Ladies and gentlemen, welcome to the Annual General 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.
Good morning, everyone. I'm Jay Hennick, Global Chairman and Chief Executive Officer of Colliers. Today I'm joined by Jack Curtin, our Lead Director, Christian Mayer, Chief Financial Officer, Matt Hawkins, Corporate Secretary, and Lynda Cralli , Chief of Staff and Assistant Corporate Secretary. On behalf of our management team and board, I'd like to welcome you to our 2025 Annual Meeting of Shareholders. I'm proud of our strong performance in 2024, exceeding $4.8 billion in revenues. With greater diversification and more than 70% of our earnings coming from recurring services, Colliers is more balanced and more resilient than ever. The evolution of our business, with the addition of Investment Management in 2016 and Engineering in 2020, has redefined Colliers' business model, creating new growth opportunities and value for our shareholders. In 2024, we strengthened our top-tier real estate services segment with key additions in capital markets and leasing.
We also saw strong growth in recurring outsourcing services, property management, loan services, and property valuation. In Investment Management, we raised a total of $3.8 billion in new capital commitments, setting the stage for a new cycle of fundraising. We also increased our investments in new strategies and distribution capabilities as we continue to build one of the world's leading mid-market alternative asset managers with about $100 billion in assets under management. We continue to grow the size and scale of our businesses by completing a total of seven acquisitions, including a major engineering firm in Canada. This expanded our global engineering platform to over 9,000 professionals and was the key driver in establishing our new standalone engineering business. To further strengthen our financial position, we completed a $300 million equity offering early in the year and entered 2025 with over $1 billion in liquidity to fund future growth.
Colliers' success is driven by an unwavering commitment to create lasting value for our shareholders, our investors, and our clients, and that commitment remains our core focus. For more than 30 years, we've achieved an impressive 20% annualized return on share value, a true reflection of the Colliers' way of doing business. At the heart of our success is an enterprising culture fueled by an entrepreneurial spirit, a commitment to continually elevate our business, and the courage to make bold decisions when the timing is right. This culture, hard to replicate and honed through experience, drives our ability to create value. Combined with our strategy of strong internal growth and strategic acquisitions, it's what sets us apart and fuels our continued success.
Over the past year, Colliers was recognized as the world's best real estate advisor by Euromoney, named one of the top 10 top 100 professional services firms by IAOP, and recognized as the world's best employer by Forbes, and we are very honored to receive these accolades. Finally, I would like to take this opportunity to thank our professionals, our business leaders, our operating partners, our investors, and our board for their continued commitment and support. I look forward to building on our success together for many years to come. Now I'll turn the meeting over to Jack Curtin, our Lead Director, to conduct the formal portion of the meeting. Once the formal portion is completed, we will take questions from the floor. Thank you. Jack, now over to you.
Thank you, Jay. Good morning, ladies and gentlemen. Please allow me to introduce myself. I'm Jack Curtin, Lead Director of Colliers International Group, and I will be acting as the Chair of this meeting. Following the conduct of the formal business of 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, and I would ask that the Annual 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. Athelia Richards from Broadridge Financial Solutions, Inc., will act as Scrutineer. The minutes of the last Annual and Special Meeting of Shareholders held on April 2, 2024, 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, 2024, and the auditor's report thereon. You will have received them with the meeting materials, and a copy is also available on SEDAR+. With the consent of the meeting, the reading of the auditor's report will be dispensed with, and the financial statements shall be received. Will the Secretary please report whether there is a quorum present.
Thank you. 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 am 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. We note that we have received duly completed proxies that have appointed myself and/or Matt Hawkins as proxy holder in respect of approximately 94% 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 appointee identification number. Voting is open on all matters and will remain so until the formal business from 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 appointee identification number and have not already submitted their proxies or 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 at 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?
Mr. Chairman, I move that PricewaterhouseCoopers LLP be appointed as independent auditors 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 of Colliers.
Mr. Chairman, I second the motion.
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 the 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.
The names of the director nominees are John, "Jack" Curtin Jr., Jane Gavan, Stephen Harper, Jay Hennick, Katherine Lee, Poonam Puri, Benjamin Stein, John Sullivan, L. 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 Lynda Cralli .
Mr. Chairman, I nominate each of the 10 persons whose names have been read to this meeting. I move that each of such persons be nominated 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. 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 using 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 or appointee identification number may ask a question using the "Ask a Question" button shown on your screen.
Thank you, Mr. Chairman. As there are no questions, we will go ahead and terminate today's meeting. On behalf of the company, I thank everyone for attending, and I would ask that Broadridge please go ahead and close the meeting.
This concludes today's meeting. You may now disconnect.