Good morning and welcome to the Precinct Properties 2024 Annual Meeting of Shareholders. I'm Anne Urlwin, Independent Director and Chair, and this is the first annual meeting addressing you as Chair of Precinct since my appointment took effect after last year's ASM, and it is a pleasure to see so many of you here today. Now, just a few housekeeping notes and health and safety practices for the use of this venue before we get started. So, the bathrooms are found at the black doors of the room and through the glass doors to the left, and the Commercial Bay bathrooms themselves can also be used, and they again are located through the black doors and to the right, and in the unlikely event of an emergency, the nearest fire evacuation route is through the doors next to the toilets.
Please follow the instructions of Precinct staff and the fire wardens in the event of an evacuation. The meeting point is across the road on the corner of Custom Street and Albert Street, so just outside the Aon Centre entrance. We have several Precinct staff present here today should you need any assistance. And similar to previous years, today's meeting is a hybrid format, so in addition to the in-person meeting being held, shareholders, proxies, and guests can attend the meeting via the Computershare online meeting platform. And for those shareholders and proxies attending virtually, they also have the ability to ask questions and submit their votes online. And for those online participants, if you have a question to submit during the live meeting, please select the Q&A tab on the right half of your screen at any time, type your question into the field, and press send.
Your question will be immediately submitted, and should you require any assistance, one of the Computershare team will be able to assist you via either the chat function and reply to your query, or 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 at the end of the presentations. Please also note that your questions may be moderated, or if we receive multiple questions on one topic, they may be amalgamated together. Also, while we may try to get through, as we will try to get through as many questions as possible, we do apologize in advance for any questions submitted online that we are unable to answer due to time constraints.
And in this case, questions will be followed up by email after the meeting. And voting today will be conducted by way of a poll on all items of business. And in order to provide you with enough time to vote, I will shortly open the voting for all resolutions. And for those attending virtually, if you are eligible to vote at this meeting, you will be able to cast your vote online under the vote tab. So once voting has opened, the resolutions will allow votes to be submitted. And to vote, simply select your voting direction from the options shown on the screen, and you can vote for all of the resolutions at once or by each resolution. And your vote has been cast when the tick appears. And to change your vote, simply select change your vote.
You will have the ability to change your vote up until the time I declare voting closed. So I now declare voting open on all items of business. For those physically attending today, the board and executive team look forward to engaging with you directly, and we hope that you will stay and join us for some light refreshments after the meeting is concluded. I would now like to introduce the members of the board and the executive team joining us here today. So we have just Scott Pritchard, of course, who will be well known to you, Alison Barrass, Nicola Greer, Chris Judd, Chris Meads, Mark Tume, Graeme Wong, and in addition from the executive team, Scott, we've got George Crawford and Richard Hilder. We also have Taurua Grant, who joins Precinct through the Future Director program, and welcome Taurua, in an observer capacity.
Also present with us today are representatives from our auditors, Ernst & Young, our tax advisors, KPMG, our legal advisors, Chapman Tripp, and our registrar, Computershare. Just moving now to the agenda of today's meeting. We will begin with reviewing the performance and activity of Precinct over the last financial year. Following the conclusion of the presentation, there will be an opportunity for shareholders attending either in person or using the virtual meeting platform to ask questions. We will start with any in-person questions before moving to any online questions, and any online questions received. To encourage shareholder participation, we have also invited those unable to attend today's meetings to submit questions ahead of the meeting, either via email or by post. We welcome any feedback and will consider any other matters that may be properly brought before the meeting today.
The meeting will then proceed to the formal business, where we have seven resolutions to consider and are being put forward for shareholder approval today. There are six resolutions for Precinct Properties New Zealand Limited, including one special resolution and one ordinary resolution for Precinct Properties Investments Limited. And as detailed in the notice of meeting sent to shareholders last month, resolutions today will consider the election of Alison Barrass as an independent director and the re-election of Nicola Greer, Chris Judd, and Mark Tume, an alteration to the constitution of Precinct Properties, and the fixing of the remuneration of Ernst & Young as auditor for the ensuing year for both Precinct Properties and Precinct Investments. But prior to voting, you will hear from each of the four directors, and you will also have another opportunity to ask questions on each of the resolutions prior to voting.
