Okay, tena koutou katoa. Good afternoon, and welcome to Chorus's 2023 annual shareholders meeting. I'm Mark Cross, Chorus's Chair. We welcome those of you joining us here in the Chorus offices in Wellington today, as well as those of you joining us online through the Computershare platform. First, some housekeeping for those in the room with us today. In the event of fire, a siren will sound. Please follow the directions of our staff using the exit behind the kitchen area and follow the signs down the stairs. Staff will direct you to an assembly area. If you need assistance, please meet in front of the lifts. In the event of an earthquake, please remain in the room and follow the instructions of our staff. Bathrooms are located behind the kitchen area. We have a quorum, so I declare the meeting open.
For those of you joining via the online meeting platform, shareholders and proxies have the ability to ask questions and submit votes. To submit a question, simply select the Q&A tab on the right half of your screen, type your question into the field, and press Submit. Please also note that questions may be moderated or, if we receive multiple questions on one topic, amalgamated. We will address all questions, whether submitted online or from people here in the room, at the relevant times, later in the meeting. Please be as concise as possible and ensure they relate directly to the matter being considered. This meeting is being webcast, so please remember you'll be heard by an audience outside this room. Voting will be conducted by poll.
To give those of you who are online enough time to vote, you'll shortly be able to cast your vote on all resolutions under the Vote tab. Your vote has been cast when the tick appears against the available options. You can change your vote up until the time I declare voting closed. Simply select Change Your Vote to do so. For those online, I now declare voting open on all items of business. I'll give you a warning before I move to close voting near the end of the meeting. If you need assistance at any time, simply type your query into the question field via the Q&A tab, and someone from Computershare will respond. Or you can call Computershare on 0800 650 034.
For those of you in the room, voting will be by poll using the proxy voting forms provided with your notices of meeting. I and my fellow directors intend to vote all undirected proxies we hold in favor of the resolutions. I'll call for voting once I've given an overview of each resolution and each director standing for re-election has addressed you. We have a relatively short agenda today in terms of the formal business of the meeting. I'll start with a short summary of the year and what the board is focused on, and then briefly cover our regulatory process. Chief Executive JB Rousselot will then cover what's happening at an operational and market level. After that, we'll move to resolutions, questions, and voting. JB's joined today by key personnel, including Mark Aue, our Chief Financial Officer, and Elaine Campbell, our Chief Corporate Officer and General Counsel.
We also have representatives from our auditors, KPMG, and Chapman Tripp, our legal provider. So let me introduce you to our directors. Sue Bailey, Will Irving, although Will's just had eye surgery, so he's joining us online but won't be appearing on screen. Murray Jordan, Kate Jorgensen, Jack Matthews, and Miriam Dean is unfortunately a late apology due to a close bereavement. Kate and Jack are standing for re-election today in accordance with the NZX listing rules, so you'll hear from them shortly. So on to results. So as you will have seen from our results announcement in August, Chorus delivered a strong financial result in a year of operating challenges and change. We had hoped things were back to normal following COVID lockdowns, but FY 2023 brought us extreme weather events and technician shortages, as well as the broader weakness in the economy and inflationary pressures.
Despite these challenges, we were able to grow fiber connections and revenues, delivering increased revenue of NZD 980 million, and we held underlying operating expenses flat year-over-year at NZD 299 million. As a result, at NZD 682 million, underlying EBITDA was up NZD 22 million on the year before. However, net profit after tax reduced from NZD 64 million to NZD 25 million because of higher interest rates and depreciation. These financial results and the end of the fiber rollout investment program enabled us to increase our dividend payout to NZD 0.425 per share in the year, up from NZD 0.35 in FY 2022
So including that guidance, our dividend will have increased by 90% since FY 2021, and this reflects a return to positive free cash flow after more than a decade of investing shareholders' funds back into the fiber rollout. We also recently completed our NZD 150 million share buyback program. The buyback program began in early 2022 as a means of returning capital to shareholders, and the number of issued shares was reduced by about 17 million. Our borrowings were just under 4.4 times net debt to EBITDA at the end of FY 2023 and remain within our internal limit of 4.75 times, which provides a buffer against the upper limit for our current investment-grade credit rating.
