Goodman Group (GMG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of board members and executive team, including remote participants from global locations.

• Chairman welcomed attendees and outlined the agenda, including strategy and CEO addresses, formal business, and closing remarks.

• Acknowledgement of apologies from absent directors and formal declaration of meeting commencement.

Financial performance review

• Achieved 14th consecutive year of operating profit growth, with FY 2024 operating profit reaching $2.05 billion, up 15% on FY23, and 14% growth in operating earnings per security.

• Total shareholder return for the year reached 75%, with a 16% CAGR per annum, placing the group among the 10 largest companies on the ASX.

• Statutory loss of $98.9 million and NTA per security down 4.5% on FY23.

• Property portfolio valued at $78.8 billion, with occupancy at 97.4% and 4.9% rental growth.

• Gearing at 8.4%, group liquidity of $3.8 billion, and strong balance sheet.

Board and executive committee updates

• Board composition highlighted for diversity: 44% female, 55% offshore residents among non-executive directors, with diverse age and geographic representation.

• Directors David Collins and Danny Peeters stood for re-election, emphasizing international experience and governance.

• Acknowledgement of retiring director Phillip Pryke and his contributions.

• Remuneration strategy aligns pay with performance, with high returns over multiple timeframes.