I'm Pratham Karkal, a division director with BFS in Sydney. In BFS personal banking, we're transforming the way Australians realize their dream of homeownership. Over the past three years, we've grown from the eighth to the fifth largest home loan provider in Australia. Last year, consumers wanted to do more online, and we saw a sharp increase in online searches for words like home loans or refinancing. We saw an opportunity to create Australia's simplest home loan application experience by blending digital smarts with meaningful human support, and we've taken big strides in delivering this. Our first step was to form a talented ecosystem team with diverse representation from across Macquarie, including technology, risk, legal, finance, marketing, sales, product, operations, and transformation. We aligned this ecosystem team around a clear, compelling aspiration, delivering the simplest application experience. I'm Lucinda Cooper, a manager with BFS in Sydney. Our guiding light has been our obsession with exceptional customer experience. We took a design-led approach to deeply understand our customers' pain points and create a very simple digital application experience. We first launched to Macquarie staff in August. After just seven weeks of feedback and iterating, we launched to the market in October. Since then, we've released over 30 new features to the experience. I'm Danny Jabbour, an associate director with CogTech in Sydney. This swift iteration and design-led delivery is enabled by our agile ways of working. We have more great ideas than we have capacity to take on, so we assess value and effort for each and have robust debates to determine what to work on first. We break big ideas into smaller chunks of value that we can deliver very quickly, dozens of times every quarter, and test them with customers. That enables us to innovate rapidly and pivot when we learn something unexpected. Our clients are now empowered with a simpler, faster application process. This is just the beginning. We envision a future where customers will be able to apply, be approved, and receive their contracts in a matter of hours. I'm pleased to share more about how we're building a better future in Asia. I'm Verena Lim, Asia CEO of Macquarie Group. MAM's Asia infrastructure platform was launched in 2014. Since then, it has become the largest infrastructure platform dedicated to investing in Asia Pacific, with our equity under management in the region tripling from AUD 11 billion to AUD 29 billion. Our investment strategy has evolved over time to take advantage of key macro trends. A good example of this is our investment in digital infrastructure. With over half of the population in Asia now living in urban areas and half of the world's middle class living in Asia, more and more people and economies in the region rely on internet connectivity, hence the need for investment in digital infrastructure. Last year, we acquired a majority stake in AirTrunk, a leading hyperscale data center provider in Asia Pacific. The experience gained from our work with AirTrunk helped our teams identify and originate new investments in this growing sector. A recent example of this is Bohao Internet Data Services Limited in China, which my colleague Ren will talk about. Thanks, Ren. Thanks, Verena. My name is Ren Huang, I'm an associate director for Macquarie Asset Management based in Hong Kong. As Verena mentioned, we recently made an investment in Bohao Internet Data Services Limited, an independent data center operator and developer in China. Bohao currently operates five data centers in China with further eight projects under development. Digital infrastructure is one of the most exciting sector in the region, China is leading the way. China has the largest number of internet users in the world, three times that of the U.S. market. This growth is driven by ongoing rise of the e-commerce sector, adoption of cloud services, rapid deployment of 5G technologies. Our relationship with Bohao first started from an initial conversation at the Macquarie China Conference in 2019. I think what has made this investment and our ongoing relationship with Bohao so successful has been the resilience and adaptability of the teams across Hong Kong, Beijing, and Singapore. Our partnership with RMG and FMG has also been crucial to the success. With an evolving and dynamic regulatory environment in the Chinese technology sector, our collaboration with RMG and FMG has been important. Their advice and support has helped us to finalize and optimize this investment. Thanks, Ren. A great case study that shows the size and scale of the opportunity in the digital infrastructure market in Asia. Good morning, ladies and gentlemen, and welcome to Macquarie Group's 2021 Annual General Meeting. I am Peter Warne, chairman of the Macquarie Group board. I will be chairing the meeting today. I note that a quorum is present and now formally declare the meeting open. I acknowledge the traditional owners of the land from where I speak to you today, the Gadigal people of the Eora Nation, and pay my respects to their elders past, present, and emerging. This meeting is being held in Sydney, which is currently subject to COVID-19 public health restrictions, with the majority of our shareholders attending remotely. Those of us who are in the room are practicing appropriate physical distancing. The COVID-19 pandemic continues to affect communities here and internationally. I hope all of you attending this meeting today are safe and