Morning, and, welcome, ladies and gentlemen, to the tenth Annual General Meeting of Future Generation Australia. It's this is a hybrid meeting, as it has been in the past, held online and in person, and thanks to those that have come along in person today, here at the Museum of Sydney. Before we begin, I would like to acknowledge the Gadigal people of the Eora Nation, and pay my respects to elders, past, present, and emerging, and who have been custodians of this land, on which I stand, and we all are, for tens of thousands of years. So before we begin, there is a disclaimer which is displayed for you on the screen to read. Give a little bit of time. Right. Thank you. So my name is Mike Baird, and I am the chair of the board of directors, and it's been a privilege to do so. As you may be aware, I expect to hand over the chair role to Dr. Philip Lowe, the former governor of the Reserve Bank of Australia, at the conclusion of this meeting. And I will be staying on, however, as an independent director. I'm just delighted to also be joined today. I'll say more about Dr. Lowe at the end of the meeting, but I'm delighted to be joined by our fellow board members, David Paradice, David Leeton, Gabriel Radzyminski, Future Generation founder, Geoff Wilson, and Kate Thorley. David Leeton is joining virtually, you will see him online, and Stephanie Lai is an apology for the meeting today. Also joining is Caroline Gurney, the CEO of Future Generation Australia, and acting in the capacity of moderator is Ophelia Lam, the finance manager of Wilson Asset Management, who will assist addressing any questions received during the meeting. Sandra McIntosh is here from Acclime Australia, and Sylvia Wallace, a representative from our auditor. Future partner is also with us, and Sylvia, Sylvia is also available to address any questions relating to the company's financial statements. That is, as it is 11, and according to this, a quorum is present, I declare the meeting open. The notice of the meeting's been circulated to shareholders, and in the absence of any objection, I'll be proceeding on the basis that the notice be taken as read. I also encourage you to read the chairman's address, announced to the ASX. That is there in detail. Shareholders who've logged into the webcast with your username and password, you'll have the opportunity to submit questions online and ask audio questions, as well as vote on resolutions. If you are joining us online, questions can be submitted any time, and I know there's already a question there. For those shareholders joining online who wish to ask a verbal question, an audio questions facility is available during this meeting. For those shareholders joining us in person, please raise your hand and wait for the microphone to be brought to you so that everyone, including those online, can hear your question. And our voting today will be conducted by way of a poll on all items of business. When I open the poll, the voting icon, as you can see, will appear on the navigation bar. Simply select one of the options to cast your vote. If you change your mind, select another option. I now declare voting open on all items of business, and you can vote at any time during the proceedings until I declare the voting closed. I'll give you a clear prompt later in the meeting to warn of the close in voting. In terms of the year, 2023 was a strong year for Future Generation Australia. The investment portfolio increased 13.1% in financial 2023, outperforming both the S&P ASX All Ordinaries Accumulation Index and the S&P ASX Small Ordinaries Accumulation Index. The Future Generation Australia board declared an increased fully franked dividend of AUD 0.0335 per share, bringing the fully franked full year dividend to AUD 0.067 per share. This delivered shareholders a fully franked dividend yield of 5.7% and a grossed-up dividend yield of 8.1%. We're pleased to have outperformed the market and delivered a strong investment portfolio performance for shareholders in what was undoubtedly a volatile time for equity markets. The team remains very focused on actively narrowing the share price discount to net tangible assets for shareholders and returning the share price to trade at a premium to net tangible assets. In 2023, we made our ninth annual social investment of $5.2 million. Again, we are very grateful for our pro bono fund managers and service providers. The total savings of approximately AUD 8.6 million in 2023, or around 1.6% of the net assets of the company, and they, they do exceed the annual investment to our social impact partners. The 31st of March, 2024 numbers are presented on the screen. As you can see, the company's pre-tax NTA was AUD 1.42. Dividends paid since inception. The profit reserve now sits at AUD 0.36 per share, and dividend coverage of 5.4 years. So that's the up-to-date position. So we shall now conduct the formal part of the meeting. There are five items of business for the AGM today, as set out in the notice of meeting. Four items are to be voted