Magellan Financial Group (MFG) AGM 2024 summary

Opening remarks and agenda

• AGM opened with acknowledgment of traditional land owners and introduction of directors and key executives.

• Executive Chairman Andrew Formica and Managing Director Sophia Rahmani led the AGM, outlining the agenda and key focus areas for FY24.

• Meeting agenda included financial statements, remuneration report, director re-elections, equity plan approvals, and a conditional spill resolution.

• Shareholders were briefed on question and voting procedures, with opportunities for both in-person and proxy participation.

Financial performance review

• Adjusted net profit after tax rose 2% to AUD 177.9 million, with performance fees of AUD 19.2 million, the highest since FY21.

• Management fees declined 22% to AUD 257.9 million, but associate contributions improved to a net profit of AUD 11 million from a prior loss.

• Funds under management (FUM) stabilized, ending at AUD 38 billion as of September 2024, up from an average of AUD 36.8 billion for FY24.

• Total dividends paid were AUD 0.651 per share, supported by strong cash flows and a robust balance sheet with AUD 912.2 million in net tangible assets and no debt.

• Net tangible assets stood at AUD 912.2 million ($5.05 per share), with liabilities down 71%.

Board and executive committee updates

• Board renewal completed, with new appointments and Hamish McLennan retiring after nine years.

• Sophia Rahmani to be appointed Group CEO within six months, with Andrew Formica returning to Non-Executive Chair.

• Deborah Page (Debbie Page AM) to become Deputy Chair.

• New Non-Executive Director to be appointed in 2H 2025 after a board skills review.