[Non-English content] Mark Verbiest, te ho. Apologies, shareholders. I am going to do this sitting down. My back is giving me a bit of gyp, so apologies for that. We welcome you all to Meridian's 2026 Annual Meeting. Haere mai to those who are joining us today, both in person at our offices here in Wellington and to those of you online.
Welcome to the meeting to Anthony Smith and Daniel Locke from our auditors, Deloitte, and Ian Beaumont and Sophie Chester from our lawyers, Russell McVeagh. We also welcome Daniel Madley from the Treasury representing the Crown. For those of you here in person, in the unlikely event of an emergency, please follow Meridian staff instructions. If the fire alarm sounds, our emergency exits are located near the rear of the seating area, down the stairs and out the way you entered this building.
Please do not use the lifts. Our staff are here to show you the way. Our fire evacuation point is on Customhouse Quay across the road on the footpath outside Pravda Cafe. In the event of an earthquake, please drop, cover, and hold. Once the shaking has stopped, please follow all Meridian staff instructions. The bathrooms are by our reception where you arrived today. Meridian staff members are here to guide you and assist.
I now declare the 2026 Annual Shareholder Meeting open. The meeting has been duly convened and a quorum is present. The minutes of last year's meeting have been posted on Meridian's website and are held by the company secretary. Today's meeting is being held in person and online via the Computershare online meetings platform. All online attendees can watch a live webcast of the meeting and read company documents associated with the meeting.
In addition, shareholders and proxies can ask questions and submit votes. For those of you attending virtually, if you have a question to submit during the live meeting, please select the Q&A tab on the right of your screen at any time. Please type your question into the field and press send. Your question will be immediately submitted. Should you require any assistance, you can type your query and one of the Computershare team will assist via the chat function. Alternatively, you can call Computershare on 0800 650 034. Please note that while you can submit questions from now on, I will not address them until the relevant time in the meeting. Your questions may be moderated or if we receive multiple questions on the same topic, they could be amalgamated together.
Finally, if we run out of time to answer all your questions in this session, we will answer them by email. At the conclusion of the Chief Executive's review, we will address questions on the operations of the business. Please keep any questions on today's ordinary resolutions until we get to the formal part of the meeting. Voting today will be conducted by way of poll on all items of business. To provide all attendees enough time to vote, I will shortly open the online voting for the formal resolutions to be considered today. These relate to the re-election of current directors David Carter, Fraser Whineray, and myself. At that time, if you are eligible to vote at this meeting, you will be able to cast your vote under the Vote tab. To vote, simply select your voting direction from the options on the screen.
Your vote will have been cast when the tick appears. To change your vote, you simply select Change Your Vote. You can change your vote at any time until I declare voting is closed. Persons attending the meeting who are not shareholders, proxy holders or corporate representatives of a shareholder may not vote. That includes bondholders. Voting is now open on all items of business. The resolutions are open in the Vote tab. Please submit your questions and your votes at any time. I will give you a warning before I close the voting. I will begin my Chair address today by introducing the Meridian board and some of the management team. This year, some of our board members are present in the Wellington office, some are online. For those in the room, I ask you to raise your hands as I call your name.
David Carter, Fraser Whineray, Graham Cockroft. The breadth of experience around the board table remains a considerable strength, enabling us to bring diverse perspectives to the opportunities and challenges facing both Meridian and the wider sector. There was one board change during the year. Michelle Henderson stepped down to take up the role of General Manager and Chief Executive at New Zealand Aluminium Smelters. On behalf of the board, I would like to sincerely thank Michelle for her contribution and service and wish her every success. The board also appointed Kylie Reiri as our next Future Director during the year, effective from November 3 , 2025. This program of the Institute of Directors is designed to grow the next generation of directors in Aotearoa. Future Directors attend board meetings and contribute to discussion, but they do not have voting rights and are not involved in decision-making.
In August of this year, we also announced that Fraser Whineray had been appointed to the board as Non-Executive Director with effect from September 28, 2026. Fraser brings deep executive leadership experience and governance experience across the energy, infrastructure, and primary industry sectors, as well as in capital markets. Fraser retires and will seek shareholder approval for his election at this meeting today.
