Ladies and gentlemen, I would like to welcome you to today's Annual General Meeting of Telekom Austria. I hereby call the meeting to order. I'm very pleased to welcome so many of our shareholders and their representatives in person once again at our company headquarters. We are also broadcasting our AGM via live stream until the general debate, and I welcome all of those following this AGM on the internet. I would also like to welcome all those who will be instrumental in ensuring the success of this AGM. Mr. Alejandro Plater is the CEO of the management board, and Mr. Thomas Arnoldner as his deputy. On the podium for the first time is Sonja Wallner, who has taken over as CFO on Mr. Plater's team. For the first time, our notary public, Mr. Honeck, who will be overseeing the minutes and the voting processes.
The auditors from Ernst & Young and all of our employees in the backstage area and in the technical department. The members of the Supervisory Board, either following the AGM via live stream or those who are present here in person. Welcome to all of you. Today, we will be beginning with a highlight, the result of the spin-off of our towers business. This was a very favorable result for you. When we had the transaction in February, well, we announced it in February, the share price of Telekom Austria was at EUR 6.21, and yesterday it was EUR 9.40. ETS is at EUR 3.70. Since the sixth of February, 2023, we have seen a combined growth rate in share price of 60%. I think that is quite significant.
We are going to be reporting on the past financial year, 2023, and also provide a look ahead for the current year. In the 2023 financial year, Telekom Austria once again posted a favorable result, demonstrating the resilience of its business model in a challenging environment. The reporting year was also shaped by important decisions for the future, such as the renewal of the syndicate agreement, the spin-off of the towers company, and changes on the management board. Group revenue increased by nearly 5%. With the focus on increasing efficiency and digital transformation, EBITDA grew by 4.7%. Net profit rose by nearly 2%, resulting in an earnings per share of EUR 0.97. This successful result also positions Telekom Austria among the European leaders in the telco industry.
The spin-off of the towers company reduced debt by around EUR 1 billion, bringing down the debt ratio from 1.0 to 0.4. The A1 Group now has an A-minus rating from all three major ratings agencies, making it one of the best ratings in the European telco sector. Our sustainability measures also received positive ratings. The renowned nonprofit organization, CDP, again, kept us on its exclusive A List. In addition, the A1 Group was repeatedly recognized as, quote, "ESG industry top-rated by Sustainalytics, putting it in the top 5 of over 200 telcos worldwide." I'm very pleased that we will be proposing a dividend, and this caps off this positive year. A dividend of 36% on a dividend-bearing share is to be distributed for 2023, constituting an increase of EUR 0.04 over the previous year.
The management board will be reporting on the 2023 business year in detail in their presentation. Now, to the agenda of today's AGM. Allow me to remark that the invitation was published in the digital official Gazette for Austria in May 24, 2024, and distributed electronically throughout Europe via EQS and S&P Global. All required documents have been available on the website since June 5, 2024. I note that there are no proposals for additions or amendments to the agenda. We could therefore only discuss and decide on the agenda items announced in the invitation today. A brief word on how today's AGM will be conducted. We will first present the reports and proposed resolutions on all agenda items in one block.
This will be followed by a general debate, Q&A session, with requests to speak on all items on the agenda. Once we have answered all of your questions, we will vote on the proposed resolutions without further interruption. If you would like to speak in the general debate, please complete the request to speak card and hand it to the ushers. If you have already prepared questions in writing, you are also welcome to hand these to the ushers. Please indicate whether you would like to ask the question yourself or whether you would like to read, have us read it out loud for you. I would also like to point out that you will be invited to partake in a small buffet lunch starting around 11:30 A.M. Today's AGM is being held as a green event.
This is why we have decided to issue paper documents wherever possible, making them available to you online instead. The AGM will be simultaneously interpreted. All statements made here in German can be followed in English, and all statements made here in English can also be followed in German via the simultaneous interpretation. Headphones for the interpretation are available in the hall as you enter the room. So that is how we will conduct today's AGM. Now we come to the agenda. Item one: presentation of the adopted financial statements, the Management Board, the consolidated financial statements, including the consolidated management report, as well as the consolidated corporate governance report, the consolidated non-financial report, the proposal for the appropriation of the net profit and the Supervisory Board report for the fiscal year 2023.
