Well, good afternoon, shareholders, visitors, and SEEK team members, and welcome to those of you online and in the room here in SEEK's offices in Cremorne, in Melbourne, to SEEK's 2023 Annual General Meeting. I'm Graham Goldsmith, the Chairman of SEEK Limited. For those of you attending virtually, if you have any technical difficulties with the online platform, please call the number shown on the screen now and someone will assist you. Thank you for your attendance today. Today, we are hosting this annual general meeting on the lands of the Wurundjeri Woi-wurrung peoples of the Kulin Nation and recognize their continuing custodianship of the land, waterways, and community, also recognizing the various traditional lands on which we all do our business.
On behalf of the Board of SEEK, I would like to pay my respects to the traditional custodians, to their elders, past and present, and extend that respect to all Aboriginal and Torres Strait Islander peoples and all indigenous peoples on the lands from which you are all attending today. I note that a quorum is present, and I therefore declare the meeting open. Joining me today on the stage are your Non-Executive Directors, Andrew Bassat, Julie Fahey, Leigh Jasper, Jamaludin Ibrahim, Linda Kristjanson, Michael Wachtel, and Vanessa Wallace. Also joining on stage is the Managing Director and CEO, Ian Narev, and our Company Secretary, Rachel Agnew. Andrew Cronin from SEEK's auditors, PwC, is also in attendance. I would like to acknowledge the members of SEEK's executive leadership team, who are all here today.
Kate Koch, Chief Financial Officer, Kendra Banks, Managing Director, Australia and New Zealand, Peter Bithos, CEO, SEEK Asia, Florian Dehnert, Managing Director, Americas and Portfolio Investments, Lisa Tobin, our Managing Director of Technology, Simon Lusted, Managing Director, Strategy, Product and AI, and Kathleen McCudden, Chief People and Culture Officer. Before we commence the formal business of the meeting, I would like to outline the procedural aspects of the meeting today. Firstly, questions. Shareholders, their attorneys, proxies, and corporate representatives will have the opportunity to ask questions at this meeting. If your question is of a general nature about the business, you may ask this following Ian's presentation. If your question relates to a particular item of business, please ask your question when we come to that item in the meeting. If you are attending in person, attendees with pink or blue cards are welcome to ask questions.
Make your way to the fixed microphone stationed in the room, identify yourself, and state your name. If you are viewing the AGM online, you may submit a question in writing at any time. Instructions on how to do that are shown on the slide. I encourage you to submit your written questions as early as possible in the meeting. Written questions may be moderated if we do receive multiple questions on the same topic and answered together to avoid repetition. If you are viewing the AGM online and you wish to ask a question verbally, an audio question facility is available during this meeting. Instructions on how to do this are shown on this slide. When asking the question, please state your full name before asking the question.
To enable all shareholders a reasonable opportunity to ask questions, please keep your questions short and relevant to shareholders as a whole. I will answer your question or direct it to another appropriate person from SEEK to answer, or to the external auditor, who is also here to take your questions related to the audit. In terms of the ordering of questions, we will first take questions from those in the room. This will be followed by written and then verbal questions through the online platform. Dan Ellis, who's the Corporate Communications Director at SEEK, will assist us with this process. Turning to voting, I'll now explain the voting procedures. Voting today will be conducted by way of a poll on all resolutions requiring a vote. Ms. Christina Piccolo of Computershare, SEEK's share registry, will act as Returning Officer.
If you are an eligible shareholder, a representative or attorney of an eligible shareholder, or a proxy for an eligible shareholder, you are entitled to vote. For those attending in person, you should have been issued with a pink voting card upon registration. If you are representing or you are a proxy for more than one shareholder, you will have been provided with separate admission and voting cards for each separate capacity in which you are attending the meeting. Relevant voting instructions are printed on the reverse of your pink card. If you have difficulty in completing your card, please raise your hand and a representative from Computershare will assist you. Before placing your card in the ballot box, please ensure that you print your name and sign the bottom of the card....
Before you leave the meeting room, please place your voting card in one of the ballot boxes located near the exit. For those voting online, a Vote icon will appear at the top of the online platform screen. Selecting this tab will bring up a list of resolutions and present you with voting options. To cast your vote, select one of the options: for, against, or abstain. There is no need to submit your vote, as the vote is automatically recorded. You will receive a vote confirmation on your screen, and you can change your vote until voting is closed. Proxy holders are reminded that you must vote in accordance with the shareholders' directions.
Any directed proxies that are not voted at the meeting will automatically default to me as Chair, and I will be required to vote those proxies as directed, and we're entitled to do so, and subject to the voting restrictions which are set out in the notice of meeting, I intend to vote all undirected proxies in favor of items two to six. This year, we have decided to show on screen the outcome of the proxies received prior to the meeting at the start of the questions on each resolution. I now formally open the poll on all items of business. You do not need to vote now. You can wait for the discussion on each item and then vote, as all polls will remain open until shortly after the end of the meeting.
So before the formal business of the meeting, I will make a brief address, which will be followed by a presentation from Ian. Fellow shareholders, it is my pleasure to address you today in person and virtually, and provide some of the highlights of the past financial year. During financial year 2023, low unemployment and high candidate engagement provided positive market conditions for SEEK. While our job ad volumes moderated progressively during the year, they remained above historical averages. Our long-term, ongoing investment in our product development and pricing capability enabled us to maintain market-leading positions and improve our yield. While our share price performance has been weaker over the year, our revenue grew by 10%, and EBITDA was up 7%. We continued our investment for the future and paid a total dividend of AUD 0.47 per share in respect of 2023.
The disappointing share price would appear to be largely due to an uncertain economic outlook that affects stocks like SEEK, that are dependent in part on both current economic conditions and that outlook. We believe that as the outcomes of the execution of our strategy become apparent, SEEK shareholders will be rewarded with capital growth and, over time, an increased dividend. Our major investment priority over the last three years, the Platform Unification project, remains on budget and on track for completion during 2024, and we're already in the process of full implementation across our Asian platforms. We remain focused on eliminating the incremental unification costs going forward. Our goal is to have a product platform and internal systems that are more agile, more resilient, and more secure, supporting our ambitious growth aspirations.
In Ian's address, he will talk in more detail about the outcomes for the year and our present outlook for the remainder of the current financial year. Turning to our strategy, we continued during the year to be guided by our purpose: to help people live more fulfilling and productive working lives and help organizations succeed while executing our strategy and pursuing our marketplace goals. In April this year, we updated investors on our long-term strategy to grow the number of placements we facilitate and the value that we add to each placement. We have set ourselves ambitious goals and a fiscal year 2028 growth and revenue aspirations, notwithstanding the highly competitive market in which we operate. We see growth potential for the business as long as we execute well, remain disciplined on costs, and allocate capital efficiently.