well. Joining me today is your board. Sitting alongside me is Managing Director and Chief Executive Officer, Shemara Wikramanayake. We are also joined by Chief Financial Officer, Alex Harvey, and Company Secretary, Dennis Leong. Attending remotely are non-executive directors, Jillian Broadbent, Philip Coffey, Michael Coleman, Diane Grady, Rebecca McGrath, Mike Roche, Glenn Stevens, and Nicola Wakefield Evans. Also attending remotely are members of Macquarie's executive committee, including Greg Ward, Nick O'Kane, Michael Silverton, Ben Way, Stuart Green, Nicole Sorbara, and Patrick Upfold. As we do each year, today's meeting will be structured as follows. I will outline the key highlights of the past financial year. Shemara will take you through last year's result, update on the first quarter of the current financial year, and discuss the outlook for the remainder of the year. We will then hear from directors seeking re-election to the board today, Glenn Stevens and I. We'll also hear from directors Rebecca McGrath and Mike Roche, who are seeking election for the first time. I will then formally open the polls. This year, we will not break for refreshments. Funds traditionally spent on refreshments will be donated to OzHarvest. The final part of the meeting will be dedicated to shareholder questions and discussions of the formal items of business. As with last year, I assure you there will be ample opportunity for shareholders wishing to address the meeting to do so. For those of you attending the meeting via the online platform, you are free to send in your questions from now by clicking on the speech icon on your screen. For those who have dialed into the meeting via the teleconference line, please press star and one if you wish to ask a question. We will repeat these instructions later in the meeting. Please note that regardless of when you submit your question, we will address it during the formal business of the meeting, as is our customary practice. We will try to ensure that all topics of interest are addressed in our responses. Questions submitted online may be moderated or amalgamated if there are multiple questions on the same topic. If you wish to view the meeting again after its conclusion, a recording will be available on the Macquarie Group website from this evening. You may recall that last year we discussed the work that the team had done on re-articulating Macquarie's purpose, empowering people to innovate and invest for a better future. Over the course of this year, this statement of purpose has continued to be embedded in Macquarie's culture, alongside our long-held principles of opportunity, accountability, and integrity. Our purpose explains why Macquarie does business, and our principles defined about how we do business. As Shemara and I take you through today's presentation, and in the short films that open and close this meeting, you will see many examples of Macquarie's purpose and principles at work. Like many organizations around the world, Macquarie has felt the effects of the COVID-19 pandemic. Through this challenging period, the group's long-standing fundamentals have positioned us well to support our clients and other stakeholders. These fundamentals are the diversity of our business mix and geography, strong capitalization, a well-funded balance sheet, and a conservative approach to risk management. Strong fundamentals have enabled us to focus on the immediate needs of our stakeholders and linking our ongoing commitments to them. The ways in which we have done this include helping consumers and small businesses deal with sudden change, facilitating access to global capital, bolstering resilience in essential community services, supporting the move to remote working and learning, and addressing community needs through philanthropy. Making decisions with a view to the ongoing health and welfare of our people has been critical in fulfilling these commitments. At the peak of the pandemic last year, 98% of staff were working remotely. Considerable long-term investment has been made into the systems and capabilities to support large-scale remote working, and we are pleased that staff engagement actually increased despite the change to our working conditions. Our teams are at different stages of returning to the office based on what is permitted in each location. As a general comment, we have seen more of our staff successfully embrace a hybrid of remote and in-office working. We expect this trend will continue. FY 2021 was an uncertain period for many of our customers. Macquarie provided a range of support options. It is pleasing that as at June 2021, less than 0.01% of our clients remained on some form of pandemic assistance, down from the peak levels of 13%. Importantly, these clients have returned to regular payments. We have once again stepped up support for clients most affected by the latest wave of lockdowns in Australia. We recognize the responsibility that comes with managing essential services, and our long-standing approach to crisis planning help portfolio assets managed by Macquarie to withstand the economic impact of the pandemic while identifying new ways to respond to disruption on behalf of the community. While not related to the pandemic, I want to pause for a moment to note a significant incident at one of our portfolio businesses, Currenta, which is a provider of infrastructure and service to chemical producers in Germany. Currenta is owned and managed by two of Macquarie's European infrastructure funds. Earlier