All of these reports have been available on our website since the publication of the annual results on the 31st of May, 2024. The annual financial statements and the consolidated financial statements were audited by Ernst & Young, which issued an unqualified audit opinion. The management report and the group management report are consistent with the annual consolidated financial statements. As always, I would like to take this opportunity to inform you about the work of the Supervisory Board. In the reporting year, the Supervisory Board held a total of 7 meetings, including 1 strategy meeting, and a further 5 meetings of the audit committee, as well as 5 meetings of the remuneration committee, took place. The focal points of the meetings were the strategic development of the group, with particular regard to sustainability, planned investments, changes to the Management Board.
We reported on these already at the last AGM. The revision of the remuneration system for the Management Board, which we will discuss today under agenda item eight. The spin-off of the towers company to create EuroTeleSites AG, which is now listed on the Vienna Stock Exchange. After this detailed discussion of strategic opportunities and challenges, as well as options for optimizing business performance, this revision, the Supervisory Board approved the budget for 2024. In 2023, the Supervisory Board carried out a self-evaluation in accordance with Rule 36 of the Austrian Corporate Governance Code. A very favorable result was achieved, even again, an improvement over the last self-evaluation in 2021. The strengths of the Supervisory Board were identified as including the composition of the Supervisory Board, the open discussion culture of discussion, and the excellent interaction with the Management Board.
The results of this evaluation will be incorporated into the focus of the supervisory board's work for 2024. In the past year, there were the following changes to the supervisory board: Dr. Christine Catasta left the supervisory board as of the end of the AGM on the seventh of June 2023. She was succeeded by Dr. Stefan Fürnsinn. Dr. Exner-Wöhrer, Mr. García Moreno Elizondo, Mr. von Habsburg-Lothringen, Mr. Cantú Jiménez , and myself were re-elected as members of the supervisory board. This concludes my summary of the work of the supervisory board. The management board will now report to you in detail on the 2023 financial year. I would first like to ask Mr. Alejandro Plater to speak. You can listen to his English presentation in German with your headphones.
Good morning, and welcome to our annual meeting. Unfortunately, I'm going to talk English the beginning of this presentation, and Thomas will continue, probably in German, Thomas, or in English. It's, we'll see. The second part of this annual result presentations. Thank you very much for joining us today. 2023 has been for A1 Telekom Austria Group a year of records. In the history of our company, in 2023, we have reached EUR 5.251 billion in revenues, which is a growth of close to 5%, which is the record revenues in the history of the company that we are very proud of.
Also, we had a record EBITDA growth and reaching EUR 1,924 million, which is also a growth of close to 5%, which is also reaching another record year in EBITDA growth. And this is the sixth year that we are happy to come to you with an increasing dividend, in a row this time of 13%. On the customer side, we have also had a lot of records during 2023. The first one is we have reached 25.2 million customers in our company, which is a growth of 5.6% in the mobile area. And on the fixed, what we call mobile and TV, we have also reached a record of 4.6 million customers with a 3.2% growth.
Our investment, if we exclude a spectrum acquisition, has also been a record of EUR 960 million. So, 2023 was, as we call it internally, the year of, records.... Also, when you look how we have performed versus our competitors, what we call within the company, our peer group, which are other telecom operators in Europe similar to us. And here you can see that once again, we have managed to outperform all our peer group substantially. We had from 2019 to 2023, an average revenue growth of 3.6% per year. And you can see all the rest of our competitors, with the median being around zero. And you see the worst performers, like Telecom Italia, with -4%, and the one that is following us, Telenor, with 1.6%.
So that is approved our strategies commercially, the way that we invest is paying off, not only in reaching our record financial numbers and record customer numbers, but also in outperforming all our competitors. When you look at our business, our business is divided in two blocks. We have the Austrian business that represents halfway, 50% of our business, have 50% of our revenues, 50% of our EBITDA. And you have the CEE business or the international business that represents basically the other 50%. So we are a very balanced company, where we have the platform, the security, the stability of our Austrian business, and the growth of the CEE markets.
