business, auto loans, utilities, and small trucks and equipment loans. Nevertheless, our normalized net profit after tax for the FY 2023 year fell by 29% to AUD 73.7 million. The extreme competitive pricing conditions were sustained for the first two months of the FY financial year.
We remain hopeful, however, that we will see a slowing in the intensity of the competition, and as a flow on, a slow but consistent improvement in the volume of new business emerging by second quarter, calendar year 2024. Our asset financing business remains small, but our objectives are to continue our growth by investing more capital directly into the business, and should have an opportunity arise, to grow via acquisition or merge. We have ambitious growth plans for asset finance for the period to FY 2026 and beyond, and we are increasingly confident our investment will prove to be successful. As always, balancing our business strategy to ensure we right-size the organization to match the prevailing macroeconomic position, market trends, and industry conditions remain of our utmost importance.
This aim has required painful decisions to be made, especially to employee headcount, and forced to modify us in our time frame to achieve our objectives and to defer other plans for a future time. This has led to a recasting of our culture to accommodate our changed annual growth targets and to align the company with the overall economic environment we're experiencing. But key to strategy, our ethical and corporate values are unchanged, as does our commitment to matters of ESG. We will operate FY 2024 with a reduced headcount and with a drive to automate more comprehensively our business processes and rapidly expand the sophistication of workflow processing, leading to full digitization of the business. This includes the evaluation and early stage adoption of AI and other tools to achieve full digitization of Resimac by second quarter, financial year 2025.
Our drive to accelerate our productivity and efficiency is profound, and we continue with targeting incremental investment of capital, all of which is core, but again, with a conservative measure of balance. Enterprise risk control is paramount, encompassing IT, credit, asset management, and operations. This is an imperative given expectations of increasing concern and the impact of cost of living pressures flowing to borrowers from prolonged higher rates of interest, which we do not see being reduced until final quarter 2024 at the earliest. Our financial position, as reflected in our financial statements and annual report, is strong. Our short and longer term funding position is sound, and our relationship with our major banking partnerships are managed astutely at all times.
This demonstrates the value and success of our funding diversification policy we implemented three years ago under the leadership of our treasurer, Andrew Marsden. As a consequence, our confidence for the three-to-five-year planning period, initially to FY 2026, is high, and our underlying plans for a growth-focused organization are undiminished. Expanding our shareholder base also continues to be a fundamental and integrated feature of our business strategy. On behalf of my director colleagues and the Resimac executive group team, I extend our congratulations and acknowledgment of the commitment and loyalties shown by all our team members during the course of the year for your company. FY 2024 will prove to be another year of big challenges, but our world-class team of people possess the skills and the aspirational desire to seize initiatives to ensure FY 2024 results will demonstrate a continuation of the group's success.
I shall now ask our CEO, Scott McWilliam, to address the meeting.
Thanks, Warren. Good morning, everyone. I echo Warren's sentiments. It's my pleasure to welcome you to Resimac Group's Annual General Meeting. It is no secret that FY 2023 was a challenging year for all the reasons that Warren mentioned in his address. What I'm going to take you through are the achievements and milestones of our group, has had over this period, as well as how we're tracking FY 2024 and our strategy moving forward. I'll start with our financial performance for the year ended 30 June 2023. I'm pleased we're able to continue delivering strong returns to you, our shareholders. The group posted a normalized net profit after tax of AUD 73.7 million in a market dominated by fierce competition and lower demand for consumer credit as a result of higher interest rates.
I can also report that mortgage arrears stabilized in the second half of FY 2023. Our prudent approach to credit risk gives us confidence that our balance sheet is conservatively provisioned for and contains low loss exposure. While the home l oans market softened, our Asset Finance business continued to thrive. With more brokers seeing the benefit of our equipment and vehicle loans, we increased asset finance settlements by 19% year-on-year to AUD 482 million. Regarding the year ahead, I'm cautiously optimistic about the group's outlook. The competition for prime customers continues, but with most of the major banks winding back their cashback offers and new business incentives, this should see more of a level playing field moving forward. We are seeing increased system activity as we come through the spring sales season, particularly for refinances, with many borrowers rolling off fixed rates.
These macroeconomic factors should help increase prime and non-prime settlements in FY 2024. We strive to offer competitive products to consumers and be a meaningful alternative to the banks, and I'm pleased to say we're already seeing lending activity pick up again. Our residential mortgage numbers are tracking well into the second quarter of FY 2024. Home loan applications in September were the highest we've seen in 12 months, and this momentum has continued into October off the back of targeted product offerings. There is also material growth potential in our Asset Finance business. Our market share has increased amongst brokers, and with the new addition, new additions to our team and a new originations platform, I'm confident we are well-resourced to support greater volume for asset finance settlements in the year ahead.
