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Hello everyone, and welcome to the 2024 annual and special shareholder meeting of WSP. Again this year, we are happy to hold today's meeting in a hybrid format, giving shareholders the option to participate either in person or virtually via live webcast. As health and safety are among our list of non-negotiables, I would like to take this moment to review the procedures in the event that an evacuation is required for the attendees in the room.
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Hello and welcome. Please take your seat. Before the event begins, we will briefly review our emergency procedures at the Montreal Lumi Experience. Please listen carefully. In case of an emergency alert, all normal activity will cease. Please remain calm and follow the instructions of the Lumi staff wearing green and orange vests. Follow the directions of the Lumi team members in a calm and orderly manner. Emergency exits are located via the front entrance or down the corridor to the right of the stage. For those with reduced mobility, you will be assisted by the Lumi team member to the freight elevator until security or fire personnel can assist. Thank you for listening.
I'd now like to introduce our speakers. Pierre Shoiry, Vice Chairman of the Board of WSP. Alexandre L'Heureux, President and Chief Executive Officer of WSP. Alain Michaud, Chief Financial Officer of WSP. And Philippe Fortier, Chief Legal Officer and Corporate Secretary of WSP. Also joining us today are the following board members who I'd like just to acknowledge: Linda Smith-Galipeau, Birgit Norgaard, Paul Raymond, and Macky Tall. I now would like to provide you with some general remarks on the conduct of the meeting. As always, the meeting will be conducted in both English and French, and you may choose to follow the meeting in a bilingual format presented in English only or in French only, as we offer simultaneous translation for in-person and remote participants. Also, questions may be submitted in either language.
The meeting agenda contains seven matters to be voted on during the business part of the meeting and set out in the Corporation's Management Information Circular, dated March 25th, 2024. At the meeting, shareholders will: one, receive the audited Consolidated Financial Statement of WSP for the year ending December 31st, 2023, and the Independent Auditor's Report thereon; elect each of the nominee directors who will serve until the end of the next annual meeting of shareholders or until their successors are appointed; appoint the independent auditor of WSP for the forthcoming year and authorize the directors to fix the Independent Auditor's Remuneration; consider a non-binding advisory resolution on the corporation's approach to executive compensation; consider, and if thought fit, approve a special resolution approving Articles of Amendment of the corporation to increase the maximum number of directors of the corporation from 10 to 15.
Consider, and if thought fit, approve a resolution ratifying and approving the Amended and Restated By-Laws of the corporation. And seventh, consider such other business, if any, that may properly come before the meeting. Please note that we have till 12:00 PM Eastern Time to conclude all matters on today's agenda, and we will begin with the formal part of the meeting, followed by a brief presentation by Alexandre and Alain, and conclude with a question period. Please note that you will be able to vote on each matter throughout the formal part of the meeting by using the voting device if you are present in this room or on the left side of your screen if you are participating through the webcast. After we complete the formal business, the polls will close.
If you have voted your shares prior to the start of the meeting, your vote has been received by the corporation's scrutineers, and there is no need to vote those shares during the meeting unless you wish to revoke or change your vote. Duly identified registered shareholders and proxy holders can submit their questions at any time during the meeting by entering them into the appropriate tab on the webcast platform or through the voting device. Please note, however, that questions pertaining to any item of business conducted at the meeting will be read aloud at the time such item is presented. All other general questions, including any questions related to the annual financial statements of the company, will be addressed during the question period at the end of the meeting. If we receive similar questions through the web portal, we will combine them into one question.
If you are attending our meeting in person and would like to ask a question verbally, kindly proceed to the microphone in the center of the room when we open the floor for questions. Please ensure to identify yourself as a registered shareholder or a proxy holder before proceeding with your question. If you are not identified as a registered shareholder or a proxy holder and would like to ask a question, please access the registration table at the entrance of the room. Any questions that we do not answer during the time available will be addressed on the company's website at wsp.com in the 2024 Annual and Special Meeting of Shareholders page, to be found in the investors section. To hold the formal part of the meeting in French, I have asked Pierre Shoiry to chair that part of the Annual and Special Shareholder Meeting.
But before I ask Pierre to come forward, please allow me to make a few remarks. I'm very proud and honored to be the chairman of WSP. 2023 was another strong year for us, and we continue to demonstrate our resilience and agility to succeed and grow in a fast-changing environment. While maintaining our full operational momentum, we made conscious efforts to invest in strengthening and expanding our diversified platform. We remain nimble and focused, enabling us to seize opportunities, continue to diversify, and successfully execute the second year of our strategic plan and indeed surpass some expectations. Our company is, as increasingly recognized, taking bold actions to play our part in building a sustainable and future-proofed world, and this is a testament to our global stewardship.
In the past year, WSP continued to achieve awards and recognition, and we were named on Fortune's 2023 Change the World list for the very first time, which recognizes companies making a positive social impact through activities in line with their core business strategy. Additionally, we are working hard to improve our programs for our people and increase our positive impact on the communities we serve and to the benefit of all our stakeholders. On behalf of the board, I wish to thank and congratulate our leadership team and our employees worldwide for their efforts in providing the sustainable solutions required for our projects to ensure we keep building a powerful and lasting legacy. Their outstanding efforts, serving our clients and communities with dedication, delivering with discipline, and in alignment with WSP's core values are what makes us a truly premier global consultancy.