You can see this reflected in the right side part of the chart, where you can see that Austria grew close to 2% in 2023, but the international business grew close to 9%. So we combine these two models, high growth in certain markets and a very stable platform in Austria. If I deep dive a little bit more in Austria, with a very good year during 2023. We remain the number one telecom provider in the country. We are the market share leader in mobile service, and we are the market leader in fixed services. We grew revenues to EUR 2,798 million, which is close to 2% growth. EBITDA also grows to EUR 1,064 million, which is 2.3% growth.
Something that we have been investing a lot, which is the new portfolio, like we call the digital B2B portfolio, has been also growing very much. As an example, our security service portfolio, where we offer our customers cybersecurity risk protection products and services, grew by almost 25%. We have 1.6 million broadband customers, 4 million mobile customers, and during 2023, we were not only recognized by our financial numbers and our customers, but also recognized by different stakeholders in society on how we perform. We have the third most valuable brand in Austria, the number one in telecom, but the third most valuable brand overall in Austria. We were certified as Great Place to Work, and that's the consequence of our strategy that is focused on what we call human at the center.
Thomas will discuss and present to you briefly what is that about. As you can see, we have been certified by different stakeholders, not only on what we achieve financially, not only by our customers, but also by different stakeholders in society. When you look at the CEE markets or international business, as we call it, of course, much more growth. You see almost 9% revenue growth, which now represents basically 50% of our business to almost EUR 2.5 billion. EBITDA grew close to 8%, to EUR 915 million. Also, all this innovation that we are doing in what we call helping companies to digitalize themselves grew by an impressive 80% to EUR 181 million.
That's an area where we are investing a lot of efforts and, resources to innovate and to help companies to digitalize themselves. We have 3 million, a little bit more than 3 million, customers in the fixed, services, and 12 million in mobile customers. We also won several recognitions from different stakeholders. As you can see, best networks in several countries. Also, best network in Austria, we won as well. Also, great place to work, which is a certification on how good we are as an employer, which for us is very important, and we got the target in 2023 to get this certification done. Another recognitions that we got during 2023, that were very important for us, is now we are rated by all the major, rating agencies in the A category.
I will show you more details in the next slide. Also, we managed to, as Ms. Hlawati was mentioning before, to spin off very successfully our tower company into ETS, that is now listed in the Vienna Stock Exchange. We're very proud of what the work that the team has put to make that happen. We got certified also in ESG ratings. Thomas will tell you a little bit more details on that. Great place to work again, and we are very proud to see this growth in how helping companies to digitalize themselves. If you look at our credit rating, that for us is very important because it's a guarantee, basically seen by external parties on how our financial performance is. You see that since 2013 has been a constant journey into improvements.
In 2013, we were rated as BBB-, which is the last level in investment grade. And since then, due to operational performance and implementing the right strategies, we have managed to constantly improve the ratings. As you can see today, it's only Swisscom that is above us. All the other telecom players are at our level or substantially below. At our level is only Telenor, which is a company operating primarily in the Nordics, based in Norway. And Swisscom, as I said before, that is one notch above us. All our competitors are far below that. We're very proud of this because this is a certification of the financial flexibility that the company has won due to a better operational performance. So two days ago, there was the first AGM of ETS.
We are very proud of ETS as now our main partner in terms of towers provider. So we cooperate and work very close to ETS, and we are wishing the best for them. In September last year, we decided to spin off this business. As you know, as was presented in our last AGM, it was a major trend around the world. Most of the telecom companies were de-investing from towers in different fashions. We decided to do a spin-off, and this company is listed in the Vienna Stock Exchange. Having said that, I would like to hand over to Thomas now, who will guide us to another aspects of our 2023 performance, and then I will come back to you.
Thank you, Alejandro. I feel inclined to continue in English. English is the most commonly used language in the company actually. Our leadership team consists of 15 different nationalities. They speak 30 languages altogether, and hence, it's the most commonly used language in the group. However, I think German is the most commonly used language in this room, so bear with me, and I will continue in German. [Foreign Language]
This of course lays the foundation for us thanks to this very favorable year in order to underscore our relevance. As you all know, in the last AGM, we reported on this very extensively, particularly when it comes to sustainability in this company. This is a very important issue for us.
