Good morning, everyone, and welcome to the annual meeting of the shareholders of the Altus Group Limited. I'm Raymond Mikulich, Chairman of the Board of the Altus Group, and I'll be the chair of today's meeting. Last year, when we got together, we talked about the turbulence in the world, noting particularly the volatile capital markets and their impact on the commercial real estate markets. Interest rates have since stabilized, relatively speaking, but they are stabilizing at levels that continue to negatively impact commercial real estate values. Global uncertainties related to elections, armed conflicts in Europe and the Middle East, and increasing tensions in Asia continue to exacerbate the uncertainty in the investment markets. As a result, CRE transaction volumes remain at depressed levels, posing headwinds for our analytics business.
Over the years, Altus and our clients have endured many market cycles, and we can take solace in knowing that the commercial real estate investment markets will recover, and they are now evidencing some signs of a bottom. There are several encouraging signs: relatively stable interest rates, a growing economy, and some capitulation by distressed sellers and lenders. Many of our clients have expressed their belief that markets have bottomed and that volumes and values will begin to recover. Our offer portfolio is designed to provide our clients the tools and expertise to maximize their values, protect their bottom line, and manage risk while identifying opportunities in these dynamic markets.
Our new data and analytic capabilities provide us with new avenues of growth, with contributions to revenue that we expect to commence and begin in late 2024, and then to grow into the increasingly constructive marketplace thereafter. At the same time we are witnessing the sluggish investment markets, taxing authorities in many of the markets served by our property tax businesses are facing resource constraints, and some jurisdictions are delaying reassessment cycles. This is pushing out the company's backlog of assignments and revenues, partially offsetting management's efforts to improve margins. Despite the challenges posed by stagnant commercial real estate markets and the cyclicality of the property tax business, the company did finish 2023 delivering revenue, profit, and free cash flow growth with improved operating efficiency.
Having now streamlined our back-office operations, restructured product development, and realigned our go-to-market strategies, analytics is now optimally positioned to introduce new analytic capabilities to sustain growth and margin expansion in 2024 and beyond as the investment markets recover. We believe this will solidify our position as a market leader in data innovation and commercial real estate intelligence, driven by those advanced analytics. Be assured that your board is maintaining its ongoing commitment to sound governance by continuing our board refreshment, adhering to the best practices in Canada and the U.S. At today's meeting, we will be announcing new nominees for election to the board. The nominees bring fresh perspectives, complementary skills, and additional expertise to better support management in executing our value creation plan.
Should the nominees be elected, Jim Hannon, Will Brennan, and Tom Warsop will join the experienced incumbent members of the board and expand our skills in technology and data analytics innovation. I would also like to take a moment to express my sincere gratitude to our retiring directors, Diane MacDiarmid and Tony Gaffney, and applaud their invaluable contributions over their twelve-year tenures, during which the company was transformed from a collection of siloed service businesses into a leading commercial real estate data and analytics services business. We thank them both for their unconditional commitment to Altus for over a decade. Following the retirements and impending election of the nominees, Altus' board will be comprised of 11 directors, 9 of whom are independent and 36% of which are women. This continues to meet our objective of having at least 30% female representation on the board.
The board's focus on upholding strong corporate governance also extends to the company's ESG and sustainability agenda, as reported in our public sustainability report, which I encourage you all to review. I'm pleased to note that our efforts in this regard continue to be recognized through positive ESG ratings from MSCI and Sustainalytics. Finally, let me express my personal appreciation for your, the shareholders', continued support and your belief in our company. Transforming a professional services business into a market-leading commercial real estate intelligence company, serving a technologically obstinate marketplace under the scrutiny of our sophisticated shareholders, has been, let's call it, a rewarding experience... We have endured several market volatile cycles, multiple management changes, unprecedented government scheduling beyond our control, and extremely dynamic technological innovation.
Our company has undertaken a profound transformation in the recent years, and we expect some transformation to continue. Altus is positioned as a market leader, and we believe it stands well positioned to revolutionize the commercial real estate asset intelligent marketplace. The stubborn CRE markets are frustrating, no doubt about it. While we do anticipate they will recover, timing is always uncertain, and be assured that our management is constantly monitoring our operations and seeking to adapt as conditions warrant. Our shareholder support and commitment has been crucial in driving our success and growth, and we value your continued support. It's an exciting time at Altus with the organizational and operational changes of the recent past and the continuing transformation. We believe that our best days are still ahead. With that, I would like to call the annual meeting to order.
