Goodman Group (GMG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of board members and executive team, highlighting international presence and diversity.

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

• Emphasis on 14 consecutive years of operating profit growth and recognition as one of the 10 largest companies on the ASX.

Financial performance review

• Operating profit exceeded AUD 2.05 billion in FY 2024, up 15% on FY23, with operating earnings per security up 14%.

• Average operating earnings per share growth of 16% over the last five years.

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

• Total Securityholder Return of 75% and a 16% CAGR per annum.

• Property portfolio valued at up to AUD 80 billion, with occupancy at 98% and resilient rental growth.

• Gearing at 8.4% and group liquidity of $3.8 billion.

Board and executive committee updates

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

• Acknowledgement of retiring director Phillip Pryke and his contributions.

• Danny Peeters and David Collins stood for re-election, both highlighting international experience and governance focus.

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