Just before we move to the performance and activity of Precinct over the last financial year, I would like to provide an update on our recent board changes. Ensuring balanced representation on the boards of Precinct, including a diverse mix of skills, experience, and backgrounds, is crucial for effective governance and decision-making. The People and Performance Committee plays a vital role in this process and assists the boards in planning their composition and is responsible for managing the board's succession planning. We are delighted to have had Alison Barrass as an Independent Director join us on the 1st of October 2024 and welcome her to the Precinct Board. Alison is a Professional Director and a former CEO with a broad range of skills and experience, having held executive roles in sales, marketing, and operations in New Zealand and abroad.
And as previously announced, I would also like to acknowledge the retirement today of Graeme Wong from the boards at Precinct because since joining in 2010, Graeme has made a substantial contribution to Precinct during this tenure. There has been great change for the business. He has been part of the governance which has overseen a corporatization, internalization of our management function, and more recently, moving to a stapled group structure. These have all been key milestones which have been part of Precinct's strategic evolution and execution over the past years. Graeme has also contributed significantly through his leadership as Chair of Precinct's people and performance committee, ensuring appropriate policies, procedures, and practices have been in place to align the interests of Precinct and its shareholders while also supporting Precinct's strategic objectives.
So on behalf of my fellow directors, I would like to thank Graeme for his service and wish him all the best in the future. Thank you, Graeme. And as I mentioned in the introductions, Taurua Grant joins Precinct through the Future Directors Program. We are pleased to have Taurua in an observer capacity for a one-year period effective from the 13th of November 2024. Taurua has over 15 years' experience working in commercial banking, financial markets, treasury advisory, and management consultancy. And on behalf of the board, I would also like to thank Alana Barron, who was Precinct's Future Director over the last year. We thank her for her contribution to board discussions and wish her all the best. And as you know, Precinct has evolved over recent years in order to grow shareholder returns over the longer term.
We are the largest owner, developer, and manager of premium real estate in New Zealand's largest city centers, Auckland and Wellington. In the last 10 years, we have transformed our investment portfolio and established a strong development capability, which has enabled us to develop new world-class real estate and attract the best quality clients to our portfolio. Since 2012, Precinct has completed NZD 2.4 billion of development projects in Auckland and Wellington. Precinct's strategic transition continues as value-add opportunities are explored and executed. Refining our strategy to include the ability to partner with direct investors, offering the opportunity for joint investments into our assets and into development opportunities has been successfully advanced over the last two years. And as the business evolves, we continue to leverage our market position and build our in-house capability. This is setting Precinct apart as trusted managers of real estate, capital partnerships, and operating businesses.
And more recently, Precinct has become more experienced in mixed use through our city center retail, hospitality, and hotel offerings. And moreover, we are further extending our real estate offering by advancing Precinct's living strategy. And Scott will provide more commentary on the key strategic transactions across our living activities later in the presentation. But before handing over to Scott and declaring the first quarter dividends for FY2025, I would like to highlight the progress that Precinct has made across its sustainability efforts because this is an increasingly important area, especially as increased regulations come into effect. Precinct's commitment to sustainability not only ensures compliance but also positions our business as a leader in this space. And across our sustainability initiatives, the Precinct team continues to identify and mitigate our material impacts across operations.