Technology. Our progress in FY 2024 is bolstered by the technology initiatives we delivered in 2023, including the aforementioned Asset Finance origination platform, a new mortgage origination platform, and a new digital loan management portal for customers. We will continue to deploy technology throughout the company where it delivers volume or efficiency benefits, and I'm excited by these prospects. Achieving our growth targets while continuing to exercise a strong cost discipline means embracing a digital operating model, and we've done this in a way that ensures our customers and brokers receive a better user experience. Funding. Our global funding program, which underpins all of our lending activity, has also made a solid start to FY 2024, with domestic and offshore investors demonstrating a healthy appetite for RMBS issuances.
In August, we priced a AUD 750 million prime RMBS deal at a lower cost of funds than our previous issuance, quickly followed by a AUD 1.5 billion non-conforming RMBS transaction in October. This marks four Resimac RMBS deals for the 2023 calendar year. Here, too, we've invested in technology and recently went live with a new platform that digitizes our core funding processes. This provides our treasury team with a greater operational efficiency and scalability when working on RMBS transactions. We also increased the number of warehouse facilities in FY 2023 with new banking partners to support our Home Loans and Asset Finance businesses, providing us with strong funding capabilities for the year ahead. Resimac Group's mission remains unchanged. We focus on being a customer-centric company that delivers, that makes homeownership, financial freedom, and business success achievable to everyone.
Our Resimac brand and home loans businesses in Australia and New Zealand are renowned for offering a comprehensive suite of flexible lending solutions that cater for a broad audience, particularly in these segments that are underserviced in the market. Our Home Loan business also includes products that are adaptable to different phases of economic cycles to manage both risk and returns. This strategy has continued to serve us well throughout difficult and uncertain economic conditions. Our Asset Finance business follows the same model. We provide the group with a logical and adjacent opportunity to offer higher margin products and to new and existing audiences. I'm encouraged by the market opportunities in this space and our ability to create a meaningful presence for Resimac.
Leveraging the strength of our brands across home loans and asset finance enables us to originate and manage a diversified pool of assets at sustainable margins, predominantly facilitated through the broker channel. In closing, I'd like to express my thank you to our brokers, our business partners, our customers, for their loyalty throughout a challenging period. We are grateful for your support. I want to acknowledge my board of directors, senior management team, for their steadfast support and guidance, ensuring the group continues adapting to rapidly changing market conditions. Our people in Australia, New Zealand, and the Philippines have been instrumental to our success with their demonstrating the group and believing in the group's overall mission, ensuring the quality of our products and services. Finally, my thank you to you, our shareholders, for your continued contribution.
Our success would not be possible without your faith and investment in the group's continued viability, and I look forward to continuing our mutually beneficial partnership in the future.
Thank you, Scott. As previously advised, voting on all resolutions today will be conducted by way of a poll. In order to provide you with enough time to vote, I remind you that the online platform is open for voting on all resolutions. I shall now move to the formal business of the meeting. The first item of business for this meeting is the receipt of the financial report for the year ended June 30, 2023. This item is not required to be voted on. I shall now ask if there are any questions on the financial report. Before I do this, I advise that we have not received any questions in advance for our auditor today, excuse me.
So far, we have got a number of questions.
Okay. I'll now move to any further questions. Thank you. The first question I have is from a former chairman, Mr. Thomas Ford, and his question relates to the probability of us being able to maintain our dividend in light of the fact that our earnings have fallen versus FY 2023, and will continue probably to do so, as we fall to a lower level for FY 2024. In reply, I'll ask our treasurer to comment on the appropriateness of, from his perspective, of our shareholders and stakeholders have responded to the consistent dividend that we're trying to fulfill and will continue to do so in line with market conditions and industry conditions.
Thank you, Warren. Thank you, Tom. Really, it's a balance of managing a reasonable payout ratio, you know, with ensuring there's sufficient support for the growth objectives through natural capital generation. You know, we have stated the growth, the AUM objectives for the business. There are some more capital-intensive business units, particularly the Asset Finance business line. But at this point, you know, we're quite comfortable with the outlook for capital and funding. We have a reasonable capacity, reasonable amount of headroom for both the growth of the core resi mortgage book and the asset finance business.
Thank you. Scott, do you have anything to add to Andrew's comments?