I think in 2023, we were able to be extremely successful in this regard. As you can see here on the left-hand side, ESG, we have a CO2 reduction, a decarbonization of our company, of our own operations. Here, we're able to achieve a reduction in CO2 emissions of 54% since 2019. This is Scope 1 and 2, as it is called. This means also that the Financial Times issued a ranking several weeks ago of the so-called climate leaders for 2024. And we were the best performing Austrian company leading that list. Of course, digital competence is an extremely important issue for us. We also know that we provide excellent digital services and products, and of course, this leads to very challenging spillover effects, and we take these very seriously.
Since 2020, we have welcomed almost 300,000 participants in our seminars for educating the public on digital issues. Of course, supply chains are also extremely important to us, and we take a great deal of care with that when choosing our suppliers or suppliers. All of our suppliers have been selected according to sustainability criteria. These suppliers, where we saw significant issues in terms of sustainability, we carried out audits. As you can see here, we carried out 6 audits in 2023. Sustainability, of course, is extremely important, and other issues, compliance, diversity, all of these are very, very important issues for us, just to name a few. As I said, we've been recognized by Sustainalytics. We were given a top 10 rating out of a telco industry company.
So we are a leading company in Austria that has a gold standard in climate rating. We were leading the tables, if you will, and we will be continuing this activity in 2024. For example, our climate transition plan, where we will be taking a deep dive into reducing CO₂ emissions and looking at our supply chain. In particular, we want to make sure that our suppliers are reducing CO₂ emissions as well as on the customer side. Allow me also to stress that we won the Vienna Stock Exchange Award for sustainability. The excellent performance is also important. It lays the foundation for creating the proper environment for our infrastructure, not just throughout Austria, but also here at our headquarters.
I think we can state that we are the best infrastructure company in Austria, and we have seen the most important fiber optic rollout in the history of the country. Here, we are providing fiber optic access to 95% of all municipalities in Austria. We have 730,000 homes passed. This means either fiber to the home or fiber to the curb. That's what homes passed means. So here you can see that we have laid over 70,000 km of fiber optic cabling in Austria, and this, once again, lays the foundation for us to claim that we have the largest 5G network in the country. We have achieved a coverage of 85% of the population. And by the end of this year, we will raise that number to 90%.
And we have been able to obtain even additional 5G frequencies this year. This, of course, requires a great deal of investments. Last year, we invested EUR 590 million in this digital infrastructure here in Austria, and our value-added contribution is reflected in our employees. 7,000 are employed directly at A1, and we are very grateful that they are committed every day, that they demonstrate this commitment every day in many different segments, in construction, in customer services, and in all departments of the company. And this is what Ms. Alejandro has said, that all of the employees are the focal point of our strategies. Humans at the center. People are the center of our activities, so this, of course, has an impact on our supply chain.
As I said, we have been able to create 16,000 jobs, either directly or indirectly, in Austria, thanks to these investments. Just to give you a short look ahead to the future, because we want to share with you where we see massive growth potential in this company. Here, we have broken this down according to category. It is our ambition to become the number one in our core business in everything that we do. In some areas, we have achieved a great deal of progress, but we have some catching up to do in other areas. But it's our clear ambition to be the number one in all of these areas. To have the best network quality, of course, and we want to make sure that this is also perceived by our customers.
We want to make sure that customers know and tell us that we have the best network quality, not just in terms of technical KPIs. We want our customers to agree with this as well, not just in Austria, but in all of the countries that we are active in. On the other hand, we have seen the trend that customers want to have a personal experience when they reach out to us, and this is yet another pillar in our strategy. Customer journeys, as they say in English. We want to make sure that our customers have an excellent experience with us, of course, throughout the lifespan of their relationship with us, in terms of all the interactions that they have with us, wherever and whenever they may be.
We know that we've achieved a great deal of awards for the best customer services, but many of you have had personal experience with this, that we can still improve on a number of these areas. Alejandro has already mentioned this, that we've had very impressive growth when it comes to B2B for our corporate customers and in ICT. ICT is, of course, our computer services that we offer to customers. This is a classic outsourcing of services for companies, cybersecurity, cloud services, et cetera, that are seeing surging growth. And we plan to support that and further develop that as much as possible. We see this in Austria and in Bulgaria, and we believe that we can also achieve a great deal of growth potential in our other countries as well. SMEs are also a key focal point for us.