Our continuing investments in areas including artificial intelligence, data analytics, and pricing for value, provide the opportunity to maintain market leadership positions and improve profitability. As a board, we also continue to focus on overseeing the management of our key financial and non-financial risks, including cybersecurity and data protection, and the actions we are taking to improve the governance of our control environment. The SEEK Growth Fund was deconsolidated from SEEK's accounts on the nineteenth of December, 2022, and SEEK now holds around 84% of the units in the fund. We are pleased that we continue to have economic exposure to high-growth investments in human capital management markets through the fund. Since the separation of the fund, SEEK's board and management have been able to dedicate more time to the growth strategy and capital allocation for opportunities in our core employment platforms.
Since inception, the value of the fund has increased by 41%, despite challenging market conditions for technology companies, and the adjusted portfolio value is approximately AUD 2.3 billion. The fund's valuation is being driven by ongoing revenue growth across key assets in the portfolio, reaffirming the quality of those assets. As a result, SEEK made an investment in the fund of around two-thirds of the fund's AUD 90 million capital raise in FY 2023. It is intended that this will be our last investment of new capital in the fund. Turning to our people, our employment engagement surveys indicate that our employees remain highly engaged.
Our staff remain our priority, and we have focused on paying people competitively and rewarding people for effort, monitoring and addressing gender pay gaps, effectively communicating with people, promoting flexible work practices, and ensuring that people are respected and treated well. We also continued progress on our diversity and inclusion initiatives. We maintained equal representation of women in our executive leadership team and above 30% representation on the board. Turning to sustainability, our approach to environmental, social, and governance ESG topics focuses on areas that have the most impact and align most to SEEK and its stakeholders, and where SEEK can make a meaningful difference. I will touch on some ESG highlights, and Ian will talk more about our 2023 outcomes in his address. SEEK is well-positioned to have a leading positive impact in preventing the potential for exploitative recruitment and modern slavery on its employment platforms.
We do this through our Fair Hiring program, which has been established to eliminate unfair hiring practices on our platforms across Asia and ANZ through actions such as job ad screening and due diligence programs. We will continue our investments in these areas to protect job seekers so that SEEK's platforms continue to be recognized as a safe and trusted place. The implementation of the Platform Unification program will have a positive impact in further supporting the identification and elimination of unfair practices. We've also applied a modern slavery framework lens across our supply chains to analyze the inherent risk of modern slavery, assess the governance and practices of suppliers with elevated risk, and to work with suppliers to take immediate remedial action. SEEK is uniquely positioned to have a positive social impact. Delivery of our purpose has a positive impact on individuals, businesses, and employment markets.
We increase our impact by executing on our strategy to grow more and better placements by efficiently matching talent to employers while prioritizing ethical standards and practices on our platforms. Leveraging data and AI capability can improve outcomes for job seekers and hirers. SEEK invests significantly in responsible and ethical use of data and AI with a focus on user trust. We also invest to protect the personal information of job seekers and hirers from misuse and unauthorized access. We continue to refine and review our data and cyber approach and the governance over those controls. We have two key environmental priorities: minimize our environmental impact by reducing our emissions, and preparing for the impacts of climate change on SEEK and the transition to a low-carbon economy. During the year, we completed climate scenario analysis and progressed towards our target of achieving Net Zero emissions by 2030.
We also set an interim target of reduction of 40% of emissions across all scopes by 2025. Your board is proud of SEEK's commitment to sustainability, and I encourage you to read our already released 2023 Sustainability Report and our Modern Slavery Statement , which will be released later this month. I will now comment on our executive remuneration structure. The main objective of SEEK's remuneration framework is to ensure close alignment between executive reward and long-term shareholder returns. To date, it has served SEEK and our shareholders well. The benefits that executives have realized under the Wealth Sharing Plan and Executive Equity Plan have been closely aligned with the Total Shareholder Return growth seen by shareholders.
Since 2012, when the current plan was implemented, SEEK's TSR has grown by 317%, compared to a 186% increase in the ASX 100, and 177% for the ASX 200 over the same period. Despite SEEK's growth, two of the last nine WSP offers tested to date have lapsed, highlighting the at-risk nature of the award, given the share price hurdles set. The board recognizes that even with this TSR growth and strong operational performance, as previously noted, the SEEK share price has been a little disappointing in recent times. The board continues to review SEEK's executive remuneration framework to ensure it supports the sustainable growth of our business and the execution of our strategy and meets shareholder expectations.
Within this context, during the last year, the board undertook a comprehensive review of the Wealth Sharing Plan, and the outcome of the review sees three broad changes going forward. We are moving from an absolute share price hurdle to a relative total shareholder return measure assessed against the ASX 100. We are enhancing the attractiveness of WSP options by increasing the exercise period and providing participants with more choice, and we are transitioning from a fair value to a face value allocation methodology for rights and a set ratio for options to align with market practice. You will see these changes implemented in our 2024 program, as discussed in the remuneration report. I will now comment on the executive leadership team, who are all here in person.
The members of the team, as I mentioned earlier, Kate Koch, Kendra Banks, Peter Bithos, Florian Dehnert, Lisa Tobin, Simon Lusted, and Kathleen McCudden. During the year, your executive leadership team, led by Ian, have worked cohesively to deliver on the key priorities agreed between Ian and the board. The strategic priorities included delivery of the Platform Unification program, and that is remains on budget and on time for completion during 2024, and also developing and progressing an updated growth strategy for SEEK. I commented earlier on the progress against these priorities. Progress has also been made against the other ongoing priorities, that is, to effectively manage our financial and non-financial key risks, maintain and enhance SEEK's unique organizational culture, develop our leaders for the future, and to protect SEEK's strong reputation with our stakeholders. I would like to comment on board succession.
The board currently comprises eight non-executive directors and one executive director. The board was pleased to appoint Jamaludin Ibrahim as a non-executive director in July this year. Jamal is based in Malaysia, and his skills and experience are a valuable addition to the expertise and views on the board. His appointment supports the achievement of SEEK's continuing growth aspirations in Asia. Jamal. You'll hear from Jamal shortly, as he is standing for election today. Vanessa Wallace is presenting herself for re-election at this year's AGM. Vanessa continues to make significant contributions to board deliberations and is a valued member of the board. Your board unanimously supports Jamal's election and Vanessa's re-election today. As previously announced, Julie Fahey joined the SEEK board in 2014 and has decided to retire from the board at the conclusion of this AGM.