We have a dedicated and diversified experienced board of directors, and part of the role is to provide guidance and oversight to the leadership as the company engages, adjusts, and builds against an ever-changing business and global and political landscape. To achieve this, the board maintains a constant dialogue with leadership and ensures our overall governance, performance, and values reflect the very highest standards. As we continue to grow, the board takes a proactive approach to risk management and technology changes by engaging their experience and a comprehensive understanding of the potential implications these are for our business. I'm confident that WSP retains and recruits the necessary experience, talent, and innovation acuity to make the most of the current trends. Contribute positively to transformative projects that improve the world in the very diverse markets we work and constantly put forward solutions that support the world's most pressing needs.
The entire board is excited at the perspective of the next 2025-27 industry benchmark strategic plan. Looking at our past achievements and at the goals we've outlined for the future, I feel strongly that WSP has a market-leading strength, ambition, and competencies to reach the undisputed leadership position in our industry. This morning, I would like to thank our board members for their support, and on behalf of all of them, I wish to take a moment to specifically express our sincere appreciation to Pierre's contribution and dedicated service during his tenure as Vice Chairman of the Board and previously CEO. Pierre, you leave a great legacy and a shared vision for the future of WSP.
You have been instrumental in our success, and I can't thank you enough for your friendship and counsel over the years, and we wish you good health and the best of luck in all your endeavors. I'd also like to thank Paul Raymond for his work with us for five years, who is also stepping down from the board. Thank you, Paul, for all your endeavors. In closing, I'm extremely grateful to our employees, clients, shareholders, and investors for placing their confidence in us. We always aim to make you proud and an integral part of our story every day. Pierre.
Thanks, Chris, and special thank you for the kind words. It was certainly a pleasure meeting you 13 years ago and executing on our strategy and delivering it. It's been a pleasure working with you for all those years, Chris.
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Back to you, Mr. Chairman.
Thank you, Pierre. Merci. Before we continue, I'd like to thank our shareholders for entrusting us and electing us as board members for another year. We will do our utmost to meet and even exceed your expectations. It is now my pleasure to introduce Alexandre L'Heureux, President and Chief Executive Officer of WSP. Please note, Alexandre may be making some forward-looking statements within the meaning of the Canadian securities legislation, which are based on certain assumptions, which by their nature are subject to inherent risks and uncertainties. Actual results could differ from those expressed or implied, and we undertake no obligation to update or revise any of these forward-looking statements except as required by law. Alexandre.
Thank you, Chris.
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Lastly, our record high order intake continues to reflect positive market conditions. In 2023, we once again progressed substantially across our four strategic pillars: people and culture, expertise, clients, and operational excellence. Our platform became more balanced and diversified, equally split between private and public sectors, and between design and advisory services, predominantly in mature OECD economies. Year- over- year, all our end markets grew, leading to even more diversification both globally and within end markets. We have attained a global leading position in Transportation and Infrastructure, Property and Building, and Earth and Environment. The latter fully came together in recent years following strategic actions deployed to build a nonparallel franchise in this sector, which now represents close to 20,000 people. The perspectives are solid. Our platform has proven resilient in various economic contexts, and we expect our future-proof foundation to deliver against expectations.
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All of this has contributed to making us the most diversified engineering and professional services firm globally, with approximately 77,000 deeply talented employees. More than ever in our history, we are positioned to solve the world's most complex challenges. As a shareholder, you witness it firsthand. WSP has had a successful track record of identifying and integrating industry-leading franchises. We will continue to look to expand our geographic reach and service offering through selective, accretive, and disciplined acquisition. We have a strong balance sheet to support our ambitions, hence ample flexibility to remain agile when opportunities arise. It is, however, important to remember that while acquisitions can be a valuable strategy, they must complement, not substitute, our focus on organic growth. Acquisitions serve as strategic additions to enhance our capabilities and reach, and they cannot replace the sustained growth that comes from nurturing our internal talent and resources.
This is why we are focused on retaining and developing our expertise and our people. We will continue to source and implement additional ways to empower and enable our employees, provide them with growth opportunities, and prioritize their training and career development. We also work to constantly place our clients at the center of our decision-making and to find optimal ways to offer outstanding capabilities and best-in-class services. To support our ambitions, we are making significant investments, such as the global rollout of a new ERP, which has already been deployed in some of our key regions and is now being leveraged by over 40,000 employees in Canada, the U.S., and the U.K. Other regions will follow soon. How we create a better future for all fuels WSP every day.