this week, there was an explosion at a tank farm, which tragically resulted in two fatalities and the injury of 30 staff. Macquarie is supporting Currenta's management team as they support their staff, assist authorities within their investigations, conduct their own reviews, and communicate with stakeholders. Our deepest condolences go to the families of those workers who have tragically lost their lives. Our philanthropic efforts last year included a COVID-19 specific allocation of AUD 20 million over and above our regular philanthropic funding. The COVID-19 allocation balanced immediate and longer term needs across direct relief, public health and clinical research, and supporting workers and businesses in restarting economic activity. We also stood by our existing community partners as they face sharply increased demand for their services by providing more funding flexibility and additional grants. Shemara will take you through Macquarie's performance in detail. In advance of that, I will outline a few key financial highlights for the last financial year. FY 2021 was another busy year for Macquarie, and while the effects of the pandemic on economic activity were particularly felt in the first half, the group ended up the financial year achieving a record result of just over AUD 3 billion. This is testament to the resilience of our diverse businesses and staff, and the ability to adapt to changing market conditions. In addition to net profit, the group reported growth in key financial performance metrics, including operating income, earnings per share, and dividends per share. Shareholders received a full year dividend per ordinary share of AUD 4.70, franked at 40%. This was up from AUD 4.30 per share in the prior year, which was also franked at 40%. 56% of earnings, or about AUD 1.7 billion, was returned to shareholders as dividends, with the payout ratio balancing returns to shareholders, with opportunities to invest in the future, and to support clients through the pandemic period. In order to allow additional flexibilities to support business growth, the board has resolved to update the annual dividend payout policy range to 50%-70%. I now turn to risk culture and conduct, an area which the board and management invest considerable time and resources. Macquarie's strong performance over more than 50 years is characterized by empowering teams to harness their capabilities to serve clients, investors, and communities. This opportunity is balanced with strong accountability for owning and managing risk. The primary responsibility for risk resides at the individual and business unit level, while robust independent oversight is provided by our Risk Management Group, and further independent and objective risk-based assurance is provided by the Internal Audit Division. Integrity underpins everything that we do. The risk management framework is supported by a remuneration framework and consequence management process to encourage appropriate behaviors and discourage inappropriate behaviors. In FY 2021, there were 97 matters involving conduct or policy breaches that resulted in termination of employment or formal warnings. The majority of formal warnings were accompanied by an average 48% reduction in profit share. While covering risk management matters, I would also like to note to shareholders that at the beginning of the current financial year, APRA announced enforcement action against Macquarie Bank. The enforcement action resulted in increased capital and liquidity requirements for the bank, requires us to restate selected historical regulatory returns. This action is in relation to historical matters and does not impact the current overall soundness of Macquarie Group's capital or liquidity ratios. From a board perspective, this is a matter we take very seriously, we are providing rigorous review and interrogation of the work being done to address these matters to APRA's satisfaction. The board's oversight of risk culture and conduct is informed by qualitative and quantitative analysis. In FY 2021, given the large shift to remote working, senior leadership increased their staff communications with regular and clear reminders of risk culture and conduct expectations. While our businesses have been busy, so too have the support areas, their collaboration in maintaining risk conduct and culture is an important one. We continued to roll out our executive leadership development program in FY 2021, and added virtual senior leadership development programs. These programs place emphasis on inclusive working environments and their positive impact on risk culture. Online supervisory training for our people, managers, and directors has been refreshed with the inclusion of additional material covering hybrid working environments and fostering a speak-up culture in teams. A new conduct standard was launched, supported by enhanced monitoring to identify and evaluate instances where conduct is a root cause of incidents. The board regularly receives detailed risk culture indicator reports, including insights from risk culture, deep dives, and assessment of progress made from prior reviews. The group's Integrity Office is an independent function which has been in place for more than 20 years. It reports directly to the CEO and meets regularly with me as chair. In FY 2021, the Integrity Office has continued a heavy schedule of training and development. More than 9,000 staff received tailored training and leadership development in FY 2021, focusing on hybrid working, integrity, speaking