Perpetual Equity Investment Company (PIC) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a welcome, acknowledgment of traditional landowners, and introductions of the board, executive team, and auditor.

• The hybrid format enabled broader shareholder participation.

• The agenda included the Chairman's address, Investment Manager's update, Q&A, formal voting, and closure.

Financial performance review

• FY24 net profit after tax was AUD 28.6 million, with a 7.7% investment portfolio return for the year to 30 June 2024.

• Five-year annualized return was 10.4%, outperforming the benchmark by 3.2% p.a.

• Total FY24 dividend of AUD 0.08 per share, the highest full-year dividend, with a yield of 6.5% (grossed-up 9.3%).

• Profit reserve stands at AUD 82.5 million, covering 2.7 years of dividends; franking account balance at AUD 12.7 million.

• Cumulative returns since inception have exceeded the S&P/ASX 300 Accumulation Index and the MSCI Australian Large Cap Value Index.

Board and executive committee updates

• The Board focused on prudent capital management and review of the management agreement with Perpetual Investment Management Limited (PIML).

• Deloitte conducted an independent review of PIML's investment process and alternatives.

• The Board recommended continuing with PIML as manager after a thorough review.

• Independent Non-Executive Directors led the management agreement review process.

• Board comprises experienced directors, including Chairman Nancy Fox and four other directors.