Morgan Stanley (MS) AGM 2025 summary

Opening remarks and agenda

• The meeting was called to order by the Chairman and CEO, with all director nominees and key executives present.

• The agenda included director elections, auditor ratification, executive compensation, an equity incentive plan, and a shareholder proposal.

• Acknowledgment was given to outgoing and incoming board members, highlighting board engagement and leadership transitions.

Financial performance review

• Achieved a return on average tangible common equity of 18.8% in 2024 and $7.95 diluted EPS.

• Record annual net revenues of $61.8 billion and net income of $13.4 billion were reported.

• Wealth and investment management businesses held $7.9 trillion in client assets at year-end, progressing toward a $10 trillion+ goal.

• Ended 2024 with a common equity tier one ratio of 15.9% and grew equity capital base by 10% over five quarters.

• Q1 2025 saw a 23% return on average tangible common equity and $2 billion in additional capital built.

Board and executive committee updates

• Leadership transition noted with the new Chairman presiding after the previous chair stepped down.

• Welcomed Douglas Peterson as a new board nominee, emphasizing his global financial experience.

• Recognized the contributions of outgoing board member Steve Luczo.