Charter Hall Group (CHC) AGM 2024 summary

Opening remarks and agenda

• Meeting began with acknowledgment of traditional custodians and respect for Traditional Custodians.

• Agenda included business overview, financial results, outlook for FY2025, director elections, remuneration, and capital reallocation.

• Introduction of board members, company secretary, auditor, and Q&A sessions for shareholders.

Financial performance review

• FY2024 operating earnings were AUD 359 million (AUD 0.758 per security), down 18.7% from FY2023 but in line with guidance.

• Distribution per stapled security increased 6% to AUD 0.411, with franking credits of AUD 0.1313 per security.

• Funds under management decreased to AUD 80.9 billion, reflecting market headwinds and asset devaluations.

• Over 10 years, delivered 11.6% annual post-tax return per security and 7.3% annual distribution growth.

• Balance sheet remains modestly geared at 3% with AUD 700 million investment capacity and NTA per security of $5.49.

Board and executive committee updates

• Chair David Clarke marked his 10th and final year, with Stephen Conry announced as incoming Chair.

• Board comprises a majority of independent directors with diverse skills and experience, including the Chair, Managing Director & Group CEO, and several Independent Non-Executive Directors.

• Re-election of Karen Penrose and Jacqueline Chow as Directors was considered and approved.