on. The notice of meeting and the explanatory memorandum have been circulated to shareholders, and in the absence of any objection, are proceeding on the basis that these items are taken as read. Boardroom are the returning officers for today's meeting, and they will conduct our poll. I further note that resolution one is subject to voting exclusions, as outlined in the notice of meeting. The board recommends approval of each resolution, and as chair, I'll be voting all open votes provided to me, for each of those resolutions. We'll advise the ASX as soon as the results are determined, which will be a little later today. You may submit any questions. This is the financial statements and report. So you can submit any questions or comments you have on these. And the first item of business is to receive and consider the financial report, the directors' report, the auditors' report for the year ended 31 December 2023. And Sylvia Wallace, a representative from our audit Pitcher Partners, is present to answer any questions. Sylvia, thank you. No resolution on this matter is required. So pause to ask if there's any questions. If you're joining us online, please send them through the question function or request to speak. Do we have any questions in the room? And online, Ophelia? No. Okay. Right. There being no further questions, we come to the item of business for which the votes are required. We start with resolution 1, which relates to the adoption of the remuneration report. You may submit any questions or comments you have on resolution 1 now, online. Now, the proxies received are on the screen. You can see those. For the open proxies which have been granted to me as chair, I will be voting in favor of the resolution, and I'll pause to see if there's any questions either in the room or online. Online. As there's no questions or comments, I now put the motion that the resolution be approved as set out in the notice of meeting. If you are a shareholder or proxy holder and eligible to vote, could you now please complete your vote for resolution one? Okay. Resolution two, and this relates to the election of Dr. Philip Lowe as a director. Now, Philip, would you like to make a short speech on your election as a director for Future Generation Australia? Thank you, Mike, and good morning, everybody. My name's Philip Lowe, and up until September last year, I was the Governor of the Reserve Bank of Australia, which the role that I'd had for seven years, and I'd worked for the Reserve Bank for more than 40 years. I'd headed the economics area, the financial markets area, payment systems, financial stability, and domestic market operations. While I was the governor of the bank, I chaired the Reserve Bank Board, Payment System Board, and the Council of Financial Regulators. And internationally, I chaired the Committee on the Global Financial System, which was where the central bank governors would come together and discuss issues in the financial system and financial risks. I've had very wide exposure to both domestic and international financial markets. While I was the governor, I also chaired the Financial Markets Foundation for Children, which over the years has given AUD 20 million to helping kids' health in Australia. I was also a director of the A Foundation, which helped kids with mental health issues. So I've had significant exposure to both the financial side and the philanthropy side helping children. While I was the governor, I had visibility of Future Generation, and I'd spoken to a number of times at the dinners, and I was really impressed by the fact that you've got people in financial markets who would want to kind of help kids and prepare to give up their time and their money and their expertise for free to help kids. I saw it from afar, and when I was asked to join the board a few months ago, it was something that I really wanted to do. It was... It's the first board appointment that I've taken after leaving the RBA, and I was both honored and feel privileged to have been asked to join. So if I'm voted in today, I look forward to bringing my expertise on both the philanthropy side and the financial market side to you and to your shareholdings. While I have the microphone, perhaps, Mike, I can thank you for your outstanding service to the board. You're sitting down as chair today, and you've done an outstanding job, and I know, speaking to the other directors, just how much they valued your wisdom and your counsel and your expertise and your good common sense. I think it speaks volumes that while Mike is no longer going to be the chair of the board, he's prepared to stay on the board. That reflects your deep passion for the project we're involved in here, of giving good returns to investors and helping kids. What a wonderful thing. So thank you very much for continuing to stay on the board. Thank you. Thank you, Philip. You're right. You can be sort of caught up in process in an AGM, and sometimes you forget the incredible impact that Future Generation has and the