I would like to thank Julie for her valuable contributions to the board and SEEK, and her focus on the creation of long-term shareholder value. We wish Julie all the best for the future. The board takes an ongoing and orderly approach to succession planning. Having regard to the skills and experience on the board and current diversity considerations, the board is undertaking a search for a female non-executive director with digital and marketplace experience for appointment in the current financial year. I would like to thank Ian, his senior leadership group, and the entire SEEK team, together with the board, for their hard work, dedication, leadership, and care for each other and our candidates and hirers during the year. With the difficult backdrop of current global events, we are focused on mutual respect and discourse across the organization and providing support to our team as required. Thank you.
Thank you very much, Graham. Good afternoon, everybody. It's a real privilege to be here on Wurundjeri Woi-wurrung country and to be among fellow shareholders. This is a great gig that I've got as the CEO of SEEK. I don't take it remotely for granted and it's always a pleasure to be able to represent the management team and have a bit of an update on what happened last year, even though it looks like ancient history and to talk a bit about how we're going this year. I think, a couple of weeks ago, on the birthday announcement, SEEK celebrated, celebrated its own 26th birthday. We're feeling very good about the organization.
Very aware of the challenges that we've got, particularly the competitive challenges, but really good about the commitment to the purpose that we've got in the organization, the level of focus that we've got, but very aware of all the challenges that we have ahead. When we're talking inside, what Māori people would describe as the SEEK whānau, the extended family, all our SEEK people, the conversations always begin with what we're here for, what is our purpose? And whenever we have those conversations, A, it bonds the team very well, and B, it sort of reminds us of the enormous opportunity that we've got to help people looking for jobs, help organizations succeed, and generally make a really positive contribution to people, businesses, and communities around us.
We took the opportunity in April to do a bit of a strategy update to our investors. I hope most of you had a chance to listen and look at that, hear about it, somehow engage in it. There are a couple of reminders of some of the key thoughts that really are at the top of our mind, sort of every day, every week... as we're executing against our strategy. The first one, to state a bit of the obvious, is that this is a very high-value activity. And when you get under the facts and figures and hundreds of millions of AUD of revenue and expenses and placement shares and all that sort of stuff, there are millions of people looking for jobs, and there are millions of organizations looking for great people.
And it's our privilege, responsibility, opportunity to just help that really important high-value activity. It creates a really meaningful purpose, and it also creates an enormous business opportunity because both sides of the market, as you can see here, have got very sophisticated preferences. Where you want to work, what kind of people you want, really engage actively and have a very high need for trust, and particularly in a world where, and none of us need reminding, communication channels, online channels, et cetera, are getting noisier and noisier, and noisier. The question of what sources you can trust becomes even more important. That plays directly into the opportunity we see for our strategy. When we look at the facts and figures, that creates a really major value opportunity.
$35 billion we look at across the whole of the APAC market. That is not a forecast, that is a market opportunity. But the one aspect of this chart that I would draw your attention to is on this AUD 34.6 billion in round numbers, of it's a total employer recruitment expense. It's what all these organizations invest, pay to recruit people. Only AUD 1.5 billion of that is marketplaces revenue. That's us, our share of that. We're doing pretty well as a share of the 1.5, you can see in our numbers, but you keep moving to the left, and you just see what an enormous wealth of opportunity that we have to do better in fulfilling our purpose, and in the course of that, generate good returns for all of you.
That depends on this flywheel, which is a really important thing to understand about SEEK, and we often say if there's one thing you understand about the business that we do, other than the purpose, is understanding this. And it broadly says, SEEK success was born out of the fact that we got all the jobs, well, most of the jobs on the site. Therefore, we got all the candidates and their attention. Therefore, we're able to match well, therefore, we're able to monetize well, and then that what we call in terrible jargon terms, this flywheel. Just keeps spinning and keeps doing well for us. And in the course of that, how do we really? What are we really aiming to be?
Pretty obviously, the platform of first choice for all the organizations, the platform of first choice for people, the platform that matches best, and then a platform, obviously, because it's important to all of us as shareholders, that makes money, but does it in a fair and effective way. And bear in mind, we're thinking for the long term, and that means we're always balancing between the desire to make money, which we love to do, at the same time, as the importance of making sure we've built a very healthy marketplace for the long term. And that trade-off is very much a daily challenge that we put to ourselves, and we debate very actively inside the organization. I won't go through the detail of this, except to say it was a very busy year last year.
I'd just like to echo what Graham said. We know that the share price isn't where I think any of us would want us to be in the short term, and we're very cognizant of that. At the same time, when we look at the things we do control, which is, did we execute against the goals we set ourselves in FY 2023, and are we continuing to do that this year? We feel pretty good about that. Against each of the goals, and I won't go through this in detail, but you can just see we've really measured our performance against each of these goals. What I'd say at the sort of the top level here, as you can see, the core business is continuing to do very well.
But at the same time, underneath this, you can see an enormous amount of continuing innovation. And I think one of the questions we often get asked is, given how well SEEK's going, our strong market positions, do we really need to be investing all the money that we're investing in? And the answer to that is, we come back to look at the big opportunity that we've got. And if you look down this list, new job listing features, a freemium model, SEEK Max, an expanded career advice platform, Certsy, large language models. So many of these things playing to major themes in the world of technology and online marketplaces, and we're innovating in all these areas.
So we're going after the big opportunity, and as long as we can see the returns, we're happy to invest to capture our share of that opportunity. And in the end, what does that mean? Well, if we just take a particular point in time, and we took here the financial year of 2028, we feel that means we ought to be able to deliver AUD 2 billion of revenue by that year at a greater than 50% margin. So even with all the investment that we have to make, we're very confident about the fact that the increasing revenue is gonna become at increasing returns at the same time, and that's gonna deliver a very attractive set of returns for all of us as shareholders of SEEK.
This really is the ancient history of 2023, but it's important for us to be accountable to all of you for what we did during that year. The highlights you can see here, 10% revenue growth and 7%, EBITDA growth relative to the prior comparative period. Really importantly, market-leading placement shares. Those of you who follow that know it's survey-based. It has a little bit of volatility in it, just because of the nature of how it's measured. But over time, we've maintained very strong placement share in Australia and Asia. It's not good enough yet. We want to keep it getting better, but it did very well in FY 2023. I'll come back to unification in a minute. As I said before, prioritize investment towards long-term growth opportunities where we can see the return.