Oh, no, look, I think, you know, Andrew's position is right. It's about balancing capital. But obviously, as a business, we also understand it's important that we're returning capital, you know, to their shareholders as well. So, you know, our ability to, you know, maintain a strong quantum of dividend payout, you know, is still very important, but we do need to manage that when we're thinking about growth as well. So if that means our percentage of payout ratio increases in the short term to maintain that right balance between return to shareholders and investing in growth, you know, so be it. But we are coming off historically a pretty low payout ratio, moving to what I'd say is probably closer to what industry payout ratios are today.
Thank you. Okay. Other questions I've received, a question from. I don't know who it's from. Steve? Okay, this one as well. Thank you. The annual report states that on Page 131, that Duncan Saville controls 62.48% of the ordinary shares. Could Duncan clarify if he personally owns or whether there are third-party investors in the funds he controls? Could Duncan clarify how he exercises his, quote, "control over the business while living in Bermuda," and how often is he attending board meetings in Australia in person? It's the author of it is Mr. Stephen Mayne.
Well, the first question that the shares are held by a company called Somers, and they are third-party investors. It's a closed-end fund, though I must acknowledge that. Could Duncan clarify how he exercises his control? Well, the closed-end fund has its own board of directors, so the board of directors exercises control. How often he attends this meeting? Whenever I'm in Australia, I attend all the meetings in person.
Thanks, Duncan. There's another question from Mr. Stephen Mayne. Most public company AGMs include a resolution to offer a long-term incentive grant to the CEO. Could the Chair and Scott McWilliam please comment on why this hasn't happened at Resimac? Is it because no incentives are being granted or because Scott McWilliam isn't a director? Why doesn't he have a seat on the board like many CEOs? I'm going to ask, Wayne Spanner, who is our NED and who represents us on chairing the, Rem Committee, and also is regarded as an expert in matters concerning Rem. So I pass it to you.
Thank you, Warren. In respect of that question, can I just comment there is no resolution in relation to an offer of long-term incentive grant in the in the papers as identified. In the context of a a long-term incentive plan, the company is considering appropriate long-term incentive plans with and taking advice in relation to that, well, in the context of the 2024 year, and we'll be looking to bring that forward for appropriate approvals in due course when we are ready. The long-term incentive plan will be taking into account, obviously, all the necessary market conditions we currently face at the same time now.
Thank you, Wayne. Final question I've got is another one from Mr. Mayne. Could Warren please summarize his full history with the controlling shareholder, Duncan Saville, and also whether he intends to serve a full three-year term? Well, my response to that is, my full history is probably extends over a period of over 20 years, and it really resulted in when Duncan was a client of my former employer, now referred to as JP Morgan Chase. And I am on the Resimac board for a period of probably eight years or more, and I was the CEO prior to becoming the Exec Chair and then the Chair, recently.
Whether I intend to serve a full year, three years, full three-year term, it's really more dependent on whether the other directors want me to continue to do this, and also, you know, my own health and so on. So one can never predict it for three years, but my intent would be to serve the full three-year term. Any other questions?
Question.
Company secretary. Another one. I think we might have to. That this will be the last one from Mr. Mayne. Resimac relies on banking partners to conduct its business. Mr. McLeland has said that Australia has an increasingly powerful banking oligopoly. Is that sort of language is going to impress our banking partners? And on what grounds does Mr. McLeland believe Australia has a banking oligopoly as opposed to a supermarket oligopoly, a beer oligopoly, or a newspaper oligopoly? Well, let me respond to that myself. An oligopoly is where you have an industry where a concentration of power belongs to a small number of participants. In a country like Australia, where the population is regarded as, on an international basis, tiny, around 25 million, it's often more economic for periods of time to have a highly concentrated group of organizations in an industry.
Part of the reason for that is that increasingly they're required to compete internationally. It just so happens that most of the competitors in the banking field, within Australia transact, would be much larger by multiples than the Australian banks. I can understand the value of having large banks. But there is no question that under the economic theory and in practice, if you do have a highly concentrated oligopoly, then over time, you do tend to get a diminution of pricing competitiveness. I think there's ample evidence to show that that has occurred on a number of occasions, and it continues to do so. In that sense, the reason why is because there is not a level playing field between banks and non-banks.
Maybe that's because a lot of the non-banks nor are they ADIs, and therefore they don't get any preferential treatment from the government via the Reserve Bank of Australia. So if your objective as a government is to ensure that you have a competitive environment over a long period of time, there's no question that having a larger number of participants in all industries does make sense for the country. But I do accept that in Australia, where for the reasons I've outlined, you can tolerate that with limited competition, provided there is some, and it's sensible, then it does work to the benefit of the country. I'm unfamiliar with the term supermarket oligopoly or beer oligopoly or whatever, but it tends to come back to my earlier comments. So that's my response.