impact it has on young kids' lives. It's something we don't take for granted and are very proud of. Really glad to have you here. Any questions or comments that people might have on resolution two, either in the room or online?... Yep. This is from J.C. Bell, a shareholder. Can Dr. Lowe expound on any successes he personally had, rather than just his positions and what others succeeded in? Hmm? Do you want to take it, David? So we just did- Yeah. We would like you to, expound on any successes you personally held. Of the successes that I've had, well, people will view these things differently, but I view that the support that the Reserve Bank gave the Australian economy during COVID is critical. We faced very, very difficult times and at the Reserve Bank, we were committed to doing whatever we could to help the Australian economy get through what was a difficult period. It turned out that we did too much in the end, but we preferred to err on the side of doing too much than not enough, and seeing the economy collapse and people lose their jobs and their lives. So I'm proud of what we did during that period. Go on, but I will take the time of the meeting to do that. Well, well, the proxies are up, as you can see, and if there are no further questions or comments? There are none online. I now put the motion, Dr. Philip Lowe be elected as set out in the notes of meeting. For those who are online or in person and eligible to vote, could you now please vote on the resolution? Right. Thank you. We now move on to resolution three, and that relates to the re-election of David Paradice, AO, as a director. David, would you like to make a short speech on your re-election as director of Future Gen Australia? Yeah. Thanks, Mike, very much. I'm about 28 years old. I've been in the financial markets for a few years, and this is what it does to you. No. So I'm a qualified accountant, and I was a top rank for a while, and then a money manager with the State Super Board and Mercantile Mutual, and I set my own business up under Geoff's stewardship 24 years ago. We run about AUD 15 billion in Australian equities and global equities. And I was initially involved with Future Generation when it started, and Geoff and I were having a discussion and told me about the concept, and it took me about 30 seconds to agree to doing it. So we've been involved right from the very start. I think it's a fantastic idea. I think it's a great thing that the fund managers have done. It's obviously the charities are doing a great job with the funds that they've received, and the management of Future Generation are very thorough and very diligent and keep everybody on the straight and narrow and make sure we're doing the right thing. Not only us, but also the charity. So, thank you to the Future Generation management for all that. And that's me. Thanks, David. So you may submit any questions or comments you have. The proxies are now up on the screen. Are there any questions in the room or online? There are no questions. I now put the motion that Mr. David Paradice be re-elected, as set out in the notice of the meeting. For those online or in person, could you now please vote on resolution three? Thank you, David. Right. Resolution four is our last. Okay, relates to the re-election of Kate Thorley, as a director. Kate, would you like to make any short speech on your re-election as a director? Thank you, Mike, and good morning, everyone. So look, I think most of you I have met. I'm the CEO of Wilson Asset Management. I've worked with the very talented team at Wilson Asset Management and Future Generation now for almost 20 years. I always say, and I will continue to say, that one of my career highlights is sort of hearing Geoff come back from the UK with the idea of this model of Future Generation. The fact that we can bring together sort of the best Australian equity fund managers, bring together all the amazing service providers, and also deliver fantastic returns for our shareholders. You know, just to say thank you to all of our shareholders, because your support of Future Generation Australia is greatly appreciated. I just think about sort of the year after we did the IPO and the original capital raise. I had my twins, and I still remember a lot of the stories from our social impact partners, and the work that they do with so many young Australians. I just, you know, absolutely love the model, and hope that I can continue to serve as a director of this company. Thank you. ... Thank you, Kate. All the speeches have been short. That's not often the case, so that's great, as well. So you, everyone may submit questions or comments you have on Resolution Four. And you can see the proxies are now up on the screen, and for the open proxies, which have been granted to me as the chair, I'll be voting, in favor of the resolution. So pausing any questions, any questions in the room or online? Thank you. As there are no further questions, I now put the motion that Ms. Kate Thorley be re-elected, as set out in the notice