Graham's talked a bit about the performance of the SEEK Growth Fund, which I'll come back to, and I'll also come back a little bit to the ESG priorities. For those of you who want to see this distilled in the numbers, there they are for you. On the revenue side, AUD 1.225 billion, AUD 546 million in EBITDA, 7% growth, as we talked about. AUD 0.47 per share in the total FY 2023 dividend, that was up on the prior comparative period. You can see underneath, adjusted NPAT, reported NPAT, and the borrower group net leverage. Based on our own assessment and the assessment of our funding group, we've got a very comfortable level of debt at SEEK at the moment.
We feel the balance sheet is in a pretty good spot. Underneath that, as I said before, the first thing we looked at is, did we maintain the market brand metrics? Really strong placement share, pretty much the market leader in all the markets that we're in, give or take. You'll see, and one of the things I'd encourage you to do as a SEEK shareholder, looking to see where is all the investment turning up, is just this steady improvement in yields. Because we're investing a lot in product functionality, we're investing a lot in new opportunities, and that means that we're getting higher yields, and I'll come back to that a little bit in our update on the guidance.
And you can see this year, volumes have come off a little bit as we predicted they would be, but year to date, the increases in yields have offset that lower job ad volume. That's a very good story for us, and would not have happened if we hadn't been making the consistent investments we've been making for years. Underneath that, you can see what's driving yield increase, depth adoption, job ad pricing. And then again, I'll come back to where we are on our Platform Unification . In fact, I'll come on to it right now. I think the for the question of that we always hold ourselves accountable for, which is, are we responsible stewards of the resource you are entrusting us with? This is one area where we feel pretty good about.
I wish the AGM had been in a week's time, because for reasons I'll get to, I could be feeling even better about the Platform Unification project in a week's time. I'll, I'll, I'll tell you about that in a second. But for all of you who have got any experience, and many of you will have been at AGMs of all sorts of companies doing their big technology investment, the story of these investments when you're doing a major replatforming and overhaul is you try and do a big thing, and it blows out, and cost blowout and time blowout. Here, not only are we on track to achieving what we had hoped to achieve on the product unification, the Platform Unification , effectively integrating JobStreet, JobsDB, and SEEK.
At the same time, we decided to unify our CRM platform across the whole of Asia, and at the same time, we decided to unify our ERP enterprise platform across all of Asia. The golden rule is you just don't do that all at one time. We decided we needed to. We took on a big ambition. We committed a lot of your capital to it. And as we sit today, it's not a dream. The ERP is done, the CRM is done, and the product platform is already rolled out successfully in the first market in the Philippines. To come back to what I said, too, before, this weekend, it goes to Indonesia, Malaysia, and Singapore all together in one big release over the weekend from Friday afternoon through to Sunday night.
All the indicators we've got give us cause to be very positive about that. But we won't declare victory until it's done. But in the meantime, I just want to reiterate my thanks to Jesse and Steve, and in fact, SEEKers right across Asia and ANZ for the job that they've done. Unless there's a surprise we're really not expecting, we're on track for that to be completed on time and on budget. And there are a lot of questions about would we deliver on the commitment that we had to make sure that all the incremental costs, which we separately highlighted, came out. We said that we would do that by the end of this financial year. Already 50% of them are out, and we're definitely on track to have the other 50% gone, by the time the financial year finishes.
So as long as we're feeling this good about things in a week's time, we'll be even closer to that goal. Graham gave the highlights of the SEEK Growth Fund. I won't talk too much about it now, but it really reiterates the belief that we've had that we've got a terrific set of assets with an exceptional management team overseeing them in a structure that now maximizes our ability to get value out of those assets. And you can see that with the adjusted portfolio value increasing 41% since the fund creation to just over AUD 2.3 billion as at that balance date.
and that's after a downward adjustment of 18%, just to reflect the fact that we felt that the private valuations and the assets that we're seeing hadn't quite caught up with the reduction in public company valuations. We did commit two-thirds of the AUD 90 million capital raise in May 2023, 'cause we saw some good opportunities for Andrew and the team then. But that will be SEEK's final investment of new capital in that fund. I won't go through now the portfolio highlights, and as Graham has already mentioned, you can see that we deconsolidated the financial impact of the Growth Fund as at nineteenth of December 2022, and that's given you a much cleaner look at both the operating performance of the SEEK operating business and of the fund's performance.
Graham mentioned that the board is very focused on and proud of the work that we're doing in ESG. I'd say that goes double for the management team. This is not something we do so we can deliver an ESG report or sort of tick the boxes for our shareholders. All these themes, human rights, social impact, people, data and cyber, responsible business, environment, really motivate SEEK's people. If there was no pressure at all from the external investor world to be doing this, this page would look no different because it's part of our commitment to be focused on the right things for the long term. And it's what our people demand of all of us as a board, as a senior management team, and as a SEEK team.
Probably among all these things, the real focus here is, is on what we can do in the area of Modern Slavery and making sure not only are our platforms as safe as they possibly can be, that we're trying to raise the standards in the industry. We're doing a lot of work on that. We will never declare victory, but we've made very good demonstrable progress, and as Graham said, you'll see that in the Modern Slavery report that are about to come out. The other thing I'd highlight here in particular is data and cyber. A lot of you have these questions on your mind. We put an inordinate amount of focus on this in the organization. Every organization says they do, as you would hope. Our job is never done here. We never consider the risk to be gone.
Has an enormous amount of focus from me and my team, and indeed from the board. Finally, to talk about the trading update, and this is probably the one bit of sort of news in the summary for today. And the news is there isn't really any news, because all we're doing is affirming the guidance that we gave three months ago. The message here is that the year is panning out as we thought it would when we gave guidance in August. You yourselves will have done the reading on what economists are saying. They still continue to forecast lower levels of economic activity in most of our markets. But labor markets are remaining historically tight, and wage growth, and there were new numbers out today, is expected to persist.
So we're getting a bit of a volume decrease linked with unemployment increases. But at the same time, wage growth and employment conditions quite tight, which is supporting our yield. So as we looked at our year-to-date performance, we concluded that we're on track to deliver FY 2024 guidance for revenue, EBITDA and adjusted NPAT at the group level. As I've said, yield growth is offsetting a moderation in job ad volumes in ANZ and most Asian markets. And then we've got favorable FX movements providing a net benefit back in Australian dollars to what's going on primarily in Asia. Net benefit, meaning it's obviously a significant benefit in revenue, but also increases our cost base somewhat, but the net is positive.
