The directors and officers of ARC who are joining me online here today. Starting with directors, present are Carol Banducci, David Collyer, Hugh Connett, William McAdam, Michael McAllister, Marty Proctor, Jackie Sheppard, and Leontyne van Leeuwen-Atkins. I'd also like to welcome Mike Culbert, who is standing for election to the ARC Board today. I'd like to now take a moment to acknowledge Farhad Ahrabi who retired from the ARC Board in January, and Bill McAdam, who is not seeking reelection this year. Farhad and Bill, thank you both for your invaluable contributions to the board. We wish you all the best in your future endeavors.
The ARC officers who are joining us on the call today are Terry Anderson, our President and CEO; Kris Bibby, our Senior Vice President and Chief Financial Officer; Armin Jahangiri, our Chief Operating Officer; Lara Conrad, our Chief Development Officer; Ryan Berrett, our Senior Vice President Marketing; Lisa Olsen, our Senior Vice President People and Corporate; Sean Calder, our Vice President of Field Operations; Mike Capon, our Vice President of Information Technology; Kristen Cerny, our Vice President Finance; Kathryn Gomes, our Vice President and Controller; Brian Groundwater, Vice President Engineering and Geoscience; T-Jay Haugen, Vice President Operations Planning; Sean Stuart, our Vice President Capital Operations; and Grant Zawalsky, our Corporate Secretary. On behalf of this team and the board, thank you all once again for joining us today. The meeting will now come to order.
I will act as chair, and following the formal portion of our meeting today, Terry Anderson will make a few remarks on ARC's business. I will ask Grant Zawalsky to act as secretary of the meeting, and both Stephen Bandola and Stephanie Tuss, representatives of Computershare Trust Company of Canada, to act as scrutineers. I can confirm that I have received a declaration from Computershare Trust Company of Canada as to the mailing of the meeting materials to our shareholders. The scrutineer's report has now been received, and I confirm that a quorum of shareholders is present at this meeting. I therefore declare that the meeting is regularly called and properly constituted for the transaction of business. We'll now turn to voting. We'll conduct the voting by electronic ballot on the Lumi platform. If you have previously voted, you do not need to vote again when prompted.
By voting again, you will revoke any previous vote made prior to the voting cutoff. To my knowledge, each resolution considered today will be passed by the proxies deposited in advance of the meeting. Voting will be open for all resolutions at the same time, which will allow you to choose to vote on each resolution immediately or wait until the conclusion of discussions on each resolution prior to casting your vote. To vote, simply click on for, or withhold, or against as applicable. You will see confirmation immediately above the voting buttons once you've submitted your choice. There will be an opportunity to ask questions on each resolution in turn. Once discussion on all items of business has concluded, voting will be closed on all resolutions. The results will be tallied by the scrutineers and will be provided at the end of the formal portion of the meeting.
The detailed voting results will be disclosed by news release and posted on ARC's website following this meeting. The polls are now open on all resolutions. Moving on to the audited financial statements. I would like to formally place before the shareholders the financial statements of ARC for the year end of December 31st, 2023, and auditor's report thereon which were previously distributed to shareholders and posted on ARC's website. Now turning to the election of directors. The next item of business is the election of directors. I'll entertain nominations for 10 positions as directors of ARC.
My name is Taryn Bolder, and I nominate Hal Kvisle, Carol Banducci, David Collyer, Hugh Connett, Michael Culbert, Michael McAllister, Marty Proctor, Jackie Sheppard, Leontyne van Leeuwen-Atkins, and Terry Anderson as directors of ARC.
As there are no further nominations, I now declare the nominations closed. The board of directors of ARC has agreed to conduct the election on an individual basis for each director in accordance with our majority voting policy. Grant, have there been any questions so far?
There are no questions, Mr. Chairman.
Thank you, Grant. The next item of business is the appointment of the auditors of ARC.
My name is Taryn Bolder, and I move that PricewaterhouseCoopers LLP, chartered professional accountants, be appointed as auditors of ARC.