of the meeting. For those online or in person eligible to vote, could you now please vote on Resolution Four. A lot longer? Terrific. Okay, thank you. We've now addressed all four resolutions, and I now declare the poll closed and formally to the boardroom to count the votes. The results of today's AGM will be released to the market as soon as they're determined, and that will be later today. Now, were there any other general questions we have? I know there's one online, which we might deal with first, and then. Oh, then go to the former chair, Jonathan. You might be able to answer your own question, Jonathan. But, why don't we go to Jonathan first, and then we'll come back to online. Thanks very much. Before my question, just as a shareholder, a huge thank you to all members of the board, to Dr. Lowe, for stepping up, and for you for doing what you've done, Mike. It's just wonderful to see. I saw in the announcement this morning, you're going to be doing a review of the social impact, the charities, without breaching any confidentialities or preempting it. Any insights you can provide on how you think that's going to go? Maybe anybody can answer that. I'll do a couple of comments, and then maybe Caroline might want to say something. In essence, the same process was one for global, and you know, that showed both in terms of the impact, but the opportunities that are out there to support. So I think the sense is that at the ten-year mark, this is a good opportunity to consider, you know, do all of those that we're currently supporting. You know, they're in the same position, they need the same support. You know, how can we continue to make and have the most impact with the funds that we have provided? So AUD 5.2 million this year, how do we have every single one of those dollars having the best possible impact for those kids in need? So that's the sense. Carolyn, did you want to add anything to that? Thank you. So we basically want to have a look at the focus and to actually refine it slightly, to really target sort of young children that have been at risk factors, whether or not that's domestic violence, home where it's unsafe. So we're actually working on that at the moment. It's a work in progress. We've presented to the board in terms of the fact that we would like to review. They've accepted that, and now we're just working out all of the details and how we go about... That's something we'll probably announce in September. Hopefully, we can keep to that timeline, but we may keep some of the not-for-profits that we have, and we'll be looking for some others as well. Yeah. Thank you. The power significance, as you know, you know, Giant Steps. I had the opportunity just a couple of weeks ago, and you know, it's one thing to look at reports and see stories, is another to watch, you know, what happens and the power and impact it has. So, you know, for all of those we're supporting, you know, that's what we want to see, that the funds are having a big impact and making a difference for many, so. If I can put a plug in for Giant Steps, given Stephen Atlee, the founder, is right next to me. Yes, please. I did see Stephen there. Yeah, we're very thankful for the work that's done there, Stephen. Thank you. So online, Ophelia, there's a question. There's none other in the room. Grab the online question. Why don't you read that, Ophelia? The shareholder is, question is from the DM Hunt Super Fund, and his question was: Does the board recognize the deep and persistent share price discount as a significant business risk, that is, impact upon capital growth and the total shareholder return measure? If so, what risk appetite has been set for this risk? If not, why not? So I might, I'll couple comments, and I might hand to Geoff, who can sort of elaborate further. But, yes, it is on the formal risk register of the board. It is something considered. And clearly, given the asset class and equities, there is a tolerance level that aligns with that asset class. But, certainly its demand generation is what we're looking at. How do we engage? How do we raise awareness? How do we look at other channels? How do we engage with existing shareholders? And all of those are being considered as we go forward. Certainly aware and, you know, there is a comprehensive action underway to address. Geoff, did you want to sort of add anything? Grab that microphone. Yeah. Look, thanks, Mike, and thanks for the question. I mean, you were doing a lot of the serious stuff that we're doing, so I can crack a little joke. No, then I'll get to the serious because it is serious. I mean, on the weekend, I don't know if anyone's, you know, been watching it, but, you know, we had the Berkshire Hathaway AGM, and, you know, talking to one of our shareholders in between meetings, and when we're talking about the discount, and he said, "Hey, I'm happy for it to be a discount because I want to buy more." You know, what does Warren Buffett say? "If you're selling hamburgers, then do you want hamburger meat to go