Amy or anybody can tell me otherwise. Bear with us. This is a hybrid meeting, the first we've done when we've got you both present and we've got an online presence as well. Kristen's closed the door, so we're ready to go. Thank you very much. Good morning, everyone, a very warm welcome on a cold winter's day to the seventh AGM of Future Generation Investment Company. I'm Jonathan Trollip and chair, I'll be chairing today's meeting. As I've just mentioned, on account of COVID, we have a hybrid meeting today with shareholders present, and it's nice to see some familiar faces and also a number of shareholders online. Before [audio distortion] we have here and the other directors, Geoff Wilson, David Leeton, and David Paradice. We have online Jesse Hamilton, who, as I mentioned, is indisposed, but we wish him a speedy recovery. We have from Mertons, James Williams, who's over there, who'll be taking the minutes today, and Sandra McIntosh, who will be joining the company soon, I think, as a Company Secretary. From the auditors, Pitcher Partners, we've got Sylvia Wallace and some colleagues, and Sylvia will be available to answer any questions you may have on the question. It looks pretty straightforward. You just select the question icon, you compose your question, you select the send icon, hit the button, and then you should receive confirmation that your question has been received. If it does relate to a specific resolution, if you could identify the resolution, that would be helpful. If we do have a lot of questions, we'll seek to collate them to refer to the same resolution. Into voting, you should have on your screen a voting icon at the top of your screen. Again, just press the option on the way in which you want to vote. That'll be for, against, or abstain, and then select that option, and then your vote should appear in blue. You'll have the opportunity during the course of the meeting to change your vote as you want to, and I will announce when the poll is closing at the end, so you can change your vote any time up until the poll closes. I do declare the poll open, so you may start voting now if you so like. Obviously, if you've already submitted a proxy form or voted online, you're not required to vote again. All the votes online, as well as the votes cast today, will be combined and Boardroom are here as returning officers and will announce the results to the ASX probably later today. Our shareholders who are here, I presume you've got your voting cards. I'll now move to the chairman's address. If we can move the slide forward. 2020 with COVID. No need to go into all the aspects of that. We've all been impacted by it in different ways. I think very relevantly for Future Generation Australia, a lot of our charity partners have been very badly affected by it, and they've had to move a lot of their services to online and work out how to provide their services. Young people have been very distressed. There's been a lot of increase in the demand for their services at a time when it's been very difficult for them to provide their services. Often with reduced income, I'll just deal with a few of the key points. The income, the profit before tax for the year was AUD 15.3 million, after tax was AUD 14.4 million. The comprehensive income, and that measures the profit then adjusted for realized and unrealized gains, was AUD 33.5 million. That was a very solid and commendable performance. The total shareholder return, as shown on the screen, and that's the opening share price at January 1, 2020. Looking at the difference between that share price and the closing share price on December 31, 2020, and then adjusting for dividends paid during the year, was 12.9%. I think it's also worth reflecting on how the company has performed since inception, that was September accumulation index. I think again, very commendable performance. More relevantly, in the financial year, also the calendar year, December 31, 2020, the investment portfolio increased 10%, that was at a time when the index only increased 3.6%. The outperformance was 6.4%. Managers, all of whom provide their services pro bono. They don't take any performance allocation, [audio distortion]. I think it was a very meritorious achievement at a time when a lot of companies cut their dividends or even stopped paying dividends. That's also one of the benefits of a listed investment company, that you can smooth your dividends out. We do hope, as a board, to continue to pay a stream of fully franked dividends subject to the usual caveats of since inception is AUD 0.273. They've all been fully franked. Dealing with the current financial position of the company, the NTA as at May 31, 2021 was AUD 1.43. The share price is a slight discount to that. It's about 7%. The discount has been a lot larger. We're encouraged that it's narrowed. We're still making every effort we can to get the discount to the stage where it is extinguished. Caroline, that'll be one of your major tasks when you start. Okay. If we can go back to the previous slide. Thank you very much. Looking at the overall operation of the company, as you're aware, we have two objectives, that's to provide an attractive investment proposition for shareholders and also a source of funding for Australian charities with a focus on children at risk. Shareholders do have access to leading fund managers. Often they would not be available to shareholders because they don't take retail money or they're closed. We're very grateful to our fund managers. They participate pro bono, and that enables 1% of net assets to be allocated each year to our various charity partners. For the financial year to December 31, 2020, the savings on the manager fees was 7.5%. The directors and the investment committees and other service providers participate primarily pro bono. We estimate that those savings are AUD 1.1 million. The total savings on management fees, performance fees, and service providers is AUD 8.6 million. What happens to that AUD 8.6 million? The answer is in 2020, looking at the social impact, AUD 4.8 million went to our charities and the remainder stays in the company. That does, in a sense, benefit the shareholders as well from all of the pro bono contributions. In 2020, we invested AUD 4.8 million in the 12 charity partners. We're on track to deliver a further AUD 5.2 million in October this year, and shareholders will get the chance to vote on their pro rata allocation of which charities they wish to support. That will bring the total amount invested in charities since inception to AUD 26.7 million, which I think is a tremendous achievement. We're very focused on the social impact. I'm delighted that in May this year, we appointed Emily Fuller in a new role, both Future Generation Australia and Future Generation Global, of social impact manager. To show that the shareholders' investments in the charities does achieve an impactful social return. We undertook a detailed analysis of the outcomes of the range of work which our partner organizations do, and the outcomes were very broad and in some cases, very profound. We found that some people had broken the cycle of disadvantage by ending their homelessness or stopping committing criminal activities. Many made social and emotional well-being leaps, and that's improved self-esteem, resilience, confidence, and relationships. There've also been numerous educational achievements, improved school attendance, engagement and learning, improvements in numeracy and literacy, and Indigenous students graduating from school and university, often the first in their families to do so. I would encourage you to look at our website, futuregeninvest.com.au, where you can find lots of relevant information on the charities and on other aspects of the company, and join our 20,000 subscribers, and we will continue to keep you updated with weekly newsletters, monthly investment updates, and other communications. Before I conclude, there are a number of people I would like to acknowledge and thank. In April 2021, Louise Walsh stepped down as CEO, and after almost six years of experience and has made a terrific contribution to the company. We acknowledge and thank her for that. Thanks to Kate Thorley for so seamlessly taking on the role of interim CEO, which she's done magnificently, and also for her very strenuous activities in locating a new CEO, and we very much look forward to Caroline taking on that role. I also thank all my fellow directors and committee members for giving.
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