In my letter at the front of this year's annual report, I set out a number of beliefs that we, as a board, have, and I think it's worth restating those here. Empowering our people, so we need the right people, empowered and incentivized. Fiber is future-proofed. Fiber is the best direct connectivity, scalable for future growth, while acknowledging there is a place for alternative technologies working back from the outer edges of the network. Connections, connections, connections. Connecting as many New Zealanders as we can at a competitive price to maximize revenue within our regulated cap. Managed exit from copper, managing our costs down and retaining as many customers on fiber as we can. Being an active wholesaler, treating our retail customers equally, but responding to the competition imposed by those customers selling competing products.
Promoting digital equity, so working together with our partners to maximize equal access to the best digital connectivity across urban and rural areas and across socioeconomic groups. Prioritizing long-term value. More on this in a moment. A considered approach to new opportunities, investing in new sources of revenue in a disciplined way, and lastly, an appropriate capital structure, so holding to a solid investment-grade leverage appropriate for a regulated utility. I do want to highlight that point about prioritizing long-term value. As a board, we regard capital allocation as one of our most important responsibilities, and in that regard, we strive to walk the line between investors seeking a return on their investment in the near term, by way of dividends and ongoing investment in our regulated asset base.
This is top of mind as we work through the price quality expenditure process, which I'll turn to now. It's hard to believe, but we're only 14 months away from the start of the second regulatory period for fiber. This next regulatory period will be 4 years rather than the current 3, and will run from 1 January 2025 through to 31 December 2028. Last week, we submitted our initial expenditure proposal to the Commerce Commission for this next period. The regulatory model for fiber is based on Chorus earning an allowed rate of return on its regulated asset base. The commission reviews our proposed CapEx and OpEx ahead of the period. The slide summarizes the extensive process we've gone through in preparing the 1,300 pages of information for this review process, including extensive consumer consultation and review by an independent verifier.
This submission is just the start of a long, 12-month process with the commission that we expect to be finalized late next year. We've proposed about NZD 1.5 billion of CapEx for the 4-year period, with approximately two-thirds of that being discretionary or linked to demand, and the remainder proposed for sustaining or enhancing network and IT CapEx. So working up the stack from the bottom on the screen, approximately NZD 500 million of CapEx relates to ongoing investment to sustain and enhance the network, along with business and IT support costs. Next is approximately NZD 700 million of investment based on our demand forecast for new fiber installations, property developments, data growth, and the technology needed to deliver our multi-gigabit Hyper Fiber services. And finally, about NZD 300 million is for discretionary growth investment, principally for rural network expansion and increased network resilience.
This investment, while beneficial for consumers and supported by stakeholders, is commercially challenging given we operate in a dynamic industry environment. For that reason, it's important to note that it remains subject to further business case, appropriate regulatory settings, and market demand. In addition, we've proposed operating expenditure of NZD 840 million for the four-year period, with spend per connection largely flat. That's despite overall fiber costs growing to reflect the rapidly diminishing contribution copper services make to our business. A few words about regulatory certainty. Our network investment is in long-dated assets, and that means regulatory certainty is essential if our shareholders are to earn a fair risk-adjusted return. So when considering making discretionary investment, that will deliver good outcomes for end customers, there are three settings that are critical to ensuring a fair outcome.
Firstly, we need to know that regulatory settings won't be interpreted or changed in a way that undermines a fair return. We think that regulatory consistency ensures the best outcome for consumers in the long run by reducing the risk-adjusted rate of return required by investors, which in turn drives lower allowed revenue and prices. Secondly, we need to be confident that the commission is ensuring the government's wholesale fiber network model, under which we are regulators of monopoly, isn't undermined by our large, vertically integrated customers unfairly favoring their own wireless networks. Lastly, we also believe the regulatory process needs to remain flexible. Telecoms is a dynamic industry, and we've been required to submit a proposal more than a year ahead of its implementation. We already know, for example, that copper withdrawal is occurring faster than expected.