Also present with me today are Chief Executive Mike Roan, Chief Financial Officer Mandy Binnie, and the rest of the Meridian executive team apart from Guy Waipara and Claire Shaw. They are all otherwise present in the room today. Now talking about the 2026 year. It has been an important year for us, a year in which we recovered strongly from a challenging 2024/2025. We continued to invest in the future and stayed focused on serving our customers and communities well and delivering long-term value for shareholders.
This year, we focused on three core priorities: maintaining financial discipline, supporting customers through ongoing cost of living pressures, and continuing to build out our renewable generation development program. The financial results for FY 2026 represents our ability to adapt in a changing operating environment. The decline of domestic gas as a transition fuel has altered the outlook for the sector, reinforcing the importance of long-term investment, practical resilience measures, and clear signals for capital to keep flowing into new renewable generation development.
The fact of the matter remains that the best antidote for higher prices is to continue to introduce more electrons into the system. Many of our actions happen behind the scenes, but it is our job to maintain a business that can continue to perform on a balanced basis for our customers, our communities, and our investors through both normal conditions and times of stress.
During a demanding period for the company and the wider sector, our people collaborated effectively, made difficult decisions, and took a long-term sector-wide perspective. The Board is very conscious that this year's performance has been achieved during a period when many households and businesses continue to face financial pressure. The cost of energy remains an important issue and rightly attracts public attention and scrutiny.
As I said earlier, we remain confident that the most effective long-term solution to creating further affordability is investment in new generation. Increasing supply is simply the best way to put downward pressure on wholesale prices over time while improving energy security. We know that New Zealanders want to see lower power prices, and encouragingly, the substantial investment being committed across the sector and that that's already in play is beginning to have an impact.
We're seeing positive signs with wholesale forward prices easing during this year, enabling us to reduce prices for commercial and industrial consumers as their contracts come up for renewal. We've also made public commitments to residential and small business customers into next year. However, we do not set all of the elements that make up someone's bill. Customers will see at least three more years of regulated increases in lines and transmission charges, and we don't control those. If New Zealand is to meet its electricity needs and support economic growth, it must continue to attract new investment into new generation. This matters for both energy security and, as I've said, the prices that customers face. Large renewable developments require long investment horizons, significant capital commitments, and confidence in future market settings and returns.
Stable policy settings and efficient consenting pathways both play a very important role in ensuring the necessary investment occurs. As a country, New Zealand has a tremendous advantage which we should leverage. We already operate one of the world's most renewable electricity systems, providing strong foundations from which to electrify more of the economy. This creates a significant opportunity not only to reduce emissions but also to support productivity, attract new investment, and strengthen our international competitiveness as a country. Meridian is absolutely committed to playing its part to support the country's long-term prosperity and security. To this end, we have formed and are growing a team tasked with helping attract international companies to New Zealand, with possibilities that include further smelters, mineral processing, and green fertilizer. Data centers are in the mix too.
Each of these opportunities would deliver significant demand growth and, more importantly, create jobs and support regional and the wider economic growth for the country. Of course, any new electricity user needs to be introduced in a way that protects the reliability and affordability for all New Zealanders. And for us, that is a prerequisite. One of the most significant milestones for us this year was securing resource consent for the continued operation of the Waitaki power scheme for the next 35 years.
This scheme has been at the heart of New Zealand's electricity system for generations and remains a strategic asset for both Meridian and the country. More recently, we've also committed to a NZD 500 million generational investment in the Waitaki power station itself. Securing long-term certainty over the future operation of this station provides confidence for customers, investors, local communities, iwi, and the wider economy.