I've talked about Platform Unification being on track for completion, and I've also talked about the significant growth potential that we've got for SEEK. So we thank you very much for your support, and we look forward to being back here in a year's time and reporting to you on what we hope and intend, and we'll work very hard to ensure will be another very successful year for SEEK. Thank you.
Thanks very much, Ian. So I now invite shareholders to ask any questions in relation to Ian or my presentations that you've just heard, and the company's operations or management generally. We will then turn to a discussion on the financial statements as, as item one on the agenda. So we'll start with any questions from the room in relation to the presentations. If you'd like to ask a question, please raise your pink or blue card, move to the microphone and state your name. Yes, sir.
Good afternoon, Mr. Chairman. My name is Mike Robey, and I'm a volunteer for the Australian Shareholders' Association, which is a not-for-profit group that looks towards the interests of retail shareholders. I hold proxy for about 300,000 shares in our company. And look, my first question really is a question about the growth fund, which you mentioned, and it's difficult for retail shareholders to read your annual reports and kind of get an idea of how it's going. So I'd be interested to know, it's in its early loss-making stage, which is what happens with most early-stage companies. But can you give us some guidance on how what we should look at as retail shareholders in your reports that will give us some comfort that that's going well? The second one, if it's okay, is to do with yourself, Mr. Chairman.
Ah.
Yep. Is that allowed to-
That's allowed.
Thank you. You've been a director for, a very good director, for 11 years now and, and been the chairman for some. And as you probably know, we and others rate 12 years as the limit of independence for directors on boards. Doesn't mean you have to leave the board, it's just that you change your title from non-independent to, sorry, independent to non-independent. However, we, we and others generally require the chair to be independent to represent retail shareholders. So in a sense, your time is coming up during this period. So can I ask if there are succession plans on foot? And, whether we can expect a, an announcement about chairmanship in the near future. Thank you.
Well, thanks very much, Mr. Robey, for those questions. I think for, for clarification, in terms of the SEEK Growth Fund, definitely the investments within the fund are at various early stages, and so the investments themselves are loss-making. What you see in relation to accounting for the fund is a movement in the valuation of the fund. And so as those, as those companies continue to grow, we would expect that, that, that'll be reflected in growth fund valuations. We intend to continue to share with our investors the same information we provided in the 2023, presentation at the time of the, the results, which includes, information about the performance of the various sectors within the fund, and their revenue growth.
And I think that combined with the movement in the value should give shareholders a reasonable indication of how that's going. In relation to the question about myself, thank you for the compliment at the start of the question. You're right, my current term does extend for another year. And subject to ongoing support from my fellow directors, I intend to remain as Chairman for at least that period. The nomination committee and board will start to discuss chairman succession next year, and we'll announce any decisions about that as they're made to the market once there's any news. But there's nothing to communicate at this time. Are there other questions in the room? Now, I'll look to go online. Dan, have you got some questions online for me?
Chairman, I have a question from shareholder Mr. Stephen Mayne. It has been now almost 2.5 years since co-founder Andrew Bassat stood down as CEO in June 2021, but remained on the board as a non-executive director. Could Andrew and new CEO, Ian Narev, both comment on how the relationship is working out? And could Andrew comment as to whether he would like to stay on a non-executive director for the long term? If so, would he be interested in a non-executive chairman role down the track, similar to what Brian McNamee did at CSL? Also, does either Andrew or the chair maintain a dedicated office inside SEEK's Cremorne HQ?
So let me start with myself. I do not have a dedicated office inside HQ here. I don't believe that that's appropriate. When I do come, we're a very open plan for those that have seen the office, and I tend to sit with people to get a vibe of what's going on. But Ian, would you like to comment at all on your relationship with Andrew? Can I always rely on you to ask the good questions, Stephen.
So, thank you. But, yeah, first we'll get Andrew to leave the room. I should note, I don't have a dedicated office here either. I like to sit out on the floor. Look, I think as far as I'm concerned, personally, as the CEO, Andrew's skills and his track record are one of the most important things that brought me to the organization. I've said that before. I don't think it is all that common in corporate life to have a founder and a former CEO stick around and be helpful, frankly. This is the exception that definitely proves the rule. Really, on a couple dimensions, number one, it creates a unique atmosphere in a company when a founder of this quality is still around. People enjoy seeing him.
People occasionally listen to what he says. And it just creates a very strong vibe right through the organization, includes from me and the management team. Number two, he's a really invaluable source of advice, and I'd say to me, but also to my team, because he's just seen a lot of these things. He's got a very strong entrepreneurial energy. And the third thing, which I think is probably very rare, is he certainly doesn't have a view that everything was perfect at SEEK, and if only things went back to the great days when, you know, others were running the company, it would be a lot easier. And so we can have very constructive conversations.
So I think I certainly speak on my own behalf and on behalf of the whole management team to say it's a massive asset for Andrew, to have Andrew around. If it was up to us, as long as he maintains the level of sanity he has at the moment, we would hope he would stick around for a lot longer.
Do you want to say something?
Look, only a couple of things just come in, and, I mean, Ian's tremendous, I think. Ian and I had the opportunity to work together for a couple of years before we took the step of Ian becoming CEO and me staying on the board. I absolutely offered to Ian. I think we had a very strong relationship, high degree of trust, and we were confident that wouldn't change post the change of roles. I offered to Ian, and I continued to offer to Ian, if it changes, if I become unhelpful and a distraction, I'm very happy to step off the board, and that offer remains open, so that should give good protection.
Thanks, Andrew. Dan, have you got further questions?
Chairman, I have a question from shareholder Mr. Stephen Mayne. Has the work from home phenomenon post-COVID been a net positive or negative for SEEK in terms of our business in the broader talent management market? Where have we settled at it, at in terms of the Cremorne HQ? How many people would come into the head office on an average day? And how many days a week on average would our people work from home?
Ian?
I'd say a couple of things. First of all, talk about the business, and this goes back to the slide I started with, talking about the depth of the sort of complexity of our markets. Any factors which contribute to an extra consideration in people's view of their own jobs or what employers want is a massive positive for us. And the fact that people are now trying to think, "Oh, I might want to work at an organization that works three days a week, four days a week, five days a week, whether it has remote working, doesn't have remote working," all these increased preferences are a huge positive for us. And so we like the fact that it adds complexity to the search, 'cause that's great for us.
