Ladies and gentlemen, welcome to the annual general and special meeting of Colliers International Group Inc. Please note the meeting will be recorded. I would like to introduce Mr. Jay Hennick, the Global Chairman and Chief Executive Officer of Colliers. Mr. Hennick, the floor is yours.
Thank you very much, Operator. Good morning, everyone. I'm Jay Hennick, the Chairman and Chief Executive Officer of the company. Joining me today are John Curtin, our Lead Director, Chris McLernon, Chief Executive Officer of Real Estate Services, Christian Mayer, Chief Financial Officer, Matthew Hawkins, Corporate Secretary, and Lynda Cralli, Assistant Corporate Secretary.
On behalf of Colliers Management and the Board of Directors, it's my pleasure to welcome you to the 2024 annual meeting of shareholders. I'm incredibly proud of our resilient performance throughout the year. Colliers' strategic transformation has put us at the forefront of the industry and has changed the way investors view the massive growth opportunities in diversified professional services and investment management. The cornerstone of our success lies in our unwavering focus on creating value for shareholders, for investors, and for clients.
For almost 30 years, we've delivered 20% annualized returns in share value, an enviable record of achievement that speaks volumes to the way Colliers operates. In 2023, outsourcing and advisory and investment management grew rapidly, partially offsetting market-driven revenue declines in transaction services. We increased our market share and geographic reach by completing three additions in our engineering business in the U.S. and in the APAC region after a record year of growth in 2022.
In investment management, we raised $3 billion in new capital in a soft fundraising environment, and we deployed our capital across asset classes, taking advantage of favorable pricing conditions. With more than 70% of our revenue now coming from recurring services, Colliers is more balanced and resilient than ever before. As we look forward, we have an exciting pipeline of new growth opportunities that will help us scale geographically and across our service lines.
Our enterprising culture and highly committed leadership teams who have about 30% of the equity in our company provide the ultimate alignment with shareholders. These characteristics are unique to Colliers. They're hard to replicate because they take years to refine, and our business model incentivizes our leadership teams around the world to capitalize on opportunity and to create value more than any other company we know of.
In our own way of operating, we have earned some impressive accolades over the last year, including Best Global Agency by Euromoney, the IAOP Top 100 Global Outsourcing Service Providers, and Forbes World Best Employers List. Overall, 2023 was a solid year for Colliers despite the macro challenges, and I'm confident we're well positioned to continue to grow our business one step at a time for decades to come.
Now let me turn things over to John Curtin, our Lead Director, and to take part and to conduct the formal part of this meeting. John?
Thank you, Jay. Good morning, ladies and gentlemen. Please allow me to introduce myself. I'm John Curtin Jr., the Lead Director of Colliers International, and I will be acting as the chair of this meeting. Following the conduct of the formal business in today's meeting, we will conduct a question-and-answer session. If you are a registered shareholder, beneficial shareholder, or duly appointed proxy holder that provided your control number while logging into the meeting and have a question, please feel free to use the Ask a Question feature shown on your screen, and it will be addressed at the appropriate time.
It is now past 11:00 A.M., and I would ask that the annual and special meeting of shareholders of Colliers come to order. With the consent of the meeting, I will act as chair, and in accordance with Colliers bylaws, Matthew Hawkins will act as secretary, and Ms.
Rita Gutierrez-Fernandez from Broadridge Financial Solutions will act as scrutineer of the meeting. The minutes of last year's annual meeting of shareholders held on April 5, 2023, are with me, and with the consent of the meeting, we will dispense with the reading of these minutes, and the minutes shall be taken as read.
I am also tabling a copy of the Audited Consolidated Financial Statements of Colliers for the year ended December 31, 2023, and the auditor's report thereon. You will have received them with the meeting materials, and a copy is also available by clicking through the appropriate link shown on your screen. With the consent of the meeting, the reading of the auditor's report will be dispensed with, and the financial statements shall be received. Would the secretary please report whether there is a quorum present?
Thank you, Mr. Chairman. According to the bylaws of Colliers, a quorum for any meeting of shareholders is any two shareholders entitled to vote at the meeting, whether present in person or represented by proxy. Based on all available attendance information, we have a quorum of shareholders. A copy of the final scrutineer's report will be annexed to the minutes of this meeting.
Thank you, Matt. I'm advised that there is a quorum present. As a quorum is present, I declare this meeting to be regularly called and properly constituted for the transaction of business. I note that we have received duly completed proxies that have appointed myself and/or Matthew Hawkins as proxy holder in respect of approximately 93% of the total votes associated with Colliers shares.
In connection with each matter of formal business voted upon at the meeting, Mr. Hawkins will vote in accordance with the instructions set out in each proxy. A summary of the voting results on each matter of formal business will be included in a press release to be issued following the meeting, and a report on voting results to be filed on SEDAR.