This includes measuring and reducing upfront carbon emissions in our development projects and offsetting any residual emissions upon completion. By prioritizing adaptive reuse projects, we've significantly reduced our overall impact. We continue to certify the energy performance of our office buildings through the NABERSNZ and utilize this benchmark to guide our capital expenditure plans, and we are also enrolling and certifying all eligible assets within our portfolio to Green Star Performance, which is supporting our net zero 2030 commitments, and today, we are pleased to share with you our most recent 2024 Global Real Estate Sustainability Benchmark, GRESB, score. Precinct has again improved on its score from 86 to 89, and notably, we are in the top 20% over 2,000 funds and entities participating globally, and our score is now materially above the global average of 76 and in line with our peer average.
This score reflects a strong ESG performance we are achieving across our organization. Like many other reporting entities, Precinct has published its first climate statement in accordance with the External Reporting Board's New Zealand Climate Standards. This workstream has helped us build internal capabilities, enabling better understanding of how resilient our business model and strategy are to the physical and the transitional risks posed by climate change. Additionally, we proudly achieved voluntary assurance for our Scope one, two, and three emissions inventory ahead of the mandatory requirement in FY2025. I do encourage everyone to read our latest annual report, which goes into greater detail on our sustainability initiatives. This is available on Precinct's website along with our climate statement. I will now declare the first quarter dividends for FY2025.
The board expects total combined cash dividends for Precinct Properties New Zealand Limited and Precinct Properties Investments Limited for the 2025 financial year to be NZD 0.067 per stapled security to be paid to shareholders. The record date for both Precinct Properties New Zealand Limited and Precinct Properties Investments Limited is 29th of November 2024, and payments will be made on the 13th of December 2024. So on behalf of my board colleagues, thank you all again for joining us today. [Foreign language] , and I will now hand over to Scott.
Thank you, Anne. [Foreign language] . Thank you, morena. Good morning and welcome everyone to the 2024 Annual Meeting of Shareholders. I'm Scott Pritchard, Precinct's Chief Executive, and it's an absolute pleasure to be here today.
The annual meeting is always a great forum for directors and the executive team to meet directly with you, our shareholders. As Anne briefly touched on, Precinct has successfully advanced a number of strategic transactions for our business, which have extended Precinct's real estate offering. This includes progress on our living sector activities following the move to 100% ownership of Precinct Properties Residential Limited, the joint venture that we formed with Tim and Andrew Lamont back in 2022. Moving to 100% ownership strengthens Precinct's residential platform and enhances our market position. We're extremely pleased to retain Tim and Andrew's skills within the business for the next five years. They have a very strong track record in the living sector, and this positions Precinct incredibly well to deliver on the strategy.
As part of our living strategy, we have made significant progress in student accommodation with the acquisition of 256 Queen Street in Auckland to develop a 600-bed purpose-built student accommodation facility. With limited new supply in this sector in New Zealand and strong demand growth anticipated, we believe the sector is well positioned to deliver strong investment returns. We remain in exclusive negotiations with the preferred capital partner for this strategy. We're also pleased to have advanced our residential pipeline. We have conditionally acquired a well-located site in Mount Eden at the junction of Dominion Road and Valley Road in Auckland for a high-density apartment development. In addition, we have recently partnered with Orams Group to jointly develop their waterfront site on the western edge of Wynyard Quarter, a site which we believe is one of the best residential sites in Auckland.
Precinct will have a 50% interest in the residential site and has been appointed as the development manager to progress this exciting development through design, consenting pre-sales, financing, and construction. We will also take a 25% interest in the existing marine village and will commence a small-scale commercial development very shortly. We're also pleased to announce today that we have recently acquired a 2,300-square-meter site at 99 College Hill in Auckland. This acquisition grows our residential development pipeline and is highly consistent with Precinct's living strategy and really does position us to deliver premium quality build-to-sell apartments in a highly desirable location. Moving to our 2024 results highlights. Precinct's operational performance over the last 12 months has delivered another pleasing result. Funds from operations from directly owned assets increased 2.9%.