up, and psychological safety. Environmental, social, and governance matters remain a significant area of focus for the Group and the Board. It's entirely appropriate given the responsibilities that we have to clients, shareholders, communities, our people, and the environments in which we operate. Macquarie is very active across all three aspects of ESG through direct investments such as energy transition and social infrastructure, engaging in forums where we can share our expertise to help inform policies that support better ESG outcomes. Supporting reporting standards to promote better measurement of impact, and putting in place the policies and practices that foster sound ESG outcomes in our investments, workplaces, and capabilities in our staff. Macquarie continued to be active across a wide range of ESG initiatives during the year, with a number of outcomes achieved by staff. These outcomes span business activities, conduct and culture, direct operations, and engagement with clients, staff, and communities. The environmental aspect of ESG continues to drive a lot of business and operational activity within Macquarie. As at March 2021, Macquarie had 44 GW of green energy assets in development, operation, or management. For every AUD 1 invested in conventional energy, the Group is investing AUD 6.64 in renewable energy. As I've said at previous AGMs, alongside our proactive approach to addressing the challenges in energy transition, we note that global projections of power generation indicate an ongoing role for natural gas for some time in an orderly transition to a lower carbon economy, especially where it enables coal phase outs and higher shares of variable renewables generation. The sources of these projections include the International Energy Agency, the U.S. Energy Information Administration, and Bloomberg New Energy Finance. We are working with a number of conventional energy businesses on their decarbonization initiatives and commitments, and Macquarie is extremely well-placed to support those businesses as they transition to net zero. The demand for solutions that address the effects of climate change continues to grow around the world. With many countries committing to green economic recoveries and nations and businesses committing to net zero emissions, we anticipate that this demand will continue to expand. Macquarie, with its strong heritage in infrastructure, energy, and commodities, has a differentiated set of capabilities to help meet that demand. Each of our operating groups in all our regions are engaged through direct investment, creating new assets, providing financing, facilitating market activity, or advising clients on addressing the challenges of climate change. When we announced the Group's FY 2021 result in May this year, we also announced the Group's commitment to net zero emissions. This follows a commitment made by Macquarie Asset Management to achieve net zero emissions across its portfolio by 2040. Our involvement in energy and energy transition goes back 20 years, and this longstanding expertise and capability is reflected in four components of our net zero commitment. Firstly, strengthening support for clients and portfolio companies to manage the transition to net zero and realize decarbonization ambitions. For example, we have started work with portfolio companies to consistently measure greenhouse gas emissions and identify emission reduction opportunities. Where we have sufficient influence, we will work with these businesses to develop plans that will put them on a pathway to reduce emissions in line with our net zero economy. Secondly, increasing our own investment in climate mitigation and adaptation solutions. This builds on our leading position as a global developer, investor, financier, and manager of renewable energy projects. Thirdly, aligning the emissions of our financing activities with the objective of enabling and accelerating the world's pathway to net zero by 2050. This includes measuring and setting interim and long-term science-based emissions targets for our financing activities, prioritizing our efforts with clients and partners in high emission sectors, and the role that we play in accelerating their path to net zero. Finally, continue to reduce the emissions of our own business operations with a commitment to reaching net zero operational emissions by 2025. Macquarie has been carbon neutral since 2010 across our offices, data centers, and business air travel, and this provides a strong foundation for our 2025 commitment. Work on our detailed net zero plan is currently underway, with the aim of publishing it in 2022, with annual progress reports thereafter. Macquarie strives to be a diverse and inclusive workplace, and considerable investment has been made in this area over a number of years. As a business that is underpinned by the expertise of its people, there is a strong connection between the depth, breadth, and scale of the Group, the diversity of our staff, and the range of perspectives they bring to our projects and decision making. Fostering and maintaining a diverse workplace with an inclusive culture requires continual investment. The work that we do often follows the professional life cycle of an individual from school, where they make choices about their career path through to university, and then into their career with Macquarie. The types of initiatives undertaken include working with schools and universities to promote financial services as fulfilling career path for