There's another question addressed to Steve and John.
Well, there's another question which has just arrived, but I'll pass it to Scott McWilliam to answer.
Sorry, just another question from Stephen Mayne. In relation to, you know, the importance of mortgage brokers to our business, but also just calling out, you know, the big banks and our reliance on brokers for as much as 70% of their flow. You know, is this healthy or does it lead to a commoditized market? I'm probably going to answer that in reverse order. And regardless, I think, you know, it's, it is broadly moving towards a commoditized market, because of the competitive nature of this market, which, I don't think that necessarily is fueled, or, or exclusive to it being a large representation of brokers. Now, the importance of brokers to, to Resimac, considering that we are predominantly a broker originator business, they're extremely important to us.
And more importantly, they're extremely important to consumers as if we think about the environment over the last, especially over the last three years, when I say the last 10 years, in terms of different credit appetites by different brands, and I'm cross-talking different banks, a significant movement in interest rates. It is a fairly complicated environment for customers to work out, without the support of a professional, who is the best lender for them. So the brokers serve a really important service to the market and in most cases, if not all cases, lead the borrower to the right brand for their particular needs. And Resimac, you know, has been a major sponsor of the broker channel and the growth of the broker channel over the last 10 years.
And it allows us, as an organization, without bricks-and-mortar distribution, to create a geographical spread of our portfolio, where if you look at the assets that are under our mortgage book, it is predominantly a representation of the portfolio or population around Australia. i.e., we don't just have a concentration of our assets like a number of regional banks would in the area that they represent. We have an equal contribution of assets and exposure and diversification across the country, which is broadly delivered to us through third-party brokers. There are circa 16,000 brokers that operate in Australia, and I'd say upwards of 9,000 of those brokers are registered with Resimac.
They are and will remain a really important part of our distribution and diversification opportunity going forward across Home Loans, but also, when we think about our growth opportunities across Asset Finance.
Thank you, Scott. The company secretary has just handed me another question.
Well, it's a supplementary.
The final question from... Excuse me.
That's supplementary to that.
Oh, supplementary to the previous one from Stephen Mayne. This has to be the last one, and would you mind answering, responding?
Sure. The question here is, you know, what was the impact of REA's purchase of Mortgage Choice, and it had on the mortgage broking industry? I'd say to date, a very, very small impact. Did we look at buying Mortgage Choice? Look, I think Resimac has and has demonstrated over time that we are fairly acquisitive, but also an opportunistic investor, whether it be in mortgage or in distribution. A great example of Resimac's history in terms of investing in distribution was the acquisition of Resimac, which, I'm sorry, the acquisition of Homel oans Limited, which was broadly a distribution company, where Resimac was very much a product manufacturing and funding organization. So, you know, did we have a quick look at Mortgage Choice? Yes, we did.
Was it a good fit for Resimac? No, it was not.
Thank you, Scott. Well, that completes the question- and- answer session for the financial statements and matters of general interest in and around the industry and company. So I'm now going to move to Resolution 1, which relates to the Remuneration Report, and the Remuneration Report can be found on Page 26 of the Annual Report. Shareholders are required to consider if the Remuneration Report for the year ended June 30, 2023 be adopted. The vote on this resolution is advisory only and does not bind the directors of the company. Are there any questions with respect to the remuneration report other than the one that has already been addressed? The proxy votes received by the company in respect of this resolution are displayed on the slide, and should be visible next to the video presentation of the meeting.
Note that a number of proxies are not eligible to vote on this resolution. See the resolution on. It's been passed.
Yes. Excuse me?
You can move to the next.
So let's move to the next question. The next section. The next resolution relates to my re-election, and I shall ask Susan Hansen to chair this portion of the meeting. Thank you, Susan.
Thank you, Warren. Resolution 2 is to consider, and if thought fit, pass the following resolution as an ordinary resolution. That Mr. Warren McLeland, who retires by rotation in accordance with clause 13.4 of the company's constitution, is re-elected as a director in accordance with clause 13.4.3 of the company's constitution. Warren was appointed to the board in October 2016. His biography was included in the notice of meeting and in the annual report. The board is very supportive of the re-election of Warren. I would now ask Warren to say a few words.
Thank you, Susan. I consider what I bring to the Resimac Group to be a high measure of judgment and wisdom, and gained from my 35 years of serving as NED on many publicly listed companies. I might add, for the benefit of Steve and me, the vast majority of my directorial experience has not been associated with our major shareholder. My experience is very diverse. I've tended to specialize in financial services companies, but I've also sat on the boards of other companies, including Mitsui, a Japanese trading company, Queensland Mines, and a couple of other companies, even in the printing industry. I've also spent time as a director on a number of industry associations, both in Australia and internationally. Especially internationally, in the area of securities management, such as bond dealers, primary markets, and so on.