It also supports the ongoing role of renewable hydro generation within our energy system at a time when resilience, reliability, and decarbonization are all critical. This year also brought important external recognition of our longstanding commitment to sustainability. We were pleased to be included in the S&P Dow Jones Best in Class World Index. Meridian is the only New Zealand company currently represented in this index, and only the second New Zealand company ever, and one of just 10 electricity utilities globally. This recognition reflects years of disciplined work to build a business capable of delivering both strong commercial performance alongside environmental and social outcomes. It reinforces our belief that sustainability and long-term shareholder value creation go hand in hand. I will conclude my address by speaking to the shareholder returns that we've delivered in FY 2026.
The board has maintained a close focus on ensuring Meridian continues to deliver sustainable long-term returns while retaining the financial strength needed to fund growth. The significant improvement in our financial performance this year reflects disciplined execution, favorable operating conditions, and the benefits of strategic decisions made during a more challenging period.
While we're pleased with the recovery, we remain mindful that electricity markets will continue to experience volatility and that resilience must remain at the core capability of the business. Recognizing the strength of this year's performance, the board declared a final ordinary dividend of NZD 0.1610 a share, which is up 7.1% on the previous year. Combined with the interim dividend, this brings total ordinary dividends declared for FY 2026 to NZD 0.2250 a share. Returns to shareholders remain important, and so too does maintaining a balance sheet strength required to fund future investment.
Our development pipeline remains one of the most significant in the sector, and the board remains committed to ensuring the company is well positioned to fund growth opportunities while maintaining fiscal financial discipline. In closing, New Zealand is at an important point in the energy transition. The choices made over the coming decade will influence the affordability, security, and sustainability of our energy system for generations. We believe the opportunity before us is clear: to continue to invest in renewable generation and support the further electrification of the economy. Doing so requires investment, partnership with stakeholders, and a willingness to think beyond short-term cycles in pursuit of long-term outcomes. Meridian's purpose, clean energy for a fairer and healthier world, has never felt more relevant. It provides a clear connection between the role we play for customers, consumers, investors, and the country.
Equally important are the values that shape how we work, how we show up every day. They are the behaviors that enable our people to navigate complexity, build trust, and make decisions that create long-term value. Thank you for continuing to invest and support the company. I'll now ask our Chief Executive, Mike Roan, to address the meeting.
[Non-English content] Welcome everyone. I'm Mike Roan, Meridian's CEO. I'll sit in solidarity with Mark rather than jumping up to the lectern. It's a pleasure to speak with you today and reflect on a period in which Meridian's delivered a strong financial result. We've advanced our strategy and strengthened the foundations of the business for the future. When I stood before you last year, at this meeting, Meridian was emerging from one of the most challenging periods it's faced in a long time. I said then I remain confident in Meridian's future, and this year's performance shows why.
For the year end of June 30, 2026, Meridian delivered EBITDAF of more than NZD 1 billion, operating cash flows of NZD 810 million, and underlying net profit of NZD 308 million. Those outcomes drove the increase in full-year dividends NZD 0.2250 per share, which is the highest shareholders have received since the company was listed. As always, the numbers only tell part of the story. Meridian's a stronger, more resilient, and capable business than it was 12 months ago. The performance also reflects disciplined execution across the business, stronger retail revenue, improvements in portfolio design, better operational availability, and careful management of market conditions. These factors combine to strengthen Meridian's financial resilience at the same time as we continue to invest at pace in the renewable and firming assets that New Zealand needs.
We're obviously operating in a sector that's changing, and it's changing pretty quickly. Affordability pressures remain very real for a lot of customers, and at the same time, electricity is becoming the fuel of today's modern economy. We need to continue to balance delivery today with investment tomorrow if we're to land good outcomes for shareholders and customers. Meridian's got an important role to play in supporting New Zealand's energy independence, strengthening system resilience, and enabling long-term economic growth. We've made substantial progress in reducing risk and strengthening the long-term earnings resilience of the business. As you can see from the graph on this page, the addition of the Huntly Strategic Energy Reserve contract, the 20-year demand response arrangement with NZAS, and the additional storage now available at Lake Pūkaki have materially improved Meridian's flexibility.