We need to consider up-to-date market conditions when confirming the business case for discretionary and demand-based investment... and this includes considering how changes in government funding or policy, particularly for rural areas, could help accelerate or reshape our investment plans. The end of the UFB rollout and the looming end of copper's economic life means Chorus is becoming a simpler business. We're excited about Chorus's future as an all-fiber digital infrastructure company, and the role we can play in enabling New Zealand's digital future. Fiber's unmatched as a broadband technology, a fact we champion with conviction, if you haven't already noticed. In the words of our advertisements, no one in New Zealand should experience bad net. This sentiment is echoed globally. Most developed countries are rolling out fiber at pace.
JB and I recently met with several European network operators, and typically, coming from New Zealand, we might feel we're lagging behind the rest of the world, but these companies look to Chorus and New Zealand as a possible glimpse of their own futures and are eager to learn from us. The visits reinforced our belief in what we've achieved as a country and as a company. Chorus is now one of the very few public-listed wholesale fiber companies in the world, with a settled industry structure, a completed build to 87% and take-up of 70% and growing. But while our global position and connectivity is solid, the pace of change is relentless, and other countries are rolling out fiber at pace and aspiring to 99% or 100% coverage in some cases.
There are also numerous examples of providers leaping ahead with multi-gigabit speeds, now the default technology of choice for new networks. Take Google Fiber, for example. They've recently introduced 20-gigabit speeds to residential users on the U.S. network, and it's coupled that with cutting-edge Wi-Fi 7 technology in the home to take advantage of that performance. So these developments reinforce the view that New Zealand can't afford to sit back and relax. In the worlds of technology and connectivity, standing still is going backwards. Technology advances such as this underscore the need for us to think about what we can do to innovate and invest in the digital future of New Zealand, as well as to support digital equity initiatives like the 20/20 Trust and Digital Seniors.
This all points to the need to keep investing, to enable new services and more capacity and speed to meet demand. If we can get that right, our network will, in turn, help New Zealand to diversify and grow for the benefit of end customers and, of course, all of our Chorus shareholders. So I'll hand over to JB now.
Thank you, Mark. Kia ora, Ngā mihi nui, welcome and greetings, everyone. Well, looking back at last year, it's hard not to mention Cyclone Gabrielle. It was a devastating weather event, and it was really impacting on the people in the East Coast and was, in fact, the largest weather event to have affected our network. At its peak, we had about 55,000 fixed connections without services, either due to loss of electricity or damage to our network. The Chorus team and our service company technicians did a fantastic job to restore services as fast as possible. In some cases, temporary links up to five kilometers long were dropped from helicopters to fix the network.
The photo on the slide shows, what they were a bank, what they were up against, with some major cable routes simply washed away. This is Hikuwai Bridge, and it was part of a, fiber route, which we had just invested, about 10 years ago, to ensure a dual connection to Gisborne. But both this and the alternate route were cut by the cyclone. Now, there are always lessons to be learned from these kinds of events, and we're working, with the wider telco industry to identify ways to improve resilience in the future. One of the key lessons for us was just how resilient our fiber network is compared to our legacy copper network.
Copper network customers were 10 times more likely to lose services in affected areas, and we saw fiber services restored twice as fast, when power came back. Overall, the extreme weather in FY 2023 impacted our reported EBITDA by about NZD 7 million. Now, despite this major impact and other challenges, we delivered some really solid fiber growth in the year. Our latest connection numbers show that we've reached 70% take-up at the end of September, and that's across our footprint of about 1.5 million addresses. Auckland itself is fast approaching the 80% uptake mark. We finished the public-private rollout with the government just under a year ago, despite the resourcing challenges created by COVID migration, and we achieved our long-held target of 1 million fiber connections on schedule.