women, ensuring diversity of recruitment in our intern and graduate programs, embedding more equitable work practices, employee network groups, and prioritizing growing the leadership capability of our people leaders to maintain an inclusive workplace. The work that goes into building a diverse and inclusive workplace is never complete. However, we wanted to take some time today to reflect on what we have achieved to date and recognize those organizations with whom we have partnered to support our efforts, as seen on this slide. The Macquarie Group Foundation has had a particularly active year. The foundation and Macquarie staff contributed a record AUD 64 million to more than 2,400 nonprofits. This includes the AUD 20 million COVID-19 allocation, funding allocations to our five 50th anniversary award recipients, and our global grant-making program. As I've said in previous years, Macquarie's philanthropic activity is substantially driven by Macquarie staff. Fundraising is just one aspect of the contribution our staff make to community organizations. Each year, staff contribute thousands of hours volunteering, sharing their skills, and serving on nonprofit boards. The foundation has also managed the distribution of the AUD 20 million COVID-19 allocation. Almost all of that allocation has now been distributed to a range of local and international organizations, focused on direct relief, medical research, and economic recovery. As I conclude this section of the meeting, I would like to thank my board colleagues and extend a special welcome to two new directors, Mike Roche and Rebecca McGrath, who will address the meeting during the formal business. I'd also like to thank Gordon Cairns and Mike Hawker, both of whom retired from the board, Gordon in May this year and Mike in September 2020. Gordon and Mike have served Macquarie shareholders over many years and fulfilled their responsibilities with great care, energy, and tremendous enthusiasm for the organization. On a personal note, I have enjoyed working with Gordon and Mike and have benefited from their wise, insightful counsel. We wish them both well for the future. The Macquarie board is a hardworking one, and every board member makes a valuable contribution. The experience and expertise of your directors and the diligence with which they carry out their responsibilities supports the growth of your company. I'd also like to thank Macquarie's management and staff for their valued contribution. FY 2021 has presented a unique set of challenges. The management and team, led by Shemara, have navigated global economic uncertainty with great care, have grown the business, and kept its focus on supporting the needs of clients, shareholders, and the broader community. That concludes my opening remarks. Thank you for listening and your ongoing support as Macquarie shareholders. I'll now hand over to Shemara to discuss Macquarie's results in more detail and update you on recent performance. Shemara. Thank you, Peter, good morning and welcome, everyone. I'd like to begin as well by extending my sympathies to everybody impacted by this explosion we've just had at Currenta. Now, before I go through our most recent results, I thought I'd just take a moment to note that we just delivered our 52nd year of consistent profitability, unbroken profitability, since being established in 1969. We also, in terms of our total shareholder returns since listing, are best in class compared to many peer groups, as you see on this slide. Now, turning to the results for the financial year just completed, FY 2021, the year to 31 March 2021. As you've seen, that was a record result and very commendable in the COVID-19-impacted environment that we operated in. It was also up 10% on the previous year, FY 2020, where you may recall it would have been in line with the previous year, FY 2019, despite our taking just under AUD 500 million of provisions in relation to expected credit losses for the upcoming environment we were just going into with the pandemic. The other thing I'd note on this page is that this last financial year, FY 2021, was very much a year of two halves, where the first half of the year, which was the quarter just after March last year and the quarter beyond that, so up to the end of September last year, was an environment in which investors had their confidence really shaken by what was going on with the pandemic. Markets were pretty much becalmed, activity levels very low. It was an unusually subdued quarter, and we ended up making only AUD 900 million of our AUD 3 billion in that half year. In the second half, we earned over AUD 2 billion, and that was a particularly strong quarter as markets caught up and there was an element of catch-up. Very much a year of two halves, particularly for our Macquarie Capital business and Banking and Financial Services. Looking in a little bit more detail at our four operating groups. The main thing I'd note here is that we get very good diversification through market cycles between the annuity style businesses, which are highlighted in blue, and the market-facing businesses, which are highlighted in green. In a year like last year with the pandemic, the annuity style businesses, as you saw, continued to perform consistently, with being just down 4% despite the external environment. The market-facing businesses, very impacted by the challenging first half, but benefited from being able to step up and support clients as they came back to high activity levels in the second half. That diversification