However, after adjusting for transactions and development, investment property funds from operations grew by 5.2%, with the Auckland office portfolio underpinning the uplift with really strong rental growth. Net property income of NZD 139.3 million achieved for the 2024 financial period. This has contributed to net operating income before tax of NZD 103.6 million, a year-on-year increase of 1.5%. Acknowledging the economic environment that we're operating in, demand has continued to positively surprise us. Our core portfolio continues to perform well, with occupancy remaining at 98% and a weighted average lease term of 6.6 years as at 30 June 2024. Our portfolio is very well positioned, with under-renting of 11% and expected annual rent review growth in FY2025. This is the forthcoming financial year of 3.7% for 80% of the portfolio, which gives us a great deal of confidence over the medium term.
Before I provide a development project overview across our current commitments, I want to briefly touch on our capital partnering strategy. Precinct's capital partnering strategy continues to leverage our platform, market position, and the people to create investment performance for our partners and, as a result, generate higher returns on Precinct's equity. By investing alongside capital partners, we create alignment, and by being local with deep market knowledge, we aim to provide our partners with superior investment returns. Engagement with direct investors is ongoing. We continue to see strong demand, particularly for residential and living sectors, and expect these to be a key growth area supported by strong market fundamentals and investor interest. A key objective for Precinct is to use our balance sheet more effectively, participating in a greater range of value-add activities alongside our capital partners.
We believe Precinct is well positioned to further build its capital partnering assets under management. Precinct's capital partnerships currently sit at NZD 1.6 billion, of which Precinct has a minority interest in the investment of NZD 1.1 billion, with the balance being managed on behalf of third-party capital partners. We expect to grow our capital partnerships in between NZD 4 billion to NZD 5 billion over the medium term. I'll now take you through our development progress before I conclude the presentation with some final comments and hand back to Anne for the formalities of the meeting. During the period, we have completed the Deloitte Centre in Auckland, pictured to the right, and Bowen House in Wellington, pictured to the top left. Through the establishment of our residential joint venture, we have now concluded works at the Onehunga Mall Club, pictured in the bottom left.
Across our committed commercial office projects, the slide above shows the artist's impression for Wynyard Quarter Stage 3 in Auckland and, pictured to the left, 61 Molesworth Street in Wellington, which is pictured to the right. Construction is advancing well at both development sites, and we are on track to complete in Quarter one, 2025, and Quarter three, 2025, respectively. Moving to our living sector projects, which are currently underway. The Domain Collection, pictured to the top left, is an office conversion to residential in Newmarket in Auckland. Construction commenced last November and has been undertaken by GN Construction, and it has an expected completion date of Quarter two, 2026. Pictured to the bottom left, we have Fabric Stage two in Onehunga in Auckland, which commenced construction in October 2023 and has been undertaken by Kalmar Construction.
This project is also well underway on site, and groundworks are largely complete, with expected completion also in 2026. And finally, we are pleased to have appointed Kalmar Construction once more for York House in Parnell in Auckland. York House will comprise 44 luxury apartments in a six-level building with incredible views of Auckland's harbor. This project is expected to complete in 2027. Lastly, I want to provide an update on the downtown development opportunity. We are thrilled to have concluded negotiations in the period and for the agreement to have become fully unconditional. Progress during the period includes the approval by Eke Panuku for our reference design, lodging resource consent, and entering into exclusive negotiations with our major occupier for approximately 40% of the available office space.
This demonstrates the demand from businesses wanting to be located in high-quality office space located on the waterfront and Precinct's track record to deliver world-class transformational outcomes. It is our expectation that construction works will commence for this first stage in 2026. Following strong demand from office occupiers and lodgment of the resource consent, we expect to commence discussions with capital partners very shortly. We're also very excited to be working in partnership with Ngāti Whātua Ōrākei and growing this relationship to deliver a truly mixed-use precinct encompassing office, residential, and hospitality, as well as new urban spaces for the residents and the public. Before Anne takes us through the formalities of the meeting, I would just like to finish with some concluding remarks. Over the past 12 months, Precinct's core portfolio has delivered strong performance, underscoring the quality of our real estate assets.
