Insignia Financial (IFL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum.

• Shareholders welcomed both in person and via webcast; notice of meeting and minutes made available.

• Agenda included performance review, CEO address, financial reports, director elections, remuneration report, and CEO performance rights.

• Voting and question procedures explained, with proxy voting details outlined.

Financial performance review

• Underlying net profit after tax rose to AUD 217 million, up 13.6% year-on-year.

• Average funds under management and administration (FUMA) increased 3% to AUD 301 billion.

• Net revenue in the platform segment grew by 1%, with positive inflows in Workplace Super offset by outflows in legacy platforms.

• Achieved AUD 71 million in cost optimization, resulting in a net cost reduction of AUD 24 million.

Board and executive committee updates

• Significant leadership renewal with new CEO and two new non-executive directors appointed.

• Board composition regularly assessed for strategic alignment; ongoing director refreshment process.

• John Selak to step down at 2025 AGM; Elizabeth Flynn retired at this meeting.

• New operating structure and executive team changes implemented to enhance accountability and governance.