Australian Ethical Investment (AEF) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional owners, including the Gadigal people of the Eora Nation, and welcome to shareholders both in-person and online.

• Confirmation of quorum and introduction of board members, senior leadership, and auditor.

• Explanation of hybrid meeting procedures, voting process, and agenda order.

• Outline of opportunity for Q&A and post-meeting refreshments.

Financial performance review

• Funds under management surpassed AUD 10 billion in March, reached $10.4bn at 30 June 2024, and nearly AUD 13 billion by September after the Altius acquisition.

• Revenue increased 24% to $100.5m, and underlying profit after tax rose 57% to $18.5m compared to FY23.

• Statutory NPAT was $11.8m, up 80% on FY23; net flows increased 30% to $607m.

• Cost-to-income ratio improved to 74% from 79% in FY23.

• Five-year total shareholder return exceeded 160%, with strong compound annual growth rates in FUM, UPAT, and revenue.

Board and executive committee updates

• Mara Bún retired from the board but remains a director of the foundation.

• Julie Orr re-elected as Non-executive Director; Richard Brandweiner elected as Executive Director, both highlighting their experience and commitment.