With an exciting growth pipeline totaling around NZD 3 billion, encompassing commercial office, residential, purpose-built student accommodation, we are very well positioned to take advantage of these long-term strategic opportunities. Demand from capital partners remains high, particularly those looking for exposure to the living sector, which further solidifies our confidence in the future. Looking ahead, we believe that economic conditions will be supportive over the next four to five years, allowing us to further advance our growth strategy. I would also like to extend a warm welcome to Alison and Taurua as they join the board of directors and thank Alana for her service over the last year. Graeme, I'd like to echo Anne's sentiments and personally thank you for your exceptional governance during your time on the board. Your leadership has been invaluable, and we wish you all the very best for the future.
Finally, I would like to take this opportunity to thank the team at Precinct for their outstanding contributions throughout the year. Your hard work is integral to the delivery of our strategy, and your efforts are hugely appreciated, and to the Precinct Board of Directors, thank you also for your ongoing governance and continued support for Precinct's business transformation, and of course, to you, our investors, I want to express our deep gratitude, particularly to those of you that have supported us for the long term. Your ongoing investment in Precinct is truly appreciated. Thank you, everyone, for joining us today. [Foreign language] .
Thank you, Scott. As we've had no questions sent through via email prior to the meeting or post, we will now open the floor to any in-person questions and address those first before we turn to any online questions received today.
So I'd now like to give any shareholder present in person today the opportunity to ask questions of the board, management, auditors, or our legal representatives. Directors and management are also, of course, happy to answer any questions from shareholders more informally during refreshments that will be held at the end of this meeting. When asking questions, can you please state your name and advise whether you are a shareholder? So I'd now like to open the floor to any questions or comments. Yes. Could you just wait for the microphone? It's just coming to you. Lanier's just bringing it. Thank you.
Tim McMains. Tim McMains, shareholder. I just wanted to ask, when you were describing the capital partnerships on the slide, it had core office compared to core plus office. Could you explain that difference?
Thank you, Scott. No, you're sick.
Let me just check if that's on. That's on. Core Office represents assets that typically have a very long-term lease, have very low risk, and you can really rely on the revenue that you expect over, let's say, an eight, nine, 10-plus year period. Core Plus are types of assets that have slightly higher risk, have a lower or a shorter lease term, and there's the opportunity to get higher returns. So higher risk, but higher returns. And so different capital likes to be placed in different locations. So Core Office is low risk, lower returns. Core Plus is slightly higher risk, but also slightly higher returns. Thank you.
Thank you. Thank you.
Thank you, John Shera, shareholder. I'm just interested in the earthquake potentials of some of the sites and what would happen. First of all, how strongly built and resilient are they? And second, if the worst did happen, what happens to the assets and recovery?
Thank you.
Thanks. That's a really good question. I mean, certainly since 2011, when the first earthquakes happened in Christchurch, we undertook a really comprehensive approach to understanding all of the seismic status of all of our assets. Engineers that we have used, which is largely Holmes Consulting, which is one of the best engineering companies in New Zealand, have undertaken what's called detailed seismic assessments of all of our assets. We've repositioned all of our assets to be north of 80% NBS, 80% new build standard. And what we're finding is a lot of the occupiers that want to come into our portfolio, one of the key requirements is that we have an NBS rating of 80% or higher. Of course, all of the new real estate that we're developing that has a minimum NBS rating of at least 100%.
And some of our new assets, 61 Molesworth Street, for example, in Wellington, that's going to be occupied by the Ministry for Foreign Affairs and Trade. They wanted the seismic rating of that building to be even greater again. So we're building that to meet their needs. So I would describe our portfolio as highly resilient to seismic risk.
Thank you. Are there any more questions here in the room? Okay. We'll now address any other questions submitted via the online portal. Louise, could you read out any online questions?
There are no questions, Anne.