Compared with our portfolio in FY 2025, the volume of available risk management options has roughly doubled and is now broader, more diverse, and more within our control. That gives us confidence to keep growing our customer base and building value for shareholders. While each of the elements is valuable, I'd like to call out the 20% increase in available storage at Pūkaki that's been secured. Not only does it improve protection for Meridian and New Zealand against dry year risk, but it lowers average wholesale electricity prices, which is great for customers, and it creates additional value for shareholders by allowing us to improve coordination between the Waitaki and Waiau catchments. At the same time, we're investing in the next generation of renewable assets that'll support New Zealand's growing demand for electricity and Meridian's future growth.
One of the most significant successes of the year was securing resource consent for the continued operation of the Waitaki power scheme for the next 35 years. The Waitaki scheme's been at the heart of New Zealand's electricity system for generations and remains a strategic asset for Meridian and the country. As I mentioned before, Meridian was also granted access to an additional 5 m of storage at Lake Pūkaki to the end of 2028 to help us manage system security while new generation is built. Talking of building new generation, we currently have two projects under construction: the 130 MW Ruakaka Solar Farm and the 200 MW stage one Te Rahui Solar Farm, a joint venture we've got with Nova. Consents were also secured for the 90 MW Mount Munro Wind Farm and the 120 MW Bunnythorpe Solar Farm.
The proposed Waiinu Energy Park was admitted to the fast-track process. As Mark noted, we've also very recently committed a NZD 500 million to upgrading the Waitaki Power Station to ensure that it supports future generations of Kiwis and shareholders. Not only does it feel good to do that, it made good financial sense. There's a lot going on to sustain and support growth of the business, and we're determined to build on these elements. In the next 12 months, I expect to announce final investment decisions for Mount Munro Wind Farm, Te Rere Hau Wind Farm, and possibly stage two of the Te Rahui Solar Farm. The market for customers is highly competitive, but Meridian continued to grow relationships with them.
Our sales volumes were up 12% year -on -year, and customer connections increased to 455,000, with growth across both Meridian and Powershop. The acquisition of Flick supported that growth, and we expect our customer base to build towards 500,000 and then 600,000 customers before 2030 once we get through the migration that challenged us and Powershop customers this winter. The migration to Kraken, our new retail platform, has passed the halfway mark. While there've been some customer impacts during the transition, we've listened, fixed issues, and taken steps to improve the customer experience. We remain incredibly confident that the platform will improve service, enhance innovation, and support more efficient operations over time. As Mark said, affordability is also front of mind.
Wholesale futures prices fell materially during early 2026, and we're seeing those lower prices flow through our commercial and industrial customers as contracts are renewed. We also made a public commitment to residential and small business customers to ensure that they had confidence over the next year as well. We're continuing to support customers directly. Around 31,000 Meridian and Powershop customers are now on a Smart Hot Water plan, saving about NZD 120 a year by allowing hot water cylinders to be switched off during peak periods. Through our Energy Wellbeing Programme, we've supported around 4,000 customers experiencing hardship. An additional NZD 7 million has been approved to extend that program through 2030, with a goal of reaching 10,000 customers. Our support for communities is also aligned with the long-term interests of shareholders.
Through the Community Decarbonisation Fund, we supported 37 not-for-profit organizations to electrify their operations, reduce ongoing costs, and direct more funding back into the communities they serve. As such, this year, we're increasing the fund to around NZD 3 million to reach more organizations supporting communities. Operational performance has also improved. Since 2024, engineering improvements have added approximately 75 MW of operational capacity to our core generation assets.
We optimized maintenance schedules and lifted availability through DigiGen, and we're using data and digital tools to improve maintenance, asset performance, procurement, and outage planning further. No business outcome happens on its own. It's the product of the people who come to work every day and make Meridian what it is. Staff engagement improved during the year despite significant change and external pressures. At the same time, our development program continues to grow and with it, the risk profile of the business.
There's more construction, more contractors on sites, and more field-based work, and they all increase the importance of getting health and safety right. Meridian's culture gives me confidence that our people feel empowered to slow down or stop work if conditions warrant. But this culture's not yet flowing through to our contractors as consistently as it should, and our injury statistics reflect that. I regularly tell contractors the same thing I tell our own people: "When you're on a Meridian site, it doesn't matter what badge you're wearing, you're one of our team, and the expectations and standards are the same." Our focus is on contractor induction, clearer communications on site, and stronger critical controls. Of all responsibilities I have as Chief Executive, keeping people safe is the most important.