As this meeting is being held virtually via the Lumi Live video webcast, allow me to mention a few rules that will facilitate the orderly conduct of the meeting. Questions in respect of a motion can be submitted by any registered shareholder or duly appointed proxyholder using the instant messaging service of the Lumi virtual interface. When asking a question, please indicate your name, which entity you represent, if any, and confirm your status as a registered shareholder or a duly appointed proxyholder. Please note that there will be a slight delay in the response to any communications received. As a general rule, questions will be addressed at the end of the meeting. However, questions regarding procedural matters or directly related to the motions before the shareholders may be addressed earlier. Voting on all matters will be cast on a single electronic ballot.
If you have already voted prior to attending the meeting, by completing a proxy or voting information form, there's no need to vote again. And once again, only registered shareholders and duly appointed proxyholders may vote. When you are asked to vote on each business item, a voting tab will appear on the Lumi interface, requesting you to cast your votes. You will only have a limited amount of time to do so. Please note the recording of this webcast will be posted on our website for a period of time after the meeting. There may be slight delays when different speakers begin or as we respond to questions. As we begin the business of the meeting, I ask Terrie-Lynne Devonish, the company's Chief Legal Officer and Corporate Secretary, to start with an important notice and reminder.
Thank you, Mr. Chair. The statements made during this meeting, which are not historical facts, are statements containing forward-looking information in respect of which various factors and assumptions were applied or taken into consideration. Our actual results could differ materially as a result of numerous risks and uncertainties, and reference should be made to our Annual Information Form and most recent Management Discussion and Analysis for discussion of these and related risks. With that, I'll turn the meeting back to the chair.
Thank you, Terrie. I will now officially call this meeting to order, and we'll start by addressing a few procedural matters. With the consent of the shareholders, I will ask to act as chair of this meeting. Terrie-Lynne Devonish will act as the secretary, and TSX Trust Company, our transfer agent, will act as scrutineer of the voting through its representatives. We will be dealing with a number of formal and administrative matters at today's meeting, and to avoid technical and logistical difficulties, I will move and second all motions unless there are any objections to that.
Hearing no objections, I ask that Terrie-Lynne Devonish please table the documents entitled Notice of Meeting, Form of Proxy, Management Information Circular, dated March eighteenth, twenty twenty-four, and the Declaration of Mailing, which provided service of notice of all these materials on each shareholder of record.
I confirm the tabling of the following documents: Notice of Meeting, Form of Proxy, Management Information Circular, dated March 18, 2024, and Declaration of Mailing.
The Notice of Meeting, Form of Proxy, and Management Information Circular were mailed to shareholders on or about March 28th, 2024, and accordingly, unless there is any objection, I will dispense with the reading of the notice of meeting. Copies of the Management Information Circular and other meeting materials are available on our website, on the SEDAR+ website, under our company's profile. I confirm that all of these documents have also been delivered to each director and the auditors of the company. According to Bylaw Number 1, two or more persons holding or representing 25% of the votes attached to the common shares entitled to be voted at the meeting represent a quorum.
I have been advised that there are proxies representing more than 25% of all outstanding common shares of the company, and therefore, a quorum of the shareholders of the company is present, and the meeting is properly called and duly constituted for the transaction of business. Terrie-Lynne, please include the declaration of mailing of the notice of the meeting and the scrutineer's final report on attendance in the meeting in the minutes of this meeting. As mentioned at the beginning of the meeting, registered shareholders and duly appointed proxy holders will be asked to vote on each business item. Voting on each of the items of business requiring a vote will take place during the meeting. A tab will be visible on the Lumi virtual interface, requesting you to cast your vote.
After you have cast your votes for all business items today, the scrutineer will compile the votes in respect of each of the business items. The results will be reported at the end of the meeting, after all the votes on all the matters have been counted. As the first item of business on the agenda for today's meeting, I now table the 2023 financial statements and the auditor's report of the financial statements. Copies of the statements are available on our website, on the SEDAR+ website, under our company's profile, and were mailed to shareholders who requested them. The next item of business is the election of directors.