The largest number of companies in Austria are in the SME segment. This has to do with classic connectivity, mobile services, broadband services, but I think that we can also achieve growth here in ICT services. And once again, we have here financial services. This is something we wish to scale up as well. Financing of cell phones or insurance for cell phones, and I think that this also opens up a great deal of potential for us. When we're talking about growth, this takes me quite nicely to the next slide. And this is something that is very interesting to shareholders, of course, as well, particularly when you're looking at your deposit accounts over the last year, and A1 was able to contribute to that quite nicely.
So you see that, our share price grew by nearly 58% year-on-year, and I think, you see an increase of about 20% as of today. And as Dr. Hlawati also pointed out, that we have seen a significant increase since the spin-off of the tower company of over 60%. So, allow me also to point out that we hold 415,159 own shares as of the thirty-first of December, two thousand and twenty-three. This is in the interest of full disclosure. And this corresponds to EUR 905,461.79. This is the amount with in relation to share capital. Once again, just to give you a quick overview, once again, of our presentation here, this is our equity story.
We had 2023 as a record year, went down in the history books, the highest revenue, the highest EBITDA, and the best leveraging ratio, of course. This also is reflected in the fact that we have one of the best ratings in the telco industry in Europe. And this supports, of course, the sustainability of our dividend policy. We have made progress in sustainability. Once again, we are still in the progress, in the process of completing our journey, and we have not reached our destination just yet, but our progress has been recognized by the industry in this way. As I said, in terms of customer service and many, we've received many awards for the best network and being a great place to work. As I've said, our employees are the backbone of our company.
We place humans at the center of our performance. They are key to our success, and they form the foundation of a very strong brand. We are one of the strongest brands in Central and Eastern Europe. So thank you here for your attention. We're very proud of the fact that we are the leader in growth in the European telco industry, and we hope that in soccer, we will also be European champions as well. Thank you very much. Also, on behalf of the Supervisory Board, allow me to thank the members of the management board and Ms. Wallner. Despite persistently difficult conditions, you have once again achieved an excellent result. I would also like to thank our customers. I would like to thank you, our shareholders of Telekom Austria AG, for the trust you have placed in us.
I would also like to thank our employees in particular. They all deserve great thanks and recognition for their commitment and performance over the past year. I would now like to announce the current attendance at today's AGM. According to Section 117 of the Stock Corporation Act, the list includes 464 shareholders and shareholder representatives who are present today, representing 615,231,356 shares. I have already signed the list of participants, and it is available for inspection with Mr. Honeck. Now, I would like to read out the proposed resolution for agenda items 2 through 10 and make a few remarks. Item 2 on the agenda, resolution on the appropriation of the net retained profit reported in the financial statements for the fiscal year 2023.
The amended report and the Supervisory Board of Telekom Austria AG proposed to use the net retained profit of the fiscal year 2023 of Telekom Austria AG in the amount of EUR 645,881,000 as follows: Distribution of a dividend of EUR 0.36 per eligible no-par-value share. In other words, a total dividend payment of EUR 239,070,542.76. The remaining amount of EUR 406,810,457.24 in total will be carried forward to new account. The dividend will be paid out on the fourth of July 2024. A reminder, capital gains tax must be paid on the dividend.
Item 3 on the agenda, resolution on the discharge of the members of the Management Board for the fiscal year 2023. The Management Board and the Supervisory Board of Telekom Austria AG proposed that the AGM grant discharge to the members of the Management Board for the fiscal year 2023. Item 4 on the agenda, resolution on the discharge of the members of the Supervisory Board for the fiscal year 2023. The Management Board and the Supervisory Board of Telekom Austria AG proposed that the AGM grant discharge the members of the Supervisory Board for the fiscal year 2023. Item 5 of the agenda, resolution on the compensation for the members of the Supervisory Board for the fiscal year 2023.