In closing, in my view, New Zealand's got a once in a generation opportunity to use renewable electricity to lift productivity, improve energy security, reduce emissions, and strengthen economic growth. Meridian's got a crucial role to play in helping make that future a reality. We're entering this financial year from a position of strength with a clear strategy, a strong pipeline of opportunities, and confidence in our ability to continue creating value for our shareholders. Thank you for your continued support and confidence in our company.
Thank you, Mike. Now is question time for matters pertaining to the management of the business. In the first instance, I'll invite questions from the floor from people who are shareholders who are present here today. If I could ask that when you ask your question, you first state your name so that we have a record for the minutes. Are there any questions from the floor? Yes, gentleman here.
Thank you. David Beagle, shareholder. Considering what's happening at the other end of Lambton Quay at the moment, with people who work there and people who want to work there, I'm not asking for a detailed answer, but what's your analysis of the various policies, threats, and opportunities which might come out of various eventual governments, breakup of retail and wholesale, et cetera? Just a high level thought on what's going on and what the threats and opportunities are.
Well, as you'd appreciate, we have no control over the outcomes. Indeed, it won't be the election that determines what we may be facing into. It'll be what happens post coalition negotiations. So it's just too difficult at the moment for us to be able to tell. We're absolutely focused on the things that we can control, which is around affordability and reliability of supply into the sector. It's uncertain. We'd love to have some policy certainty because regularly there are various initiatives and questions raised and reviews raised, but I'd just point out that there've been several over the last few years, and all have suggested that actually the system, the market, is doing its job. But we'll just have to wait and see. Thank you. Any other questions from the floor? No. Are there any questions online? Sure. That would be a first.
It would.
Oh, sorry. Yes. Yes, sir.
Vaughan Crimmins. I just wanted to check with you the expectations. You're putting downward pressure on the wholesale electricity price. What is your expectation with respect to the outcome to customers, and how realistic is that going to be in affecting change that favors the customer?
Do you want to answer that? The one thing that I would say is, as I explained earlier, we can only control two elements of the bill, which is the generation portion and the very small retail margin, which is effectively for administration. The other bits we don't control at all. We can only talk to roughly a third or 30-ish, 38% of the bill. Do you want to address that, Mike?
Yeah. The last couple of years have been very tough for people generally. The electricity sector's been through massive change, and it was unexpected. I don't know if people remember what happened in 2024, but New Zealand lost access to gas that we relied on to make electricity, and that sent electricity prices a lot higher. We've spent, as an industry, the last two years investing in new generation assets to overcome that loss of gas. What we have seen is we've seen wholesale prices fall since earlier this year, recognizing the contribution those investments make by about 40%. As both Mark and I mentioned, those falls in wholesale prices are already flowing through to our commercial and industrial customers that are up for contract.
They're seeing reductions in contract price of up to 30% as they recontract, depending on the contract period that they enter into. Given the work that we've put in, it enabled us to make commitments to our customers around the element of price that we have an impact over to give our customers confidence that prices weren't going to increase in the way that they've seen them over the last couple of years. What I would say is the next couple of years, we've got increasing confidence in the environment in which we're operating to help manage the affordability concerns that customers have got outside of the lines and transmission increases that have been regulated and mandated. As Mark said, they're outside of our control. They're regulated by the Commerce Commission. But we have restored balance within the sector.
Our focus is actually moving to how do we support economic growth.
Yeah.
How do we support job creation and growth of the economy.
Which is a much more positive conversation.
Yeah.