My name is Jenny Munro, and I second the motion.
Thank you. Grant, any questions on this motion?
There are no questions.
Okay. The next item of business is a non-binding vote on our approach to executive compensation, known as our Say-on-Pay vote.
My name is Taryn Bolder, and I move that the non-binding advisory resolution concerning ARC's approach to executive compensation as set forth in the information circular of ARC dated March 26, 2024, be approved.
My name is Jenny Munro, and I second the motion.
Thank you. Grant, are there any questions on this motion?
There are no questions on this motion, Mr. Chairman.
Okay. As we've now concluded each item of formal business, we will pause for a brief moment to allow shareholders to complete the online ballot. If each shareholder could ensure that they've submitted their votes, that would be greatly appreciated. The balloting is now closed. I am advised by the scrutineers that all the directors received a majority of votes in favor of election, and I declare those nominated as duly elected directors of ARC. PricewaterhouseCoopers has been appointed as the auditors of ARC, and in excess of 97% of the votes are in favor of the say-on-pay resolution. Grant, are there any remaining questions from the floor?
There are no questions from the floor.
I would now entertain a motion that this meeting be terminated.
I move that this meeting be terminated.
I second the motion.
I declare this meeting terminated, and I now turn the meeting over to Terry Anderson. Terry?
Thanks, Hal, and thank you to everyone who is joining us online this morning. Before I get to my remarks, I'd like to echo Hal's comments in thanking Farhad Ahrabi and Bill McAdam for their service on our board. I'd also like to welcome Hugh Connett, who joined the board this year in February, and Michael Culbert, who just voted in. I know they'll both bring a wealth of knowledge to our board. In terms of our company and its performance, I'll keep my comments relatively brief as we finished our first quarter conference call earlier this morning. 2023 marked an important step forward in ARC's 28-year history. It was a year of progress and performance. When I look back on the past year, I'm proud of how our people executed our business plan with the discipline and efficiency that have been ARC's hallmarks since our inception.
We delivered another year of strong performance across our world-class Montney asset base and sanctioned and began developing our next major project, being Attachie Phase I. Last year, we signed our second major LNG agreement with Cheniere. This is an important step towards our market diversification strategy that aims to connect low-cost Montney natural gas to key consuming markets around the globe. Earlier this year, we have signed a third agreement, this one with Cedar LNG, which will see more of our Canadian natural gas shipped to international markets. In 2023, we generated record annual production of 352,000 BOE per day and free funds flow of CAD 790 million. With record capital investments of CAD 1.8 billion, it was another exceptional year of activity across ARC.
During this period of increased capital and operational activity, we achieved record production, reserves, and most importantly, safety performance, which has always been our number one priority. As I look to the year ahead, we are focused on building on our operational momentum from 2023 and executing our long-term plan. This begins by delivering a capital-efficient Montney development program and completing Attachie Phase I, which we anticipate to come on stream in Q4 this year. We remain focused on improving our per-share metrics achieved through profitable investments in the Montney, buying back shares at attractive pricing, and expanding our margins through LNG, marketing, and infrastructure investments, all of which will result in significant value creation for our shareholders today and into the future. Following this path forward, I'm confident in achieving our goal of being the best-in-class responsible energy producer.
At our company, we believe our energy creates a better world for everyone. This is our purpose. This extends beyond the physical energy we produce to include our human energy and how we support communities through volunteerism and partnership. Recently, I was proud to announce ARC's CAD 5 million commitment to the Alberta Cancer Foundation. Investing in communities is a key part of our culture, and we look forward to seeing the positive impact these dollars will make in the years to come. In closing, I want to thank our shareholders for their continued support. This is an exciting time for our company, and we look forward to sharing our progress with you. I would also like to thank our employees, management team, and directors for their continued support and dedication in safely executing our business and creating long-term value for our shareholders.
Thank you, everyone, for joining us, and have a great day.