The other thing I would say, and this is, I think, an underappreciated long-term opportunity for SEEK. There's a lot of sort of, in some cases, from old people like us, disparaging, "Oh, the younger generation don't stick around for jobs as much as they used to." That's a massive positive for us. The fact that people are now seeing their careers, and instead of joining SEEK and hoping I will go there for 60 years, I might rethink a year, two years, three years as a structural force in the economy. That's terrific for SEEK. So we're net beneficiaries of all that. As far as the phenomenon goes at SEEK, very specifically, well before COVID, we were working across borders because all our product and tech teams work across countries.
So the whole idea of having a team present in an individual office for us already pre-COVID wasn't the way a lot of our business was operating, and so we made the adjustment pretty easily. So from a general productivity perspective, we're not very concerned about it overall at all. I'd say a couple of things. Number one, we are conscious some roles require more time in person. And number two, we're very conscious of the fact that being together physically creates a certain cohesion and cultural closeness that we want to preserve. So the bottom line is, what we decide as an executive team is that we were going to say that there's a basic expectation you're going to spend half your time in the office.
Exactly when that is going to be is going to be determined by individual teams according to their individual needs. We're measuring the productivity and feeling like that's working really well. Once a quarter, we're bringing people together in what we call Hive Week, which is everybody comes into their local offices and creates a really significant vibe. If you really want to increase the likelihood people come into the office, it turns out Thursday night drinks still work as a phenomenon to attract people. So for the time being, we feel we've found a really good blend of flexibility and productivity. But obviously, we keep looking at that, and if we felt that was going to change, we'd look again at what we're doing.
Thanks, Ian.
Chairman, I have a question from shareholder Mr. John Sabalack and Mrs. Anna Sabalack. Are you able to expand on what is meant by vector search technologies and how you are using large language models, as referenced on slide six of the CEO presentation?
I turn to the CEO.
In other circumstances, I'd hand over to Simon Lusted to answer this question, who's in front of us, and who will talk about this at great length. The best way I would describe this from the point of view of, you know, real simplicity, is to say: imagine how people think about the job they want, whether it's you or people you know, your kids, your grandchildren, anybody. In the old world, they were saying, "I'd like a project manager job in Melbourne that pays AUD 80,000 a year." Nowadays, they're saying, in their own mind, "You know what? It'd be really good to have a job with a company with really strong ESG principles, that's within five kilometers of my home. I'd like to earn AUD 80,000 a year.
It'd be really good if I could work two days a week from home," et cetera, et cetera. That gets structured into a search query. You go back to the days of Boolean search, and now we're at the thing where what we're working really strongly with large language models, and the things like vector search, et cetera. We won't go into too much the detail there, but it's basically being able to translate that thought process, or the similar thought process from a hirer as to what they want in a person, into a structured search query and match a person in a job. One of the big questions we get is, do we feel that the rise of ChatGPT, the large language models, will threaten SEEK? Undoubtedly, down the line, it's a risk.
As we sit today, we're doing a huge amount of experimentation on this, and we're feeling very good about the early results, which are showing the combination of the large language models being developed outside SEEK and SEEK's own data and understanding is working phenomenally well. There's a long way to go on that, but that's what we mean by all those terms. In very simple terms, it means we're going to do a much better job in translating people's express preferences into a job.
Thanks, Ian. Yeah. Dan, no further questions. Are there any online audio questions? Fellow shareholders, the notice of meeting has been circulated, and I will take it as read. There are six items of business listed in the notice of meeting, and of those, items two to six require a vote. As mentioned previously, we will display proxies received on the screen prior to the discussion on each item of business. We will now move to the first item of business, which is the consideration of the financial statements and reports. SEEK's financial statements for the year ended 30th of June, 2023, the directors' report, and the auditors' report were included in the 2023 annual report. This is available on the SEEK website. This item of business is not subject to a vote.
However, shareholders may ask questions or make comments in relation to the financial statements and reports. Shareholders may also ask questions of the company's external auditor on matters relating to the conduct of the auditor, of the audit, and the auditor's report. Are there any questions from the room? Okay, I'll now turn to online questions. Dan, are there any questions?
Chairman, I have a question from shareholder Mr. Stephen Mayne. The stock is up 6% today, so well done with the earnings update and on this terrific long-term performance. We now have a market cap of AUD 7.8 billion, but this trails carsales on AUD 11.12 billion and REA Group on AUD 20.3 billion. Andrew Bassat said at last year's AGM that selling IDP was one of his three biggest regrets. Given that IDP now has a market cap of AUD 6.5 billion dollars, how does Andrew agree we'd be bigger than carsales if we'd hung onto it? Also, what were his two other big regrets at SEEK?
Well, I might actually take the first part of that question, and thanks very much again, Stephen. You know, IDP is obviously a separate company with separate focus, and I think its performance outside the SEEK structure has probably been better than if it had solely stayed inside SEEK. And I would note that we do have a former SEEKer who is now the CEO of IDP. As to other regrets, certainly IDP is, as Andrew mentioned, one of the major ones. And if you look across our businesses in the annual report, I think you'd expect the board to believe that Brazil and Mexico, while performing better this year, have been a disappointment long term and not come through with the sort of profits we would have hoped.
But unless there's anything else you'd like to say, Andrew, we might leave that there.
Oh, gee, if I start down this path, I don't know where I'd finish. But we... Now, look, IDP, we'd prefer to have held on to enhance that. The other word is probably not getting in ten years earlier, but we'll,
All right, thanks. No other questions, Dan?
No further questions.
Nothing online. Okay, so now we'll move to Resolution 2, which is the Remuneration Report. Item two on the notice of meeting is a resolution for the consideration and adoption of the remuneration report for the year ended 30 June 2023. The remuneration report is set out in SEEK's 2023 annual report and provides disclosure of director and executive remuneration. In my address earlier, I made comments about remuneration, which I won't repeat at this point. The vote in relation to this item is of an advisory nature only and does not bind the company. However, the outcome of the vote and discussion on this item will be taken into consideration in determining future remuneration policy. Prior to the meeting, on this item, we received a question from shareholder Mr. David Hayden. He asked: "How are executives incentivized to improve Return on Equity?
Thanks for that question, Mr. Hayden. Our remuneration framework is designed to support the sustainable growth of SEEK's business and are aligned with shareholder interests. The equity rights plan and the wealth sharing plan put shares into the hands of executives and make sure their interests are aligned with long-term growth and returns for shareholders. In addition, a key priority for the board and the executive is to execute our growth strategy. As the outcomes of the execution of our strategy become apparent, we believe that SEEK shareholders will be rewarded with capital growth and, over time, an increased dividend. Thank you for that question. Are there any questions from the floor in relation to this item? Mr. Robey.