is important for helping us deliver through all cycles as we saw, particularly last year. Equally, this diversification that we have, as you can see here on this slide, by geographies where we operate across four regions, and all of them contributed well to our results last year. I might look in a little bit more detail at each of our four operating groups for last financial year and our financial position at the end of the year before moving to this quarter. Starting with Macquarie Asset Management, that business contributed just over a third of our income last year, and it was down slightly 5% on the prior year. That was because we had a very big one-off in that prior year by the realization of performance fees that were very strong in FY 2020. I think importantly in this business, as you can see here, we've built a business at the end of last year that had 562 billion of assets under management, and it was divided between a private markets business and a public markets business, things like listed equities, fixed income, et cetera. That positions us very well through the medium term to help the growing savings in the world get invested at decent returns over the medium term in a very low risk-free return world. The private markets business now with its great track record, continued to raise money well and raised over AUD 20 billion last year, AUD 21.8 billion, and invested just under AUD 15 billion. The public markets strategies that we have, 60% of them beat their benchmarks on a three-year period. In addition to that, we were able to grow the scale of that business with the acquisition of the Waddell & Reed business, which didn't complete until this financial year, April, but which we entered into the agreement to buy last year. A great asset management franchise and good structural growth. The same with our Australian Banking and Financial Services business, which you can see here contributed 13% of our income. It was flat to the year before, despite strong growth I'll talk about in all its books. That was because of the challenging environment last year, requiring us to take meaningful expected credit loss provisions, depending on how things play out. Despite that, because of the many years of investment we've done in optimizing customer experience by investment in systems technology processes, we were able to deliver not just hardship assistance, but rapid turnaround times, so that you'll see here that our home loan book grew by 29% last year. Our business banking book, which is mostly focused on small and medium enterprises, grew by 13%. Equally to support that, our deposits grew by 26%, and our funds on platform grew by 28% to exceed AUD 100 billion. Another strong year in the growth of the franchise, that important franchise in Australian financial services. In our Commodities and Global Markets business, that business was our biggest contributor last year with the environment that we encountered in external markets, delivering 42% of our income and up 50%. That business provides service to producers and consumers in areas like commodities, but also financial market services in terms of foreign exchange, fixed income, et cetera. That business basically had a year in which we experienced dislocation in many commodities and financial markets in many regions through the year. It had a particularly strong year through the last financial year. Again, it's operating across 162 products now in different sub-sectors and regions, and well-placed to continue its structural growth. Macquarie Capital contributed 11% of our income. You see there it's down 15%, but that was the business which most starkly experienced the year of two halves. In the first half of the year, activity was very becalmed. Although I'd say subject to the equity capital markets activity here in Australia, there was a lot of fundraising in response to the pandemic, and we raised AUD 0.54 in every dollar. The overall business actually made a loss in the first half of last financial year, for the first time since the FY 2012 financial year. In the second half, with the activity levels picking up and catching up, it generated AUD 840 million. That's why it finished the year on AUD 650 million. It also managed to deploy capital very well in that challenged environment, AUD 4.5 billion into credit and bespoke financial solutions. As well as delivering strong earnings, the businesses also again generated very good return on the equity used in those businesses. The annuity style businesses delivered 23% return, and over the last 15 years have averaged 22% return. The market-facing businesses also delivered 17% return on equity with an average of 16% over the last 15 years. When you take into account our surplus capital that we hold in terms of our prudent approach to capital and funding, we came down to a net return of 14.3%, which is consistent with the 14 we've been delivering on average over the last 15 years, and is a very commendable return in the low risk-free rate environment we've operated in. Now, I mentioned our prudent capital and funding positions, and you can see here that surplus capital I talked about, we were holding AUD 8.8 billion at the end of last year. We also were holding a 12.6% CET1 ratio at Macquarie Bank Limited. Our funding was very well matched with the term funding well exceeding term assets, and our ratings being at single A, at least for, as you can see there, 30 years with S&P, 25 with Moody's and Fitch. We've maintained and grown strong ratings throughout