up in price or go down in price? You actually want it to go down in price. So if you're a buyer, you actually like the discount. In terms of FGX, from a board's perspective, and I know, you know, we would like it to trade where it should be. And where do we? Well, this is my view, you know, where, you know, because we haven't probably gone through it in detail from a board perspective, but my view is you've got the, you know, the best fund managers in Australia managing the money, Australian equities, and you're managing it pro bono. It's outperformed. You know, it's less volatility than the market, probably 20% less volatility than the market, so taking 20% less risk than the market, but it's outperformed the market. So normally, you'd assume something if you're getting 20% less risk, then you'll get 20% less return. But it's actually done a lot better than that. You know, that's the portfolio you've invested in. And then you're getting exposure to these fund managers, and as you see, you know, by the numbers you talked about, Mike, in terms of, you know, what the 1% that went to the charities versus the cost that would have gone to the fund managers and the operating of the business, you're actually getting it cheaply. So you could argue, if this was a normal listed investment company that's charged you, you'd be paying more. So you could argue that there should be an embedded premium. So your NTA, we talk about getting to NTA. Actually, you talked about getting to a premium, which in the chair's address, which I think is where we'll get back to. Now, FGX has been at a premium before. And, you know, there's, you know, Caroline's been in for a couple of years as CEO. You know, you've really done an exceptional job in terms of building the brand, you know, restructuring, you know, various things. But to me, the next year, year and a half, you know, we've really got to. You know, well, we've always been focused on the discount, but got to put significantly more, you know, resources into... Well, into reducing our discount, which I know a fellow shareholder that I was talking to is not very happy about that. But everyone's got, you know, their own way of looking at it. So, I mean, that is the, that is the plan. Yeah, I'm very confident that it will get there. Yeah. Right. Thanks, Geoff. Always good to have a hamburger example, in any answer. That's good. It's new. So are there any others online? Not a question, but a thank you. It's shareholder J.C. Bell again, and he just wanted to acknowledge Caroline and extend his thanks. He had a problem with his shareholding and just wanted to publicly acknowledge her on personally dealing with and resolving the issue that he had. And such a wonderful thing for such a busy person would personally assist with. Well, that's great. Thank you. He might want to buy more shares. That's great. Thank you. Well, there's no other questions in the room. I will, and no other formal business. I'll formally declare the AGM closed. Just a couple of closing comments. You know, I did announce on March 12 that I plan to hand over the chair, obviously with support of the board, to Dr. Lowe at the conclusion of this AGM. When I was asked to be chair of Cricket Australia back at the end of 2022, I knew that it would be a challenge, but I was determined to stay involved here and to stay in place until potentially an exceptional chair became available. I don't think any of us could have asked for anyone better than Dr. Philip Lowe. Certainly, he's exceptional person. He's one of the finest financial leaders, I think we've had, in Australian markets, and certainly impeccable integrity. He's done that throughout his 43 years, and he could have done many things. As his first appointment, he has chosen Future Gen, which says a lot about what we do, but it says just as much about him. And, for me, I'm incredibly grateful, as is, all my fellow directors. And, you know, I think the last couple of years has deepened my commitment, into Future Generation and the work thereof. And, you know, what we are doing, is really making a difference, and that's a rare thing. I do want to close by thanking our fund managers. It's not taken for granted. Our fund managers, again, could decide not to participate. They do, and they invest their time and expertise in everything we do and give us the capacity to have this social impact as well. Our service providers, all the directors, you know, again, and committee members generously give their time, skill, and experience to this cause. I want to thank Caroline Gurney, who's leading exceptionally well and going into this exciting new phase of selecting new and revised social impact partners. That is an exciting time, and Caroline will lead that well. And I do want to reiterate my final thanks to all our shareholders. We're incredibly grateful for you, and we really thank you for your continued support at Future Gen. So with that, I will formally close the AGM and look forward to seeing you at refreshments. Thank you very much.