Thank you. Well, as there are no further questions, I'd now like to move to the formal business. And as set out in the notice of meeting, voting entitlements have been determined as at 5:00 P.M. on Wednesday, the 13th of October, 2024.
Registered shareholders at that time are the only persons entitled to vote, and only the shares registered in those shareholders' names at that time may be voted at the meeting. So votes can be lodged by attending the physical meeting today or during the virtual meeting today or by proxies. For your proxy to be effective, it must have been received by 11:30 A.M. Wednesday, the 13th of November, 2024. So proxies have been appointed for the purposes of this meeting in respect of 504 shareholders representing 60.32% of all the shares on issue. And voting on all resolutions put before the meeting will be conducted by poll only, and the board recommends that you vote in favour of all resolutions. All shareholders present at today's physical meeting should have received a voting paper when they registered at the registration table this morning.
If anyone does not have a voting paper, could you raise your hand now, please, and Computershare staff member will come and give you one. All okay there? Thank you. Shareholders will be given the opportunity to ask questions following the reading of each resolution, and I ask that in the interest of fairness to all shareholders attending the meeting, that any shareholder wishing to speak should be as concise as possible and be considerate to other shareholders wishing to ask questions. This year, Alison Barrass is up for election, and we have Nicola Greer, Chris Judd, and Mark Tume retiring by rotation, and they have all offered themselves for re-election, but before we vote on each resolution, I will invite each director to the podium to address you today, and I would like to invite Alison up first.
Thank you, Anne. [Foreign language] . Good morning, everyone. It's a privilege to be standing here today seeking your support to be elected to the Precinct Property Board. I started with the board last month, and it's been a great few weeks getting to know more about the people and the business. I joined Precinct Board because I was impressed on a number of levels by this company. We have an incredibly strong leadership team with deep experience in the sector and a track record of success. We have an impressive portfolio of assets with a clear and relevant strategy for growth and value creation for the business, our shareholders, our communities, and the environment.
I believe I can bring a number of skills to the board that will add value to the governance of the business, both through my 15 years of experience as a CEO and my 14 years as a director. I have multi-sector experience across telco, building fixtures, financial services, and the primary sector, and I chair the boards of AA Insurance and Babich Wines. I sit on a number of board subcommittees with a focus on chairing people and culture and remuneration committees, health and safety, and sustainability committees. I'm also passionate about understanding the consumer drivers that will inform the social strategies of the future, including how we live and work and what we value, and how these will feed into Precinct's long-term investment strategy and growth. I would welcome your support in being elected to the board, and I look forward to contributing to the business's ongoing success. [Foreign language] . Thank you.
I would then like to invite Nicola up to say a few words, followed by Chris, and then Mark, and then we will provide the opportunity for shareholders to ask any questions of the directors. Nicola, please. Please wind up.
It could be an accident. I'm really shaking. Good afternoon, shareholders, and thank you for the opportunity to say a few words. Since joining the board in 2021, I have had the privilege of being involved in Precinct's successful advancement of several strategic growth initiatives. I am a professional company director with experience in New Zealand, Australia, and the U.K. in the banking and finance sectors. In addition, I have a background in the New Zealand commercial and residential property market, developing and owning property across a variety of sectors.
My current directorships include Fidelity Life, South Port, New Zealand Railways Corporation, and Vulcan Steel. I am also a member of the New Zealand Markets Disciplinary Tribunal. As Anne mentioned, Precinct has made significant progress across its sustainability initiatives, and our latest GRESB score reflects this. As Chair of the Precinct ESG Committee, I am deeply invested in helping the board implement and monitor our strategic objectives around ESG and key risks. The regulatory landscape for ESG, particularly in relation to climate change, is rapidly evolving. While the future remains complex and uncertain, we understand that Precinct's growth, competitiveness, and resilience depend on how effectively we manage climate-related risks. I look forward to playing an active role by further deepening our commitment to sustainable and successful business practices. It is a privilege to serve as a Director of Precinct, and I welcome your support for my re-election as an Independent Director.