And my experience does include working with, on companies, not where the spoken language has not always been English, so companies in France and elsewhere, Germany, Japan, and so on. Functionally, I consider my principal technical skills are in macro and social macroeconomics, business strategy development, organization change, and marketing and sales. I consider I possess high EI, and with that, excellent management and leadership capabilities. I have lectured as a casual part-time basis at top world-class universities, at undergraduate and postgraduate level, and still act as a mentor to a few younger people in business. My commitment to tasks and responsibilities enduring with a preference for a hands-on approach to leadership changes and challenges. I'm confident I continue to add great value to Resimac in the next three years. Thank you.
Thank you very much, Warren. Are there any questions on this resolution?
No questions.
Thanks, Warren.
Thank you.
Proxy votes received by the company representing 49% of the securities on issue of this latest resolution are displayed on the slide. I will now pass back to the Chair.
Thank you, and thank you, shareholders, for supporting my re-election to the board. The Resolution 3 is to consider, and if thought fit, pass the following resolution as an ordinary resolution: That Mrs. Caroline Waldron, who retires by rotation in accordance with clause 13.4 of the company's constitution, is re-elected as a director in accordance with clause 13.4.3 of the company's constitution. Caroline was appointed to the board in November 2020. Her biography was included in the notice of meeting and in the annual report. The board supports the re-election of Caroline, and I shall now ask Caroline to say a few words of support to her re-election. Thank you, Caroline.
Thank you, Chair. Good morning, shareholders, ladies and gentlemen. It is a privilege to be here today seeking your support for re-election to the board of your company, Resimac Group Limited. As Warren said, I joined the Resimac board about three years ago, bringing with me over 30 years experience gained in various consumer regulated sectors, including technology, retail, and health. My skills in governance, risk oversight, and customer centricity are complementary to those of my respected fellow directors. Shortly after my appointment to the board, I was invited to chair Resimac's Technology, Digital and Innovation Committee. This committee oversees, advises, and directs the company's technology, strategy, and governance. I'm also a member of Resimac's Risk and Compliance Committee and Remuneration Committee, and sit on the board of Resimac New Zealand.
The highlight of my tenure so far has been overseeing, on behalf of the board, a wide range of technology projects, as specifically its major change program, which involved successfully migrating the company's mortgage book to a cloud-based core system and the introduction of a cloud-based mortgage origination platform. It was satisfying to see a program of such scale and complexity come to life for the benefit of our various stakeholder groups. Our talented management and their team members can take full credit for this. In closing, I offer my thanks, and we reiterate what an honor it is to serve on your board. I very much value your support in my re-election and look forward to meeting with you when the situation permits. Thank you.
Thank you, Caroline. Are there any questions on this resolution?
No, no questions.
Thank you, Peter. Proxy votes received by the company, representing 49% of the securities on issue in respect of this resolution, are displayed on the slide. You can observe from the figures that Caroline has been unanimously reelected as a director of the company. Congratulations, Caroline, and I'm sure your, your colleagues on the board look forward to your contributions over the next three years. Thank you. We can now proceed to the polls. Computershare is our share registry provider, represented today by Mr. Paul Laczynski as Returning Officer. Voting at today's meeting will be conducted via an online platform. For those entitled to vote at the meeting, if you have not already done so, please log on to the online voting portal as provided in the Notice of Meeting and the online voting guide, and vote as the poll will be closing shortly.
If you are eligible to vote at this meeting, a new polling icon will appear. Selecting this icon will bring up a list of resolutions and present you with voting options. To cast your vote, simply select one of the options. There is no need to hit a Submit or Enter button as the vote is automatically recorded. You have the ability to cast and change your vote on all resolutions up until the time I declare voting closed. Following confirmation by Computershare, final results will be announced to the ASX later today. Please note that I will be voting undirected proxies that I hold as Chairman in favor of all the resolutions. I will now allow a few moments for voting. Thanks to the secretary. Thank you. You can now finalize your voting as I am about to close the poll. I now declare the poll closed.
As noted, the results of today's meeting, once finalized, will be announced to the ASX. However, I can advise that at this time, based on the proxies received and the votes on the floor for this meeting, that I believe all resolutions laid down today will be carried. Thank you again for your attendance today, and I declare the meeting closed at 10:11:30 A.M. Thank you.