Remuneration plans are typically extremely complex and very hard for people to understand. In fact, I'd challenge anybody on the table up front to give chapter and verse at how your remuneration report works, because it's an extremely complex job, and I would never volunteer to be the chairman of the remuneration committee, Paul, whoever has chosen to do that. However, can I comment that, well done in making the Wealth Sharing Plan, which is the long-term component of the remuneration, much easier to understand, and you've effectively moved much more towards the mainstream of the, your ASX peers. Using shareholder value measures relative to a set of peers is always a good move, because if the shareholding of the whole market moves up and down with the sentiment, then basically all should move comparably.
Removing the complex fair value measurement, another thing that most mortals don't understand, the odd accountant does, but putting in face value, which is what we see on the share price every day, is a very good move. We still have a component of the plan that we're not particularly happy with, which is the equity share, and in effect, it's not particularly variable, so it's not much at risk. The only variability really is if the share price moves up and down. Whereas most companies, you can lose the lot if your company hasn't passed a few hurdles. So it's effectively a deferred payment, and while linked to customer value, it's not linked strongly enough, we believe.
So, this is the only bit that we would encourage you to sort of re-examine, and you're coming a fair way towards aligning yourself with your ASX 100 peers. So why not finish the job off and complete the alignment? Thank you.
Thank you for the question, Mr. Robey. I think the intention of the equity right is to encourage executives to think and act as owners and make sure their interests are aligned with long-term growth and returns for shareholders. In our view, and we continue to test this, traditional SDIs with individual performance targets can drive behavior based on short-term outcomes, which is not what we are targeting here at SEEK. Also, we take a view that just because the ASX or the leaders on the ASX all do things one way, you do have to really take a step back and work out what actually works for your company and what are you trying to drive in terms of behaviors and in terms of outcomes, and in terms of being the best remuneration plan for shareholders.
Thank you for your question. We'll now move to any questions, online. Dan, have you got any questions?
Chairman, I have a question from shareholder Mr. Stephen Mayne. Did any of the proxy advisors recommend a vote against any of today's resolutions, including this remuneration report item? And did any resolutions receive less than 90% support? If so, why? Also, starting in 2024, why not disclose the proxy position to the ASX with the formal addresses to offer more timely disclosure to the market? CarSales started doing this last year. JB Hi-Fi has been doing it since 2007, and Flight Centre did it this morning.
Well, thanks very much again for your question, Stephen. I thought we'd made progress because the last couple of years you'd asked me about disclosing the proxies before the discussion, which is what we've now done. But we'll take that part of the question under advisement. SEEK engages with proxy advisors in a constructive way, but we are not their customers, and we don't think it's appropriate for SEEK to disclose the reports prepared by them, as it's not our information to disclose. We will continue to show the proxy advisor outcomes, the proxy voting outcomes, as you see at the AGM. There is one resolution that I think is slightly below 80, but when we get to that, we can answer a question on that, if appropriate. No further questions?
So now we move to item three, the re-election and election of directors. Item three of the notice of meeting concerns the election and re-election of directors. The first of these resolutions relates to the election of Jamaludin Ibrahim as a director. Jamaludin was appointed by the board as an independent non-executive director in July this year, and in accordance with our constitution, ceases to hold office at this AGM and is eligible to stand for election. Jamaludin is a member of the Remuneration Committee. Full details of Jamaludin's experience and qualifications are included in the explanatory notes in the notice of meeting. The board considers Jamaludin to be independent, and the directors, other than Jamaludin, recommend that you vote in favor of his election. I now invite Jamaludin to address the meeting. Jamaludin?
Thank you, Graham. Thank you for giving me this opportunity to speak today and to seek my election to the board. It's really an honor just to be able to address to all of you today. When asked to be considered early this year, I like to do so because I like this company, I like the business, and I believe I can contribute. I also share the same values of this company. Specifically, I love technology analytics, I love the people business, and I love working for a multinational company. So happen, these three areas are also SEEK's key differentiation, among others, and so happen, these three areas are where I can contribute. Firstly, on technology and analytics.
I'm far, to be sure, Simon, I'm far from being an expert, but my background should help a bit as it was mostly in technology and in the science of business and analytics. Let me explain. While I graduated in 1978 in business administration, my minor was in mathematics, and while my master's was in MBA, my concentration was in operational research, a precursor of today's data science and analytics. I spent 16 years in IT at IBM and DEC, and 23 years in telecommunication at Maxis in Axiata Group. The last 10 years of which also building and experimenting with 30 digital brands. Secondly, on human needs and behavior, the people business. While I was a CEO, with, in a CEO position for 27 years, I spent huge amount of time, maybe disproportionately, on people in general and on HR disciplines, including recruitment and talent, personally.
Thirdly, being a multinational company, as SEEK is, I spent 17 years working for MNC at IBM, primarily, and 13 years building one at Axiata, which operates in dozens of countries in ASEAN and South Asia. My mindset is sensitive and trained to think about the commonalities and synergies across these companies, but also understanding, at the same time, the uniqueness and nuances of the countries we operate. While I do not know much about ANZ, I hope I do a little bit more about ASEAN and Malaysia. On top of these areas, being a CEO for 27 years before, of a small from a very small company to an Asian AUD 8 billion revenue company, at Axiata, I believe I can provide yet perhaps another CEO's perspective at the board level.
I wouldn't be embarrassed to say that I like to join SEEK to learn, too. This is a great company, amazing people on an excellent board. In fact, I've learned a lot already. Over the last three months, I've learned and heard the unification word so many times compared to the last three years of my life, and maybe arguably, the last 30 years of my life. Last but not least, I like this company because I believe in the future of this company. Thank you, Graham, and thank you to all the board members for supporting me and to the shareholders to allow me to be, hopefully, to be part of the board and the company. And I look forward to that adventure and serving all of you. Thank you.
Thanks, Jamal. The proxies for this resolution are now displayed on the screen. There were no questions received prior to the meeting, so we move to any questions from the room. Are there any questions on this item of business? No, so we'll move to online questions. Dan?
Chairman, I have a question from shareholder Mr. Stephen Mayne. "Well done on diversifying the board perspective with some offshore talent as we grow the business in Asia. While dealing with these director election resolutions, could Chair Graham Goldsmith comment as to whether any process has commenced around chair succession?