Voting will be conducted using the Broadridge Virtual Voting Platform that is available on screen to those registered shareholders and duly appointed proxy holders that logged in using their control number or appropriate identification number. Voting is open on all matters and will remain so until the formal business of the meeting is completed.
While I will review each matter of business individually, registered shareholders and duly appointed proxy holders that logged in using their control number or appropriate appointee identification number and have not already submitted their proxies but wish to change their previously submitted votes are able to vote on all resolutions at any point while voting remains open. The first item of formal business is to consider a resolution appointing PricewaterhouseCoopers LLP as independent auditors of Colliers and a remuneration to be fixed by the directors.
In order to be approved, the resolution must be passed by a majority of the votes cast. May I have a motion for the approval of this resolution?
Thank you, Jack. Christian Mayer, shareholder here. Mr. Chairman, I move that PricewaterhouseCoopers LLP be appointed as independent auditor of Colliers to hold office until the close of the next annual meeting of shareholders at a remuneration to be fixed by the board of directors.
Mr. Chairman, I second the motion.
Thank you. As previously indicated, voting is now open on this motion, and you are encouraged to vote by clicking on the Vote Here button on the web portal and following the instructions. Based on proxies received prior to the meeting, it is expected that this resolution will be approved. The next item of business is the election of 10 directors. These directors will hold office until the next annual meeting of shareholders or until their successors are elected or appointed or they otherwise cease to hold office. The management information circular states that there are 10 proposed candidates. The secretary will now read their names.
Thank you, Mr. Chairman. The names of the director nominees are John Curtin Jr., Christopher Galvin, Jane Gavan, Stephen Harper, Jay Hennick, Katherine Lee, Poonam Puri, Benjamin Stein, Frederick Sutherland, and Edward Waitzer.
Thank you. I would like to remind shareholders that the directors are to be voted on individually in accordance with Colliers' majority voting policy. I now recognize Christian.
Mr. Chairman, I nominate each of the 10 persons whose names have been read to this meeting and move that each such person so nominated be individually elected as directors of Colliers to serve until the next annual meeting of shareholders or until his or her successor is elected or appointed or he or she otherwise ceases to hold office.
Mr. Chairman, I second this motion.
Voting on each of the individual director nominees may now be completed by clicking on the Vote Here button on the web portal and following the instructions. Based on proxies received prior to the meeting, it is expected that each of the nominated directors will be elected. We will now consider the next item of business before this meeting.
As described in the management information circular, Colliers is seeking approval of a resolution approving an amendment to the Colliers Stock Option Plan. The amendment will increase the maximum number of subordinate voting shares reserved for issuance pursuant to the exercise of stock options granted by an additional 1,500,000. The form of resolution is set out on page 58 of the management information circular. In order for this resolution to be passed, it must be approved by a majority of the votes cast.
The amendment to the stock option plan must also receive exchange approval in order to be effective. The Toronto Stock Exchange has approved the amendment, subject to obtaining shareholder approval today. May I have a motion for the approval of this resolution?
Mr. Chairman, I move that the resolution approving the amendment to the Colliers Stock Option Plan, the form of which is set out on page 58 of the management information circular furnished to shareholders in respect of this meeting, be approved.
Mr. Chairman, I second the motion.
Voting on this matter of business may now be completed using the voting tab on your screen and will remain open until voting is closed. Based upon proxies received prior to the meeting, it is expected that this resolution will be approved. The final matter of business is to consider the advisory vote on executive compensation set out in the management information circular mailed to shareholders. May I have a motion to consider this resolution?
Mr. Chairman, I move that the meeting consider and, if deemed advisable, pass on an advisory basis and without diminishing the role and responsibilities of the board of directors, that the shareholders of Colliers accept the approach to executive compensation disclosed in the management information circular delivered to shareholders.
Mr. Chairman, I second the motion.
Voting on this matter of business may now be completed by clicking on the Vote Here button on the web portal and following the instructions. Based on proxies received prior to the meeting, it is expected that this resolution will be approved. As this is the final matter of formal business on the meeting agenda, voting on all resolutions will close momentarily, and shareholders are encouraged to ensure that their votes have been submitted.
I would now request that Broadridge please close all voting. Based on proxies provided prior to the meeting and the preliminary scrutineer report received, I can confirm that all resolutions have been passed by the requisite number of votes in favor. Detailed voting results will be included in a press release to be filed following the meeting, together with a report on voting results to be filed on SEDAR.
As there is no further business, I declare the formal portion of this meeting terminated. As previously indicated, we will now complete a question-and-answer session with members of management present on the call. Shareholders and proxy holders that logged into the meeting using their control number and/or appointee identification number may ask a question using the Ask a Question button shown on your screen.
Thank you, Mr. Chairman. There are no questions that have been received on the portal, and as there are no questions, we will go ahead and terminate today's meeting. On behalf of Colliers, I thank everyone for attending today's meeting. Thank you.
This concludes today's meeting. Thank you all for joining. You may now disconnect.