As the company did not receive notice of any director nominations in connection with the meeting, in accordance with the General Bylaw Number 2 and the Advance Notice Bylaw, the only persons eligible to be nominated for election to the board of directors of the company are the nominees described in the Management Information Circular. The nominees for election as directors of Altus Group Limited are Wai-Fong Au, William Brennan, Angela Brown, Colin Dyer, Michael Gordon, James Hannon, Anthony Long, Raymond Mikulich, Carolyn Schuetz, Thomas Warsop, and Janet Woodruff. If elected, the nominees will hold office until the next annual meeting of shareholders or until their successors are elected or appointed. Since there are no other nominations, I move and second a motion to elect the directors, and that motion is now on the floor.
Our corporate governance guidelines provide for the election of directors according to the company's majority voting policy. A full description of this policy is provided in the Management Information Circular for the meeting. As mentioned at the beginning, voting today will be conducted by a single electronic ballot. You will be prompted to vote on the election of the directors, and the voting will now be open. Unless there are any questions or discussions, I will move on to the next item of business, which is the appointment of our auditor for the current year and authorizing the board to fix the remuneration of the auditors. Every year I get this one. The recommendation of the audit committee and the board of directors recommends the present auditor, Ernst & Young, be retained for the current year as auditors of the company.
I move and second that Ernst & Young LLP be appointed auditors of the company until the next annual meeting of the shareholders and that the board of directors be authorized to fix their remuneration. The motion is now on the floor, and you may vote on the appointment of the auditors. Unless there are any questions or discussions, I will move on to the next item of business, which is the approval of the non-binding resolution, the full text of which is set out starting on page 11 of the MIC, that on an advisory basis and not to diminish the role or responsibilities of the board of directors, the shareholders of the company accept the approach to executive compensation described in the Management Information Circular. The advisory role is an important opportunity for the shareholders to have their say regarding our executive compensation.
Our plans are designed to align executive compensation with long-term interests of our shareholders and adopt a policy of pay for performance. I move and second that the shareholders of the company accept the approach to executive compensation described in the non-binding advisory resolution that is in the Management Information Circular, and that which will be taken as read and let it be approved. That motion is now on the floor, and you may cast your vote. Unless there are any questions or discussions, we will move on. Once again, I remind you that if you have already voted prior to attending the meeting by completing a proxy or voting information form, there is no need to vote again. Only registered voters or registered shareholders and duly appointed proxy holders may vote, and if you have signed in as a guest, you will not be able to vote.
Once the electronic balloting closes, the voting page will disappear, and your votes will be automatically submitted. Let's take a few minutes now for the completion of the electronic balloting, and then we will move on with the remainder of the meeting. Thank you, Mr. Dilao. I have received the scrutineer's preliminary report and confirm the following: Wai-Fong Au, William Brennan, Angela Brown, Colin Dyer, Michael Gordon, James Hannon, Anthony Long, Raymond Mikulich, Carolyn Schuetz, Thomas Warsop, and Janet Woodruff have been elected as directors of the company to serve until the next annual meeting of the shareholders or until their successors are elected or appointed. The appointment of Ernst & Young LLP as the auditors of the company has been approved, and the directors of the company have been authorized to fix their remuneration.
The next binding advisory—the non-binding advisory resolution that the shareholders of the company accept the approach to executive compensation described in the MIC has also been approved. As that ends, the formal items of business as set forth in the notice of meeting, the meeting date, all of those issues have now been addressed. I move and second that this meeting now terminate. As there is no further business to come before the meeting, I declare the meeting to be concluded. As announced, on April 8, the company will be releasing earnings and conducting an earnings call after the market close tomorrow, at which time Jim Hannon and Pawan Chhabra, our CEO and CFO, will report on the financial performance and operations of the company.
On behalf of the board and the company, I'd like to thank you all for your attendance today and for your continued support of our company. We're now open, we'll now open the floor to questions from you, our shareholders. I ask that all attendees who would like to ask a question use the instant messaging feature on the Lumi interface to do so. When asking your question, please state your name, the entity you represent, if any, and confirm your status as a registered shareholder or duly appointed proxy holder, and please limit your questions to topics relating to today's subject matter. I ask that you keep your questions short. I'll give you all a brief moment to type in your questions. It appears that we have answered all of the questions and that there are none.
Thank you all for joining us today, and tune in tomorrow for the earnings call. Thank you. Thursday.