If re-elected, I look forward to contributing further to the ongoing success of Precinct, both as an organization and as a strong performer in your portfolio. Thank you.
Slight difference in height between the two. I might just stand over here.
Thank you, Anne.
It's not to keep an eye on you.
Oh, you've caught me off guard, Anne. Good morning, everybody, and thank you also for, in fact, it's afternoon. Thank you for allowing me to say a few words. It's indeed a great privilege to offer myself for re-election as Independent Director of Precinct Properties. My formal engagement with Precinct began in 2013, initially as a manager appointee to the board. And then, following internalization of the management company, I was elected an Independent Non-executive Director in 2021.
Prior to moving to a non-executive career, I had 30-plus years of experience in real estate and real estate funds management in both public and private markets. I've had diverse operational and leadership experience in New Zealand, Australia, Singapore, Europe, and the U.S. I've been responsible for management teams, governance, strategy, and fund investment performance of a NZD 20 billion multi-sector platform. Precinct Properties has and will continue to evolve its business model to generate sustainable value while striving to exceed the expectations of a diverse stakeholder group. Most importantly, you, our shareholders and owners of Precinct, are very passionate and enthusiastic about Precinct's future and believe my broad global real estate experience and track record, along with my deep knowledge of the New Zealand markets and our company strategies and operations, can continue to contribute to Precinct's governance and success.
I would also like to confirm, if I'm re-elected today, that this will be my final appointment in accordance with the director rotation policy of Precinct, as I said at the outset. It's a privilege to serve as a director of Precinct, acknowledging the responsibilities that come with this role. Thank you again for this opportunity and for putting your confidence in me. Cheers.
Thank you. Kia ora. Good afternoon, everybody. My name is Mark Tume, and I've been a Director of Precinct since 2021 and am seeking re-election. I'm pleased to present my credentials in order to be reconsidered for the board of your company. I have been a Professional Director since 2002, served on a number of boards over the past 20 years in both Australia and New Zealand, mainly in the infrastructure and investment sectors.
These include Infratil, Ngāi Tahu Holdings, the Guardians of New Zealand Superannuation Fund, Retire Australia, and Lumo Energy Pty. I currently serve as the Chairman of Bluec urrent and Te Atiawa Iwi Holdings and am a Director of Booster Financial Services Group and ANZ New Zealand Limited. I recognize that as a director, I'm acting as an agent for shareholders. Therefore, a key role is working with my fellow directors and our management team to generate sustainable long-term value that will accrue to the owners of the business, and I take that role very seriously. I do work hard at my directorships. I believe in preparation and attention to detail and take time to consider the issues and put them in context. I'm not afraid to ask the dumb question and am known to have asked many of those over my time as a director.
I'm hoping you might see that experience being of use to you, to your company, and would be pleased to continue to serve as a Director on the Board of Precinct Properties. Thank you for your consideration.
Thanks, Nicola, Chris, and Mark, and of course, Alison as well. So now moving to the first resolution. So I move, as an ordinary resolution, that Alison Barrass be elected as a Director of Precinct Properties New Zealand Limited. The resolution is set out on the notice of meeting and on the voting form you will have received. We will first take any shareholder questions from the physical floor. Are there any questions from shareholders in relation to this resolution? Thank you. Louise, are there any online shareholders? Any online shareholder questions, please?
Thanks, Anne. No, there are no online questions.
Thank you. As there are no questions, voting on this resolution will now proceed to a poll. So moving to resolution two, I move, as an ordinary resolution, that Nicola Greer, who retires by rotation and has offered herself for re-election, be re-elected as a Director of Precinct Properties New Zealand Limited. The resolution is set out in the notice of meeting and on the voting form you have received. We will first take any shareholder questions from the physical floor. Are there any questions from shareholders? No. We will now address any shareholder questions submitted online in relation to resolution two. Louise, if you could read any online questions submitted, please. There are no questions. Thank you. As there are no questions, voting of this resolution will proceed to a poll.