The Management Board and the Supervisory Board propose that the remuneration of the elected members of the Supervisory Board for the 2023 financial year be set as follows, unchanged from the previous year: for the chair, EUR 40,000; for the deputy chair, EUR 30,000; for each additional member of the Supervisory Board, EUR 20,000; for the chair of a committee, EUR 12,000; for each additional committee member, EUR 10,000. Remuneration for committee members is limited to one committee mandate. Accordingly, committee members only receive remuneration or compensation once, even if they belong to several committees. If members of the Supervisory Board or a committee have not belonged to the body for the entire financial year, the remuneration is paid on a pro rata basis, calculated on a daily basis.
In addition, the elected members of the Supervisory Board are to receive an attendance fee of EUR 400 per meeting from the 2024 financial year onward until further notice. I would like to add that the employee representatives on the Supervisory Board perform their function on an honorary basis. The ÖBAG representatives on the Supervisory Board forward their remuneration to ÖBAG. Item 6 on the agenda, elections to the Supervisory Board. The mandates of Dr. Peter Kollmann and Dr. Peter Hagen expire as of the end of today's AGM. You will be voting on the extension of these mandates. According to the Telekom Austria AG's Articles of Association, the Supervisory Board shall consist of up to 10 members elected by the shareholders at the AGM. By extending these 2 mandates, the number will remain at 10.
Based on a separation resolution passed by the Supervisory Board, the shareholder and employee representatives must fulfill the gender quota separately. The 10 mandates of the shareholder representatives are currently held by 3 women and 7 men. As the mandate of 2 men is expiring, 2 men can be re-elected to the Supervisory Board. The Supervisory Board will therefore continue to meet the gender quota. The Supervisory Board therefore proposes that the following persons be elected to the Supervisory Board with effect from the end of this AGM. Number 1, Dr. Peter Kollmann. Second, Dr. Peter Hagen. In each case, until the end of the AGM that resolves on the discharge for the 2026 financial year. The candidates have submitted declarations in accordance with Section 87, para 2 of the Stock Corporation Act, which have been published on the website together with their CVs.
We will vote on each mandate separately. On behalf of the two candidates, I would like to state that they thank you for your trust in the event of their election and will gladly accept their mandate. Mr. Kollmann and Mr. Hagen are already well known to you as long-standing members of the Supervisory Board. Therefore, we may dispense with introductions. Item seven of the agenda, election of the auditor of the financial statements and of the consolidated financial statements for the fiscal year 2024. Here, there is a special feature this year. The EU's Corporate Sustainability Reporting Directive, CSRD, obliges listed companies, publicly traded companies, to have their sustainability reports externally audited. The transposition of the CSRD into Austrian law is expected, but has not yet taken place.
In order to avoid a subsequent extraordinary general meeting to appoint an auditor for the sustainability report for the 2024 financial year, Ernst & Young is to be appointed as auditor of the sustainability report, in addition to its appointment as auditor of the financial statements and consolidated financial statements. The Supervisory Board therefore proposes that Ernst & Young be appointed as auditor of the financial statements and the consolidated financial statements for the 2024 financial year, and to the extent that is required by law for the 2024 financial year, also be appointed as the auditor of the consolidated sustainability report. Item eight on the agenda, resolution on the remuneration policy. Since 2020, listed companies, publicly traded companies, have had to present their remuneration policy for management board and supervisory board compensation to the AGM at least every four years.
The vote at the AGM serves as a recommendation. The Remuneration Committee revised the existing remuneration policy and made a recommendation to the Supervisory Board. The Supervisory Board discussed the principles of remuneration in detail and adopted the following remuneration policy. This has been available on the website since the thirty-first of May, 2024. It is important to us that Management Board remuneration comply with current regulations, be in line with the market, and be competitive at the same time. For this purpose, we analyzed the remuneration systems of our peers and other ATX companies. The three-pillar model that you have been familiar with since 2022, consisting of the fixed basic salary, variable annual remuneration, STI, and the Long-Term Incentive Program, LTI, will be essentially adjusted in the following areas....