The world will require all the collective creativity and ingenuity available to tackle the environmental and climate challenges it is facing. This is why our ESG commitments are fundamental and non-negotiable. As you will read in our upcoming global ESG report in two weeks, in 2023, we again grew our share of annual revenues linked to the United Nations Sustainable Development Goals. More than 60% of these annual revenues are reported as SDG-linked revenues, and we derive them from projects that support environmental and social objectives. At WSP, more than 80% of our electricity is now sourced from renewables, thanks to the continued effort placed on office consolidation, energy efficiency, and new renewable energy procurement in several countries. Consequently, WSP Scope 1 and 2 greenhouse gas emissions decrease markedly in comparison to our 2008 base year.
Our Scope 3 emissions are also below our base year. We have started to engage with our suppliers and encourage them to align with the Paris Agreement in setting their own GHG reduction targets and disclosing their emissions. Leveraging our expertise in this area, we provided training and resources to help suppliers quantify their emissions. Moreover, we are increasing our focus on reversing biodiversity loss and restoring the earth's ecosystems. WSP boasts a wealth of expertise in this area, thanks to its thousands of specialists worldwide, including biologists as well as marine and biodiversity experts. As an early supporter of the Task Force on Nature-related Financial Disclosures and as a global force for good, we are uniquely positioned to drive nature-positive outcomes in our clients' work.
Concrete examples of our contribution include carrying out urban regeneration projects, closing a coal-fired plant, and rehabilitating a mine site. Shifting to people, our superpower, and a thriving force behind WSP's success, I'm happy to report that over the last two years, we increased our global retention rate by approximately 200 basis points. We also filled over 75% of our global leadership roles with internal candidates. Several initiatives are underway to ensure we become an even more unified WSP and deliver an outstanding employee experience. Globally, we also made year-over-year progress in increasing the number of women and individuals from underrepresented groups in middle management and leadership positions. In 2022, we surpassed our objectives of growing the representation of these groups by 5% year- over- year.
Despite a slightly lower growth in 2023, we remain steadfast in our commitment to diversity, and we are confident that our continued effort will turn into tangible achievements. All the dedication we have shown in forging a more sustainable WSP did not go unnoticed. We are pleased to have earned our first placements on the Dow Jones Sustainability North America Index and as part of Corporate Knights' Global 100 Most Sustainable Corporations in the World, ranking 12th. We also received Ethisphere's Compliance Leader Verification Certification for the second year in a row, reflecting our commitment to upholding the highest ethical standards in the way we conduct our business. I would like to reiterate that our guiding principles continue to drive WSP each and every day.
These principles encapsulate expectations around culture, reputation, and accountability, and are the backbone for all discussions and actions, be it internally with clients or with other stakeholders. We are confident that our desire to grow and constantly adapt to client needs, coupled with our distinctive DNA and focus on what truly defines us, will bring us a wealth of opportunities to keep growing and transforming the world.
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Thank you.
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Good morning, everyone. 2023 was a year of significant growth, consolidation, and continued transformation. Revenue in 2023 reached $14 billion, up 21% compared to 2022, and organic growth for the year stood at a healthy level of 7.3%.
We also reported a record high order intake of $15 billion in 2023, reflecting continued positive market conditions across our key geographies. Adjusted EBITDA grew to $1.9 billion, up 26% compared to last year, reaching the high end of our 2023 outlook range. I am particularly proud of our adjusted EBITDA margin, which grew by 55 basis points to 17.6% against the previous year, which is beyond the range of our 2022 to 2024 annual strategic ambition of 30 to 50 basis point improvement per year. Adjusted net earnings are up 24%, stemming from accretive acquisitions and continued focus on productivity gains. On the transformation front, we are on plan and on budget with our rollout of the new ERP, which will further enhance the experience of our people while providing efficiency and business insights.
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On that note, back to you, Alex.
Merci, Alain. Closing, I would like to thank our employees for their rigor, passion, and leadership, and our clients for their trust and partnership. I also want to take a moment to express my sincere gratitude to our board members for their guidance, support, and commitment. I am confident in our ability to deliver on our ambitions, and I am looking forward to unveiling our next three-year strategic action plan early next year. Mr. Chairman.
Thank you, Alex. Now we would like to open things up for the shareholder questions. We will start by answering the questions our shareholders and duly appointed proxy holders sent through the web portal in the order that they were received.
If you are a duly identified registered shareholder or proxy holder and wish to ask your question verbally, you can do so by using the microphone located at the centre of the room. Please note that we will answer as many questions as possible within the allotted time. Any questions we do not get to during the time available will be addressed on our company website, WSP.com, under the 2024 annual and special meeting of shareholders within the investor section. If we receive similar questions, we will combine them together. Your questions should be addressed to the CEO, who will answer the questions directly or redirect them as necessary.
We'll start with questions in the room. I'd like to start with them if there are some. Thank you. No questions.
Considering the time, if you submitted your question through the web portal and we did not get it, please note that we will provide our answers on our company website under the 2024 annual and special meeting of shareholders, page found in the investor section, or please contact us directly. Thank you very much.
We thank you very much for attending this 2024 annual and special shareholder meeting of WSP. I believe we have everything it takes to build on this tremendous legacy and further deliver value for our clients, our employees, the communities, and our shareholders. I thank you very much for attending this morning. Thank you. Merci.