Stifel Financial (SF) AGM 2024 summary

Opening remarks and agenda

• Meeting opened by the Chairman and CEO, with apologies for technical issues and confirmation of a quorum at 95.6% of outstanding shares represented.

• Attending directors, senior officers, and representatives from Ernst & Young were introduced.

• Rules of conduct and procedures for voting and questions were outlined.

Financial performance review

• Achieved $4.35 billion in net revenues for 2023, the third-highest in company history, with results in line with 2022 despite industry-wide investment banking slowdown.

• Return on average tangible equity was 19%, with net earnings of $532 million (non-GAAP) or $4.68 per share.

• Book value increased by 4% and tangible book value by 2%.

• Returned $650 million to shareholders via share repurchases and dividends; annual dividend on common shares increased by 17%.

• Global Wealth Management segment reported record net revenue of $3 billion, its 21st consecutive year of record revenue.

• Institutional group revenues declined to $1.2 billion due to market headwinds but broke even on a pre-tax basis.

Board and executive committee updates

• Board proposed re-election of 12 directors for one-year terms.

• Senior management and board members were present and introduced.