Australian Ethical Investment (AEF) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional owners, including the Gadigal people of the Eora Nation, and welcome to both in-person and online shareholders.

• Quorum confirmed, directors and senior leadership introduced, and meeting procedures outlined.

• Hybrid format enabled participation from various locations, and housekeeping details were provided.

• Agenda included addresses from the Chairman and CEO, Q&A, and formal business with voting.

Financial performance review

• Funds under management surpassed AUD 10 billion in March, reached $10.4bn at 30 June 2024, and nearly AUD 13 billion by September after the Altius acquisition.

• Revenue increased 24% to $100.5m, and underlying profit after tax rose 57% to $18.5m compared to FY23.

• Net Profit After Tax (NPAT) was $11.8m, up 80% on FY23; net flows increased 30% to $607m.

• Record dividend of AUD 0.09 per share, up 29% from the previous year.

• Five-year total shareholder return exceeded 160%, with strong compound annual growth rates in FUM, UPAT, and revenue.

Board and executive committee updates

• Mara Bún retired from the board but remains as a director of the foundation.

• Julie Orr re-elected as Non-executive Director; Richard Brandweiner elected as Executive Director, both addressed shareholders.