Since then, we've continued to add connections steadily. While our pace was impacted early in the year, our workforce is now back to full strength, and in the last quarter, we added 19,000 fiber connections and grew the network by another 9,000 addresses. We've been very pleased to see our entry-level 50 Mbps plan gain momentum in the last quarter, with 7,000 connections added. We introduced this plan to help low-usage and price-sensitive customers migrate from copper to fiber. After a slow start, larger retailers have begun promoting the plan with positive results, and that includes helping us connect customers that weren't previously either on our copper or our fiber network. Demand for our 1 Gbps plan also remains strong and continues to represent about a third of net adds.
So overall, more than 90% of our connections are on 300 Mbps speed or above. Now, while 1-gigabit plans make up about a quarter of our fiber connections, there are markets like Singapore, where 1 gigabit is, in fact, considered as the basic broadband product. In fact, the Singapore government has just announced that it wants 10-gigabit services to be available by 2026 as part of its digital strategy. Multi-gigabit services are starting to gain momentum globally with the deployment of new electronic equipment into the fiber network. And here in New Zealand, we already have several thousand customers that are on these Hyperf ibre plans, so 2, 4, and 8-gigabit services. And as you can see from the chart on the left, a lot more data is being consumed by these early adopters.
If you look at it, about 3,500 gigabits is consumed by these early customers, compared to 1,000 gigabits, which is the average for a consumer on a 1-gig plan. Data usage overall is nearing 600 gigabits per month for consumers, and we expect that the next significant lift in data usage will come from greater consumption on video over the internet and especially of 4K content. The Commerce Commission has done a very useful job requiring transparency in broadband marketing. They publish quarterly reports that compare how different technologies perform on a range of factors, and their data shows that fiber outclasses alternative technologies in almost every test. Based on our own customer research, things like latency and reliability are really important to consumers. They value rock-solid performance without interruption or without delay.
So let's be clear, there is no fiber-like performance or fiber-like experience when you compare technology. You're either on fiber or you're not. Now, with the fiber rollout completed, we've begun reshaping the way Chorus is set up. We want to be nimbler in executing our strategy as a network operator. To achieve this, we've refreshed our operating model to unlock value and meet the needs of a changing market. This includes the creation of three end-to-end value streams: Access, focusing on fiber broadband to homes and businesses. Infrastructure, focusing on complex fiber solutions for our customers and also leveraging Chorus's asset to generate new revenues. And Fibre Frontier, focused on executing our rural and regional strategy. Ultimately, these changes are all about simplifying our business and becoming an all-fiber digital infrastructure company.
The rollout of better and more sustainable fiber networks means that the days of copper networks are numbered. In those areas where we built UFB fiber, we expect to retire copper by the end of 2026. To date, we've issued about 34,000 notices to copper customers, and we've been able to shut down almost 700 broadband cabinets. At the end of September, there were fewer than 80,000 customers connections remaining in areas where we have fiber available, and outside of fiber areas, just over 100,000 copper connections remain. A Commerce Commission study showed that copper has less than 50% market share in these areas as consumers are choosing satellite and wireless technology that better meet their needs than copper. These market changes ultimately point to a full disconnection of copper networks.
Here in New Zealand, we believe that this should happen within a decade, and we're not the only country reaching this stage. Last week, as Mark mentioned, we met with a range of network operators at a global broadband conference in Europe. While New Zealand was early to the mark, targeting 87% fiber coverage through the UFB program and reaching 70% take-up, many countries in Europe are now targeting more than 95%, and in some cases, 99% fiber coverage, and some have similar or higher uptakes. Spain, for example, is at 83% uptake. Given these high fiber coverages and take-up rates, copper networks are actively being turned off. Norway, with about 70% uptake and a similar population and geography to New Zealand, shut their retail copper network in January this year.