So moving to resolution three, I move, as an ordinary resolution, that Chris Judd, who retires by rotation and has offered himself for re-election, be re-elected as a Director of Precinct Properties New Zealand Limited. The resolution is set out in the notice of meeting and on the voting form you will have received. Again, we will take first any shareholder questions from the physical floor. Are there any questions from shareholders? No. We will now address any shareholder questions submitted online relating to resolution three. Thank you, Louise. There are no questions. As there are no more questions, voting of this resolution will proceed to a poll. So I'm now moving to resolution four, and I move, as an ordinary resolution, that Mark Tume, who retires by rotation and has offered himself for re-election, be re-elected as a Director of Precinct Properties New Zealand Limited.
The resolution is set out in the notice of meeting and on the voting form you will have received. We will first take any shareholder questions from the physical floor. Are there any questions from shareholders? Okay. We will now address any shareholder questions submitted online in relation to resolution four, and Louise is saying there aren't any, so as there are no more questions, voting of this resolution will proceed to a poll, so moving to resolution five, I move, as an ordinary resolution, that the directors be authorized to fix a remuneration of Ernst & Young as auditor for Precinct Properties New Zealand Limited for the ensuing year. The resolution is set out in the notice of meeting and on the voting form you will have received. We will first take any shareholder questions from the physical floor. Are there any questions from shareholders? No.
We'll now address any shareholder questions submitted online relating to resolution five. Okay. Louise is shaking her head. So as there are no more questions, voting of this resolution will proceed to a poll. So moving to resolution six, I move, as a special resolution, that the existing constitution of Precinct Properties New Zealand Limited is altered by deleting clause 35, the last sentence in clause 36.1 and clause 39.6. The resolution is set out in the notice of meeting and on the voting form you will have received. We will first take any shareholder questions from the physical floor. Are there any questions from shareholders?
[Crosstalk]
Oh, okay. Thank you. Thank you, Mr. Jenkins. I'm actually going to hand over to our legal advisors, Roger Wallis from Chapman Tripp, who will provide some explanation around this resolution. Thank you. Thank you, Roger.
The constitution currently allows a shareholder that's got 15% or more of the shares in the company to send a notice to the company appointing a director, and this change will take that clause out. It really goes back to when the company had an external manager, and one of the things that the manager wanted at the time was the ability to appoint a director onto the board. So it's removing that legacy provision.
Thank you, Roger. Are there any other questions from the physical floor here? Okay. We will now address any shareholder questions submitted online relating to resolution six. Louise, no questions submitted online. So as there are no more questions, voting of this resolution will proceed to a poll.
Now moving to resolution seven, I move, as an ordinary resolution, that the directors be authorised to fix a remuneration of Ernst & Young as auditor for Precinct Properties Investments Limited for the ensuing year. Again, this resolution is set out in the notice of meeting and on the voting form you will have received. But we will first take any shareholder questions from the physical floor. So are there any questions relating to this resolution from shareholders? We will now address any shareholder questions submitted online relating to resolution six. No. So as there are no more questions, voting of this resolution will proceed to a poll. So that concludes discussion on the items of business. So Computershare representatives will now bring round ballot boxes around the room for any shareholders who have not yet voted. If you could, please complete your voting paper.
Ensure that it is signed and placed in the boxes being brought around now. Computershare staff will be able to assist you with any questions. For those joining us online, a reminder that you can vote online now if you have not already done so, and in a couple of minutes, I will close the voting system. Please ensure that you have cast your vote on all resolutions, and I will now pause to allow you time to finalize those votes. Voting is now closed, so finalized results will be announced to the NZX in due course, and a copy of that announcement will also be available on our website. That concludes the formal business. Thank you all for joining us and for your participation today. I formally declare the meeting closed.
For those who are present with us here at the tower, I now invite you to join us for refreshments.