Perpetual Group (PPT) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of Traditional Owners and welcome to all attendees, both in person and online.

• Introductions made for board members, senior executives, and auditor, including noting the transition of the lead audit partner.

• Agenda included FY24 financial statements, remuneration report, director appointments, CEO equity grant, and renewal of takeover provisions.

• Chairman Tony D'Aloisio and CEO Bernard Reilly delivered addresses outlining results and strategic direction.

• Voting procedures, proxy handling, and question protocols for both in-person and online participants were outlined, with emphasis on encouraging shareholder participation.

Financial performance review

• Operating revenue rose 32% to $1,335.0m; underlying profit after tax up 26% to $206.1m.

• Statutory loss after tax of $472.2m, compared to a $59.0m profit in FY23.

• Asset Management and Wealth Management divisions saw 51% and 15% UPBT growth, respectively.

• Asset Management AUM reached $222.3b at 30 September 2024, up 3% from prior quarter.

• Final dividend of 53 cps declared, total FY24 dividends 118 cps, payout ratio 65% of UPAT.

Board and executive committee updates

• Board to reduce from ten to seven directors; new CEO Bernard Reilly appointed August 2024.

• Auditor Brendan Twining retiring, with Caoimhe Toouli to assume the role post-AGM.

• Gregory Cooper to become Chairman after KKR transaction; Fiona Trafford-Walker and Paul Ruiz to chair key committees.

• Phil Wagstaff joined as Non-executive Director in November 2023.