Spain plans to shut their copper network in the next year. With New Zealand in ninth position among OECD countries for fiber uptake at the end of 2022, it is really time to accelerate the copper disconnection discussion in this country. It is also time to reopen a conversation about extending fiber coverage beyond the current footprint. As the research for our regulatory expenditure proposal shows, Kiwi consumers believe that rural communities should not be left on the other side of a digital divide, and there's NZD 1 billion of dollars in economic benefit to be gained by enabling city-grade broadband in these areas. That's the rationale behind government investment programs in both Europe and the U.S. to take fiber as far as possible. Here in New Zealand, we've been doing some of that, but only in targeted way lately.
Earlier this year, we completed work on building fiber backhaul into Milford Sound. This was achieved with the help of government funding, and it now supports eight mobile towers to provide coverage for motorists on the way. But more importantly, we can now get on with the connection of 120 or so residents in Milford Sound to fiber, and that will, in turn, help enhance their local businesses and their interaction with the wider world. Not to mention, the tourists will be using a whole lot of data to show just why everybody should visit this great place in New Zealand. This is the kind of transformative outcome that is a blueprint for how government, industry, and network builders can unite for a common cause.
The challenge is to find a way to leverage the benefits of fiber broadband for even more New Zealanders, and we look forward to working together with the new government to do more. On that note, I'm going to pass back to Mark for the resolutions.
Thanks, JB. So we'll now come to the resolutions outlined in the notice of meeting. We have Kate Jorgensen and Jack Matthews retiring by rotation under the NZX listing rules and standing for re-election. The board unanimously supports their re-election. A brief biography for each director standing for re-election was included in the notice of meeting. The third resolution relates to the fixing of the fees and expenses of our auditors, KPMG. As I mentioned before, voting today will be conducted by way of a poll on all items of business. For those of you online and eligible to vote, you can cast your vote by clicking on the Vote tab and selecting your voting directions. Your vote is cast when the tick appears. There is no need to hit a Submit or Enter button, as the vote is automatically recorded.
You do, however, have the ability to change your vote up until the time I declare the voting closed, and I'll give you a warning before I move to close voting. As indicated earlier, I and my co-directors intend to vote all in directors' proxies we hold in favor of the re- resolutions. If you wish to ask a question, please press on the Q&A icon, and this will open a new screen. At the bottom of that screen, there's a section for you to type your question, and once you've finished typing, please hit the Send button. The first two resolutions relating to director appointments will be presented before we pause for questions on those resolutions together. I'll then present the third resolution. You can also ask general questions that will be addressed at the end of the meeting.
We now move to resolution one: Kate Jorgensen's re-election as a director. She retires under rotation, under the listing rules, and offers herself for re-election. It is my pleasure to propose resolution one, the resolution to re-elect Kate as a director of the company. I now invite Kate to address the meeting.
Tena koutou katoa. Good afternoon, everyone. Ko Kate Jorgensen toku ingoa. As you know, Chorus is the provider of essential digital infrastructure that enables New Zealanders to Access an increasingly online world. The importance to Aotearoa of the infrastructure that Chorus operates and maintains can't be overstated. The COVID pandemic and then the weather events earlier this year have underscored just how reliant New Zealanders are on our network to keep connecting, working, and learning online. We know fiber is the best technology for delivering future broadband requirements, and I'm keen for us to continue exploring how regulatory and policy settings can enable us to reduce the digital divide by taking fiber to more people. As a former advisory board member of the New Zealand Sustainable Business Council, I also value the role Chorus's network plays in enabling New Zealanders to lead sustainable lives.
The reality today is that a significant digital divide still exists, even in areas where fiber is available. I believe Chorus has an essential part to play to ensure each person and their whanau can unlock the full potential of being a digital citizen. We know we can't solve this social issue alone, so we continue to support government agency initiatives focusing on improving digital inclusion. I am seeking re-election today, having first been elected in 2020. I'm pleased to have the opportunity to seek your support for my re-election as an independent director of Chorus. I bring significant financial, audit, governance, and commercial experience to the board, working within the telecommunications, infrastructure, construction, and financial sectors in New Zealand.