Right. Nothing online? Right. Okay. We'll move to the formal resolution set out in the notice of meeting, and I'll outline the voting procedures. Those online will note a new icon has appeared on your screen. Selecting this icon will bring up the list of resolutions and present you with the voting options. To cast your vote, you simply select one of the options. There's no need to hit a submit or an enter button as the vote is automatically recorded. For those of you that are present here today, please cast your vote and place your voting form in the boxes located at the back of the room at the end of the meeting. Persons attending the meeting who are not shareholders, proxyholders, or corporate representatives of a shareholder may not vote, and that includes bondholders. Many shareholders who are not attending the meeting have already voted.
At the request of the Shareholders Association, the announcement of the postal and proxy count will be deferred until after the resolutions have been considered by the meeting. In relation to resolution one, it is my pleasure to introduce and move the resolution to re-elect David Carter as a Director of the company. David joined the board in July 2023. He serves on the Safety, Sustainability and Operational Risk Committee and the People, Remuneration and Culture Committee of the board. The board considers David to be an independent Director and unanimously recommends that shareholders vote in favor of his re-election. David, would you like to address the meeting, please?
[Non-English content ] My name is David Carter, and I serve as an independent Director on the Meridian board. After graduating in the United States with a Doctorate of Engineering, I returned to New Zealand and have worked as a consulting engineer ever since. During my career, I have delivered projects across Southeast Asia, the Pacific, and across a wide range of sectors, from hydro canals in Indonesia through to NZD 4.5 billion desalination plants in Victoria. I am really passionate about ensuring the prosperity of Aotearoa, such that it is a place where my children can envisage their future.
A key enabler of that prosperity is delivering affordable and abundant renewable energy for our nation, and this lies at the heart of Meridian's purpose. Meridian has a significant pipeline of renewable energy projects, both partway through construction as well as in the consenting phase, including our upcoming repower and refurbishment of the Waitaki Power Station. I consider my experience to be directly relevant to the delivery of those projects. I have been honored to serve on the Meridian board for the last three years and hereby put myself forward for reappointment. Ngā mihi.
Thank you, David. I now move that David Carter, who retires by rotation and is eligible for re-election, be re-elected as a Director of the company. Is there any discussion? No. I have moved the resolution. I have now put the resolution. Shareholders should complete voting for the resolution. I will now pause to allow you time to finalize your vote. Thank you, David. I will now pass to David to introduce the second resolution given that I am the subject of that resolution.
It is my pleasure to introduce and move the resolution to re-elect Mark Verbiest as a director of the company. Mark was appointed to the board in 2017 and was appointed as Chair in October 2019. Mark serves on the Audit and Financial Risk Committee and People, Remuneration and Culture Committees. The board considers Mark to be an independent director and unanimously recommends that shareholders vote in favor of his re-election. Mark, I invite you to address the meeting.
Thank you, David. I have been in and around the energy business almost my whole working career in a variety of guises, both as an advisor and subsequently in governance roles in the gas and electricity sectors, including a full term as Chairman of Transpower prior to joining the board of Meridian. I can truly say this is the most dynamic time for the sector and probably our lifetimes. There is a lot to be done and urgently in order to decarbonize and grow this economy. I believe I have the requisite skills and experience to assist. Subject to your support, I would like to continue to work with the Meridian team for up to another two years. I am very conscious of not outstaying my welcome. I am passionate about this company and what it stands for.
I can assure you that the level of commitment the team has to our strategy and the company's goals is truly energizing. No pun intended.
Thank you, Mark. I move that Mark Verbiest, who retires by rotation and is eligible for re-election, be re-elected as a director of the company. Is there any discussion? I have moved the resolution. I now put the resolution. Shareholders should complete their voting for the resolution. I will now pause to allow you time to finalize those votes. I will now hand you back to Mark to continue the meeting. Mark.
Thank you, David. It is my pleasure to introduce and move the resolution to elect Fraser Whineray as a director of the company. Fraser joined us in September this year. He serves on the Safety, Sustainability and Operational Risk Committee and the People, Remuneration and Culture Committee of the board. The board considers Fraser to be an independent director and unanimously recommends that shareholders vote in favor of his election. Fraser, I now invite you to address the meeting.