The long-term LTI will continue to be the main component of management board remuneration in the future, thereby supporting the sustainable and long-term development of a company. In future, dividends distributed during the performance period will also be taken into account when paying out LTI shares. In addition, a shareholding obligation independent of the LTI will be introduced for members of the management board. In order to incentivize an increase in company value, the STI cap for target achievement will be raised from 120% to 150%, and the LTI cap for payment will be increased to 200% of the target amount. The sustainability strategy will increasingly be incorporated into the STI, both in the definition of targets and due to the increase in ESG modifiers. The ESG targets are also enshrined in the LTIA.
Furthermore, the existing Malus and clawback rules will also be extended and can be applied to all variable remuneration components. A detailed description of the changes can be found in the introduction to the remuneration policy for the Management Board. However, there will be no changes to the compensation policy for the Supervisory Board. As before, ladies and gentlemen, you as shareholders will decide on the compensation for the Supervisory Board members on an annual basis, in line with our articles of association and the statutory provisions. The Supervisory Board, therefore, proposes that the AGM adopt the proposed remuneration policy for the Supervisory Board and the compensation for the Supervisory Board. Item nine on the agenda, resolution on the remuneration report.
The remuneration report provides a comprehensive overview of the remuneration granted and owed to the members of the executive bodies in the course of the last financial year. I will summarize the main points. The total remuneration of the Management Board in 2023, excluding the termination-related remuneration components for Mr. Mayrhofer, increased by 5.4% compared to 2022. This is mainly due to an increase in the LTI compared to 2022. Just a few words on the individual components. The fixed remuneration of the current members of the Management Board remained virtually constant. The financial targets for the STI 2023, namely revenue, operating cash flow, and broadband expansion, were achieved with a total of 102.8%.
The SG target achievement, which is included in the overall target achievement via the modifier, also amounted to 102.8%. The overall target achievement for the SDI, which is calculated by multiplying the target achievement of the financial targets by the target achievement of the modifier, therefore, came to 105.7%. The LTI remuneration increases due to the expected target achievement compared to 2022. For 2023, the expected LTI target achievement for the 2021 LTI is 125.5%. In 2022, the actual target achievement for the 2020 LTI was 80.3%. This higher LTI target achievement is essential for the overall increase in management board remuneration, as I explained previously.
The structure and amount of supervisory board compensation has remained unchanged. Just to remind you, we have discussed the amounts under item five of the agenda. I will now read out the proposed resolution. The management board and supervisory board propose that the AGM adopt the remuneration report as published on the website. The vote on the remuneration report serves as a recommendation. Item 10 on the agenda: resolution on the amendment of the articles of association in paragraphs three, five, 13, 15, 17, and 18. The management board and the supervisory board propose that the Articles of Association of Telekom Austria be amended as follows: First of all, possibility of a virtual or hybrid annual general meeting. With the entry into force of the Federal Act on the conduct of virtual shareholders' meetings, a permanent legal basis for virtual and hybrid AGMs was created.
This temporary amendment to the articles of association is intended to enable the company to react accordingly to practical necessities, such as those that may arise in the course of a pandemic or circumstances, such as a demand from shareholders in this regard. Of course, the amendment does not include the standard case, namely holding the AGM as an in-person meeting. The provisions of the articles of association on the virtual/hybrid AGM are limited to 4 fiscal years. Article 15 of the articles of association is to be amended accordingly. In addition, there are some other minor amendments that take account of legal requirements, technical developments, and practical circumstances, in particular. To this end, the articles of association are to be amended in Section 3, Paragraph 1, Section 5, Paragraph 1, and Paragraph 3, Section 13, Paragraph 1, Section 17, Paragraph 3, and Section 18.
I would like to point out that the proposed resolutions, including an overview of the amendments to the articles of association, have been published on the website and are also available today at the AGM. I can therefore assume that I can refrain from reading out the proposed amendments to the articles of association. Is that the case? I see no objections to that suggestion. The proposed resolutions, or the proposed resolution on agenda item ten, which are available at the AGM and are published on the company's website, are attached to the Noticed Minutes as a motion for today's resolution at today's annual general meeting. This concludes the presentation of the reports and proposed resolutions on all agenda items. We are now ending the internet broadcast. I would therefore like to say goodbye to all participants who have been following the meeting on the internet.
I thank you-