Good morning, everyone, and welcome to Lazard's 2026 Annual Meeting of Shareholders. I am Shari Soloway, Deputy General Counsel and Corporate Secretary. Before we begin, let me remind you that during this meeting, we may make forward-looking statements about our business and performance. There are important factors that could cause our actual results, level of activity, performance, achievements, or other events to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to, those factors discussed in our filings, which you can access on our website. We assume no responsibility for the accuracy or completeness of these forward-looking statements and assume no duty to update these statements. I will now turn it over to Peter Orszag, Lazard's Chief Executive Officer and Chairman.
Good morning, everyone. On behalf of the board of directors, our executive officers, and our employees, I would like to welcome you to Lazard's 2026 Annual Meeting of Shareholders. 2025 was a strong year executing on our Lazard 2030 strategy, with results ahead of schedule. Financial advisory delivered record adjusted net revenue of approximately $1.8 billion, with revenue per managing director reaching $8.9 million, above our 2025 goal. Asset management achieved record full-year inflows, and total AUM grew by 12% year-over-year. 2025 also reflected the continued transformation of our firm, with Lazard today a structurally and culturally different organization, focused on helping clients navigate an increasingly complex landscape, globally connected across public and private market solutions, and better positioned to deliver long-term growth and shareholder value beyond traditional cycles. Since launching Lazard 2030 in October of 2023, we have delivered a total shareholder return of 74%.
In 2026, we remain focused on the ongoing execution of our long-term focused plans. Our recently announced acquisition of Campbell Lutyens and establishment of Lazard CL to form the leading global private capital advisory business underscores how we are building on our core advisory franchise, while both diversifying our business model and accelerating our growth. We remain committed to ongoing proactive engagement with our shareholders, whose perspectives help shape our decisions and strengthen our company. Thank you for your support and continued partnership. I will now turn it over to Chris Weideman, our general counsel, for the business at hand.
Thank you, Peter. I am pleased to open Lazard's 2026 Annual Meeting of Shareholders. This meeting has been duly called in accordance with Delaware law and the company's certificate of incorporation and bylaws. We have received an affidavit from Broadridge confirming the mailing of the relevant materials to shareholders of record on April 6th, 2026. The affidavit, together with copies of the materials mailed and the list of shareholders entitled to vote at this meeting, have been filed in the company's corporate records. A representative of Broadridge has been appointed to serve as the inspector of election for this meeting and has taken the inspector's oath. The inspector has reported that shares of Lazard's common stock representing over 90% of the votes that may be cast by all shareholders having the right to vote at this meeting were represented at the beginning of this meeting.
This constitutes a majority of the votes entitled to be cast, and therefore, a quorum is present for the transaction of business. The quorum report and the inspector's oath have also been filed in the company's corporate records. We will now proceed to the formal business of the meeting as outlined in the order of business posted to the virtual meeting portal. We have allotted time following completion of the agenda for questions from shareholders. The rules of conduct are available on the virtual meeting portal. Voting will take place on the five matters described in the proxy materials. Shareholders who are present may vote their shares through the virtual meeting platform. Shareholders who have already delivered their proxies need not vote again unless they wish to withdraw their proxies or change their votes.
Our Board of Directors has recommended a vote for each of the five proposals for the reasons described in detail in our proxy statement. In the interest of time, we will not repeat those reasons here. Instead, we would refer you to our proxy statement, which is publicly available and has previously been provided to our shareholders. The first item on the agenda is the election of three nominees to serve as members of the Board of Directors, with terms expiring in 2029. The Board of Directors has nominated Peter Orszag, Michelle Jarrard, and Iris Knobloch. No other nominations were submitted to Lazard. As noted, the Board of Directors has recommended a vote for each of the director nominees. The second item on the agenda is a vote on the non-binding resolution regarding executive compensation that is set forth in the proxy materials.
The board of directors has recommended a vote for this resolution. The third item on the agenda is a vote to approve an amendment to the company's certificate of incorporation to declassify the board of directors. If approved, the declassification will occur on a phased basis beginning in 2027 and will result in the annual election of all directors by the 2029 Annual Meeting of Shareholders. The board of directors has recommended a vote for this matter. The fourth item on the agenda is a vote to approve the amendments of the Lazard Inc. 2018 Incentive Compensation Plan to increase the maximum aggregate number of shares of common stock reserved and available for issuance for awards pursuant to the plan by 25 million. The board of directors has recommended a vote for this matter.
The fifth item on the agenda is a vote to ratify the appointment of Deloitte & Touche as Lazard's independent registered public accounting firm for 2026 and to authorize the board of directors, acting through its audit committee, to set Deloitte's remuneration. The board of directors has again recommended a vote for this matter. The polls are open, and you may vote through the virtual meeting platform. Again, any shareholder participating who has delivered a proxy need not vote again. We will pause briefly to allow for any final votes. The time for voting has now expired. The polls are closed for each matter presented to shareholders for a vote. The votes cast on the matters considered at this meeting will be tabulated, and we will report a summary of the actions taken by the shareholders in a public filing with the SEC.
At this time, if there are no objections, we will adjourn the formal part of this meeting. We will now begin the question and answer period. As noted in the meeting procedures available on the virtual meeting portal, in order to ensure that the business of this meeting is conducted efficiently and for the benefit of all shareholders, any questions should relate to the business of the meeting.