Well, thanks very much, Stephen. I think I probably addressed that question specifically before. I think Mr. Robey had a question along very, very similar lines, so I don't feel that, that we need to make further comment. Are there any other questions, Dan? No. Well, thanks very much. So we now move to the next resolution, which is 3B, the re-election of Vanessa Wallace. Vanessa was appointed to the board as a non-executive director in March 2017. Vanessa is retiring from office by rotation and is eligible to stand for re-election in accordance with our constitution. She is a member of both the Audit and Risk Committee and the Remuneration Committee. Full details of Vanessa's experience and qualifications are included in the explanatory notes to the notice of meeting.
The board considers Vanessa to be independent, and the directors, other than Vanessa, recommend that you vote in favor of her re-election. I now invite Vanessa to address the meeting.
Thank you, Graham, and I also appreciate the opportunity for being considered for re-election. You know, SEEK is a great Australian homegrown technology company that is purpose-driven, and anyone would want to be on the board of this company, so I appreciate that. My career can really be separated into four segments, each of which I think I try to draw on that experience to both create value but also manage risk within the business. The first is back in the 1980s. I started as an asset manager with Schroders, and that was at a time when the Australian dollar just floated, and I invested for a few years in the U.S. and the Japanese markets.
I've been through, from that experience, and then since then, I've been through a whole range of economic and capital market cycles, and I think I really have an appreciation for what it means to invest through the cycle, but also to manage productivity at all points through the cycle. And, you know, the world's getting no less cyclical, and I think those that focus is really important. The second is I spent 27 years as a strategy management consultant, working across Asia and Australia. Where in Australia, I was the fourth employee in the company I worked for, and we grew to over 300. I was the first senior partner in that business, and then I co-led the Japanese business from 2012 to 2015.
Quintessentially, problem-solving, strategic consideration, and deliberation is what I love to do, and this is a fantastic place to apply that. SEEK inherently operates at a deeply analytical and a really constructive disquiet in ensuring it remains competitive and forward-looking. It's a fantastic environment to contribute in. I've also, through my consulting career, as you can imagine, have seen many transformations, and actually, not just good ones. I've seen good, bad, and the ugly on that front. The SEEK Unification program is probably one of the most complex I've seen, and it has been one of the stellar case studies. It will be written up in years to come.
Now, I need to touch wood because we've still got a few things to do, but really tremendous, and I think Ian mentioned some of the reasons why it has been so good, but so I won't repeat those. But a really impressive team effort that have managed technology and the people side exceptionally well. Third, I'm a founder of a digital health business called Drop Bio Health. It's five years old and provides citizens with a way to biologically understand and track their health and well-being from the convenience of their home. You know, health and employment are different sectors, but both are socially important and both have in the digital space a lot in common. In both sectors, the user experience is quintessentially important.
The power of leveraging data and the importance of delivering for both the citizen or the customer and your business partner, both sides, is critical to success. And my fourth sort of part of my career has been as a director. I've been a company director for 15 years, both listed and unlisted companies in Australia, the U.S., and the U.K. Currently with Wesfarmers, Ecofibre, and a non, sorry, unlisted company called Palladium Global Holdings, Inc. The diversity of businesses and markets that I have the privilege of being exposed to, I think, aids just in bringing perspective, and navigating what is a really complex world. So, I really look forward to your support to continue. I love this role, and I think the company has a really bright future. So thank you very much.
Thanks very much, Vanessa. The proxies for this resolution are now displayed on the screen. There were no questions received prior to the meeting, so I'll move to any questions from the room on this resolution. No questions from the room. Dan, are there any questions online?
Chairman, I have a question from shareholder Mr. Stephen Mayne. "When disclosing the outcome of voting on all resolutions today, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with the scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a voluntary disclosure initiative adopted by the likes of Metcash, Altium, AUI, Dexus, Webjet, Tabcorp."... and Myer over the past two years. The ASX itself and Qantas both did it for the first time this season. Do candidate Vanessa Wallace and the chair agree that it would be good to share with retail shareholders how many of them voted, rather than just retaining that data within the board?
Thanks very much, Mr. Mayne, and you're correct. The data on how many shareholders voted for and against each resolution is not something that we currently provide. I'm interested in your list of companies that have chosen to do that, this year, and, we'll take that, question under advisement. Do you have any other questions, Dan? Thanks, Dan. Thanks very much. So moving to item four, which is the proportionate takeover provision, and this concerns a proportional takeover provision in our constitution, which is required by law to be, reaffirmed every three years. The effect of a proportional takeover bid provision and the reasons for proposing the resolution and potential advantages and disadvantages are set out in the explanatory notes to the notice of meeting. The directors recommend that you vote in favor of this resolution.
There were no questions received before the meeting on this item, so I ask if there are any questions from the floor. No. And any questions online? Thanks very much, Dan. So we'll now move to Resolution 5. Resolution 5 is the grant of an equity right to the Managing Director, Mr. Ian Narev, and this seeks shareholder approval in accordance with Listing Rule 10.14 for the grant of one equity right. The basis for calculation of and the terms of the equity right are set out in the explanatory notes to the notice of meeting. The explanatory notes also outline Ian's remuneration package for FY 2024. The directors, other than Ian, recommend that you vote in favor of this resolution, and there were no questions received before this meeting on the item, so I move to any questions from the floor.
If there are no questions from the room, I'll turn to online. Dan, are there any questions? Thank you. Move to the last resolution, which is Resolution 6. Item six of the notice of meeting seeks shareholder approval in accordance with Listing Rule 10.14 for the grant of 208,685 Wealth Sharing Plan, or WSP, options and 83,474 WSP rights to our Managing Director and CEO, Ian Narev. The terms of these Wealth Sharing Plan options and rights are as set out in the explanatory notes to the notice of meeting. The directors, other than Ian, recommend that you vote in favor of this resolution. There were no questions received prior to the meeting, so I'll move to any questions in the room from the floor. No questions from the floor.
Can I ask Dan if there are any questions online? No questions online. Thank you, and thanks for your help, Dan. Ladies and gentlemen, that concludes the formal items on the agenda. The poll will close shortly after conclusion of the meeting. Shareholders have a couple of minutes now to finalize their voting. Please place your voting card in a ballot box as you leave this room. The results of the poll will be announced to the ASX and published on our website after the votes have been counted and checked. Thank you for your continued support of SEEK and for your attendance at the meeting today. I now formally close this annual general meeting and invite those here in person to join the directors and management team for light refreshments outside. Thank you very much, everybody!