[Non-English content] My name's Fraser Whineray. I'm very pleased to be on the Meridian board and also a shareholder like you and along with millions of other KiwiSaver. I'm also a bondholder as well. I certainly want to acknowledge the board. I'm delighted to be working with Mike and the whole Meridian team, our customers, mana whenua, and partners. As has been covered through this meeting, it's a very strong and it's a very dynamic sector. For 25 years, the sector has substituted fossil fuels in the electricity system, and now we're past 95% renewable over the last 12 months from a peak in the 70s. Now that substitution is really starting to travel not just across electricity, it's traveling into the other bit of the energy sector, which covers thermal fuels such as homes, businesses, and transport.
The next 25 years is going to be very busy working on that. That investment makes New Zealand more resilient. It's more predictable for customers, and it grows the economy. I certainly enjoy working on long-dated infrastructure, looking after what we have and improving it along the way when it needs a birthday, putting in new infrastructure. Particularly, there's some new technologies which are quite incredible, and that therefore lifting the country and my other directorships reflect a similar thematic. I've been involved in both the supply, development, transition, and demand of energy for close to 20 years. I stand for election after 21 days on the board, and I'd be grateful for some more time to support that, the endeavors of the company.
Thank you, Fraser. We have one question online. I have to say, it's a bit of a curious one. I'm struggling to understand it a little bit. It's from Eva Quiding. How do you deal with resistance to change when others in the room don't seem to be on board with your idea or suggestion?
Well, what happens in teams is it's best to have a common goal, and that's well set out and documented as to what certainly Meridian's trying to achieve. All we have to do is have good and constructive debate about the best ways, and there are numerous paths typically to get to that common goal. That's part of a high-performance team, a high-performing board, and a great relationship with the management team that leads to the creativity that works out the best way to get to that goal. So, it starts off with, are we aligned for what we're trying to do as a purpose? That's how I'd go about getting or helping us get to a common position as to what we need to do. There's certainly far more choices than we've got resources for, so we have to choose carefully.
The second question from Eva. What new perspectives will you bring to the board from your experience in the capital market sector?
Well, the board already has good skills in capital markets, but I've been an executive in listed companies. I've been through IPOs. I've been an investment banker. So, I get a good perspective of what institutional shareholders like. The sell side, which writes the analyst reports, but also particularly in Meridian's case, retail shareholders like as well, including those direct retail shareholders and those represented through KiwiSaver funds. I'd expect most KiwiSaver accounts, which is more than 3 million, have an exposure to Meridian. So, it's an affinity with what their interests are, which, of course, we have to optimize at the board with customers, other stakeholders, the environment and make sure that the whole thing can be brought together in something that's sustainable and prosperous for the country.
Well articulated. All reasons why we were happy to appoint you, Fraser.
Are there any more questions?
No.
Thank you, Eva, for the questions.
Any further questions in relation to Fraser's election? Thank you, Fraser. I now move that Fraser Whineray, who was appointed to the board in September 2026, and now retires and offers himself for election, that he be elected as a Director of the company. Any further discussion? No. I've moved the resolution. I now put the resolution. Shareholders should complete their voting on the resolution. I will now pause just one last time very briefly to allow you time to finalize your vote. Thank you, shareholders, for your attention to the resolutions and the meeting. As I advised earlier, many shareholders have voted by proxy. And before the meeting and at the request of the Shareholders Association, we delayed announcement of the results until after consideration of the resolutions.
As now shown on the screen now, I can advise that just under 2.1 billion votes representing 80% of the shares on issue were lodged with the share register, Computershare, 48 hours before the commencement of the meeting as is required. That concludes our discussion on the items of business. I will soon close the voting system, so please ensure you have cast your vote on all three resolutions. One last pause so that you can finalize any outstanding votes. Voting is now closed. Thank you for voting. Once the votes have been cast, they'll be counted by Computershare and scrutinized by our auditors, Deloitte. We'll advise the results to the New Zealand and Australian stock exchanges later today. We appreciate all shareholders attending the meeting. I now declare the meeting closed. Thank you very much.
For those of you that are here, we'd love to have you join us for morning tea.