I am a current director of Kiwibank and Suncorp New Zealand, as well as an impact coach for the Springboard Trust, an organization that helps develop strategic leadership skills in the education sector. I've also had an extensive executive career, where I was the chief financial officer of Vodafone New Zealand. Prior to that, I was the chief financial officer of KiwiRail, CFO of Fletcher Building's infrastructure division, and a senior audit manager for KPMG. I see my experience as adding strategic value to Chorus as it transitions into the next stage of its corporate journey, focused on operating and maintaining its world-class fiber network. I was appointed as chair of the Audit and Risk Management Committee late last year, so I bring a fresh perspective and set of skills to the work that committee carries out.
This includes helping the business prepare for the new mandatory climate-related reporting regime that will apply in 2024, and of course, prioritizing the efficient allocation of capital that grows with shareholder value. With your support, I look forward to continue working with my fellow directors and the Chorus team to achieve our vision of connecting Aotearoa. Ngā mihi nui.
Thank you, Kate. I now move as an ordinary resolution that, Ms. Kate Jorgensen be re-elected as a Chorus director. If you've not already done so, I ask that shareholders vote on resolution one... We now move to resolution-
Are you going to put up proxy information regarding the lady director? Are you going to put that, make that available to the page? Or you already presumably have it.
We weren't proposing to, I don't believe. No. But that all the voting results will be available after the meeting. We now move to Resolution Two, the re-election of Jack Matthews as a director. I now invite Jack to address the meeting.
Tena koutou katoa. I'm Jack Matthews, and I'm seeking re-election today, having first been elected in 2017 and re-elected in 2020. It's a privilege to be a part of the Chorus board, and I'm pleased to have the opportunity to seek your support for my re-election as an independent director. Firstly, the question, the obvious question: Why do I want to be a member of the Chorus board, and why am I seeking re-election? As some of you know, I've been a strong believer in the social and economic benefits of broadband technology for a very long time. In fact, my first executive role in New Zealand as chief executive of Saturn Communications here in Wellington involved building Australasia's first broadband network in Wellington and Christchurch, 30 years ago, I might add.
I'm also a former director of Crown Fibre Holdings, the government stakeholder and partner, of course, in the public-private partnership to deliver the fiber network. These roles mean that I have a very strong understanding of this kind of infrastructure and more personally, a very strong interest in ensuring the success of Chorus. Added to this, my other businesses and governance roles have given me heavily weighted to technology-oriented businesses. That has included being the chief executive of Fairfax Media's Metro division and previously the CEO of Fairfax Digital, both in Australia, and the COO of Jupiter TV in Tokyo, Japan. This has given me a real appreciation of the challenges and demands that new technology brings, and I believe this is particularly relevant as we think about not only maximizing the demand on the fiber network, but also how we might develop and grow new non-regulated revenues.
Ultimately, I see Chorus as playing a key role in providing data capability, and that will help drive New Zealand's economic future while supporting new and emerging technologies, and also, most importantly, developing good shareholder returns. Secondly then, what do I bring to the Chorus board? Before taking on governance roles, I had more than 20 years of broad corporate experience in New Zealand and internationally, leading companies at a senior level. I'm currently the chair of Lodestone Energy, a solar development company, and a former director of Fletcher Building, the Network for Learning, APN Outdoor, and Trilogy International. This experience helps me support and challenge management in assessing the performance of the company and to contribute to making the right investment and development decisions to increase shareholder returns. Ultimately, my primary focus is aligned with yours as shareholders: to see Chorus grow over time.
In my view, this requires a real focus on operational excellence and the management of key relationships with customers and stakeholders. With your support, I look forward to continuing to work with my fellow directors and Chorus's very strong management team to achieve these objectives and continuing to provide value to you as shareholders. Ngā mihi nui. Thank you very much.
