Lendlease Group (LLC) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with acknowledgments to traditional land custodians and outlined hybrid participation procedures for both in-person and virtual attendees.

• The Chairman introduced the Board, executive team, and auditors, confirming a quorum and formally opening the meeting.

• Procedures for asking questions and voting were explained, with voting declared open on all items.

Financial performance review

• FY24 saw a 23% improvement in operating earnings, with core operating profit after tax at $263 million, but a statutory loss after tax of AUD 1.5 billion due to impairments.

• Funds under management reached AUD 47.3 billion, with AUD 3.4 billion in new asset creation and AUD 8.2 billion in completions.

• The four-year distribution and dividend payment of AUD 0.16 per security was maintained, reflecting a 42% payout ratio.

Board and executive committee updates

• John Gillam was elected as the new Chairman following a comprehensive succession process, succeeding Michael J. Ullmer.

• Nicola Wakefield Evans retired from the Board, with thanks for her contributions, and recent appointments have strengthened sector expertise.