Power Corporation of Canada (POW) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a centennial video and acknowledgment of the 100th anniversary milestone.

• Chair introduced key executives and outlined the availability of translation and webcast.

• Quorum confirmed with 79.55% of eligible shares represented; meeting duly constituted.

Financial performance review

• Net earnings from continuing operations reached $2.8B in 2024, up 25% from 2023; adjusted net earnings up 13%.

• Adjusted net asset value per share rose 13% to $60.44 in 2024, reaching $69 in Q1 2025.

• Over $430M in shares repurchased in 2024; $8.2B returned to shareholders over five years.

• Great-West Lifeco and IGM delivered strong growth, with Wealthsimple assets doubling and China AMC assets up 43%.

• GBL increased its dividend by 82% for 2025 and completed €300M in share buybacks.

Board and executive committee updates

• Paul Mann retired as CEO of Great-West Lifeco after 12 years; David Harney appointed CEO effective July 1.

• GBL leadership changes: Ian Gallienne to Chairman, Paul Desmarais to Vice Chairman, Johannes Huth joins as Managing Director.