National Australia Bank (NAB) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a Welcome to Country and acknowledgment of First Nations people, highlighting NAB's Reconciliation Action Plan and commitments to Indigenous economic advancement.

• Procedures for voting, question submission, and meeting conduct were outlined, emphasizing shareholder participation and safety.

Financial performance review

• Cash earnings for FY2024 were AUD 7.1 billion, down 8.1% from FY2023 due to lower revenue and higher costs.

• Cash return on equity was 11.6%, in line with FY2022 and ahead of most major peers.

• AUD 5.2 billion was returned to shareholders via dividends and share buybacks; the dividend was AUD 1.69 per share, with a payout ratio of 73.7%.

• The share buyback reached AUD 2.4 billion of a planned AUD 3 billion, and the CET1 capital ratio stood at 12.35%.

• Total shareholder return over three years was 51.1%, outperforming major bank peers.

Board and executive committee updates

• Andrew Irvine was appointed CEO in April, following Ross McEwan's retirement; internal succession highlighted leadership depth.

• Board changes included the retirement of Doug McKay and Anne Loveridge, with Warwick Hunt joining as a new director.

• Executive team refreshed with internal appointments to key business units.