Thank you, Jack. I now move as an ordinary resolution that Mr. Jack Matthews be re-elected as a Chorus director. If you've not already done so, I ask that shareholders vote on Resolution 2. So are there any questions from the floor related to those two resolutions, 1 and 2? No. Carl, have there been any questions received specifically related to Resolutions 1 and 2, from online?
No, no questions received online.
Okay. Thanks, Carl. We'll now move to the final resolution, Resolution Three, the auditors' fees and expenses. In accordance with the Companies Act, Chorus's current auditors, KPMG, have been automatically reappointed as Chorus's auditor. Under that act, auditor fees and expenses must be fixed in a manner determined at the annual meeting. Are there any questions from the floor related to Resolution Three? No. Carl, have we received any questions online about Resolution Three?
No questions received online.
Okay. Thank you. I now move as an ordinary resolution that the board be authorized to fix the fees and expenses of KPMG as auditor. If you've not already done so, I ask that shareholders vote on Resolution Three. I now invite shareholders to raise any other questions, comments, or discussion, whether related to any of the presentations, the financial statements, or the management of Chorus. For those online, please do throw through the Q&A function. So while we're waiting for people to raise any items of general business, an email address for your feedback is here on the screen. And of course, we welcome your feedback at any stage. So let's go to the room. Are there any questions? Do you have any general questions for myself or JB or any of the team? No, it doesn't look like we have, so Carl, we'll go to you.
Any questions from online?
Yes, we do have some online questions. The first from Simon Ritchie, shareholder. "Some of us in rural areas have no mobile coverage and rely on copper for our telephony. I found no mention of rural connectivity in the manifestos of the major political parties prior to the recent election. How confident are you that you will get government support in your quest to become copper-free?
I might pass that one to JB Very topical in light of our recent submission.
Yeah. No, thank you very much for your question, and clearly, before we could shut down completely the copper network, we need to make sure that everybody in New Zealand is able to communicate and be properly connected to the rest of the world. What's emerging now is a number of new technologies. low Earth orbit satellites are now covering and available in New Zealand. There is more mobile coverage due to a lot of the government programs that have supported filling back black holes. And wireless service provider, wireless internet service provider, WISPs, are also covering a number of people.
So, you know, before we can move to a world where we can turn down, turn off the copper network, we'll need to make sure with government and with other providers that everybody is able to connect. I believe that having that objective within the decade is a very achievable one, especially when we look at what's happening in some of the other countries around the world.
Thanks, JB. Further question from Peter Gregson, also related to rural: "Can you comment further on the effect or risk to Chorus's business of Starlink, especially in rural areas?
Good one for you, JB.
In fact, we do believe that Starlink is part of the solution to being able to withdraw the copper network. So we think that Starlink is a good development for rural and regional New Zealand. There are places where we will not be able to afford rolling out fiber. There are places where mobile coverage will not be able to reach, and this is where solutions like Starlink and other Low Earth Orbit satellite providers will be able to provide the proper connectivity, both voice and broadband, that everybody in New Zealand needs to be able to Access. So we see Starlink and other Low Earth Orbit satellite more as part of the solution than as a threat.
Thanks, JB That looks like that's it for the online questions.
Okay. Final check in the room. No other questions? Okay, very good. So ladies and gentlemen, that concludes our discussion on the items of business. The directors will also, of course, be happy to answer any questions you have during refreshments after the meeting. I'll close the voting system shortly. Please ensure that you've cast your vote on all resolutions. And for those in the room, please make sure you tick the appropriate box to vote on each resolution, being for, against, or abstain for each item, and sign the form. Please do not tick the proxy discretion box. So if you're unsure how to complete the form, please raise your hand and someone will help you. Once you've completed and signed your form, please place it in the ballot boxes that are being passed around.
I'll now pause briefly to allow you time to finalize those votes. Looks as though we're all done, so voting is now closed. The results of these votes will be released to the stock exchange after this meeting. So there being no other matters of business, I thank you for making the time to participate and join with us today. I now declare the meeting closed. For those of you here with us in Wellington, I now invite you to meet the directors over some light refreshments. So thank you.