our period of being rated. Now, with that summary of last financial year, I'll turn to looking at the first quarter of this financial year. Basically, in terms of this financial year, the contribution from all of our operating groups together was significantly up on the prior comparable quarter. As I've just been mentioning, the prior comparable quarter was basically the first quarter of the pandemic hitting the developed world. Particularly in Macquarie Capital and Banking and Financial Services, we had challenging quarters with activity levels low and with hardship assistance and payment pauses. In this quarter, we had a couple of large one-offs. In Commodities and Global Markets, we sold our U.K. commercial and industrial meter leasing business. It's a few hundred thousand meters out of the many double-digit millions we have. That generated a profit of about AUD 450 million one-off. We also, in our asset manager, earned a disposition fee on realizing the assets in our U.S.-listed infrastructure fund. Looking at the four businesses and in a bit more detail for the first quarter and how they each performed. The asset manager, I mentioned at the end of last year, had AUD 562 billion of assets under management. That stepped up to over AUD 690 billion, just shy of AUD 700 billion, principally driven by the Waddell & Reed acquisition closing. In July this year, we also announced that we'd entered into an agreement to acquire AMP's Global Equity and Fixed Income business. Now, that hasn't completed yet, so it's not counted in the assets. We're continuing to grow the scale of that public markets business, where scale and diversity of offering is very important to continuing to grow and to compete. In our private markets business, you'll see we continue to grow the franchise as well. We raised about AUD 3 billion. The run rate by quarter in both the raising and the investing, which is AUD 1.3 billion, can vary a lot because it depends with the raising, what funds are open at the time. You may have seen last night we announced that we had closed our fifth U.S. infrastructure fund at $6.9 billion, up from the predecessor at $5 billion and the target raising at $5 billion. We're still getting very good momentum in fundraising. In investing, even though only AUD 1.3 billion was reported, we had many transactions complete after the quarter, and it was a very active quarter. It's just the completion time didn't happen then. I'm talking about things like Vocus and Bingo here in Australia, or the Vitalh arvest acquisition in agriculture, or in Europe, the Autostrade per l'Italia toll road in Italy, or in the U.S., the Washington State utility, Puget Sound. Good growth in that franchise over the quarter. Similarly, in Banking and Financial Services, not quite growing at the same rate as last financial year, but still growing strongly with both the home loan mortgage book and the business banking book up 6%, and also our funds on platform up 8%, and the deposits growing by 2% to support that. Continued good franchise growth as a result of our long-term investment. In Commodities and Global Markets, I mentioned the big AUD 450 million one-off contribution. We also had the benefit in that quarter just finished of good conditions in commodities markets and good activity level as well in financial markets, particularly in foreign exchange and fixed income. The commodities positive experience was across the board. In North American power and gas, as well as European, given particularly most recently, some hot weather in North America that caused shortage of LNG in Europe as well, also in base metals, gold, steel, and zinc. Macquarie Capital, we guided at the beginning of this financial year that we expected improved transaction activity and realization environment, and we saw that play out with 115 transactions completed in this quarter worth just under AUD 100 billion, and very good realizations as well. In addition to that, an ongoing good environment for investing with AUD 2.3 billion invested into both credit markets and bespoke financing positions solution options. Together with the good earnings performance, as with at the end of last financial year, at the end of this first quarter, we continue to be in a strong position with both funding and capital. On funding, you can see our term funding well exceeds our term assets still. We also had our deposits increased by 2%, as I mentioned, up now at AUD 85.7 billion. Importantly, we were able to issue AUD 17.6 billion of term funding, which compares to the AUD 22 billion we did for the whole of the year last year. Turning to capital as well, we finished the year, as I mentioned, with AUD 8.8 billion of surplus capital over the Basel III minimum. That came down to a AUD 7.4 billion figure at the end of this first quarter. It was impacted a little by the dividend we paid offset by the shares we issued for the staff MEREP plan. The biggest impact was from the AUD 1.5 billion that was absorbed into all four of our operating groups as they continued to see good opportunity to deploy capital, even in this environment of excess and abundant liquidity. You can see here we thought we'd look at not just the AUD 1.5 billion in this quarter, but if we go back over the second half of last year as well in that nine months, our businesses have invested AUD 3.8 billion of capital. They're finding good opportunity. In the Macquarie Asset Management, it was things like the Waddell & Reed Financial, Inc investment, as well as investing the balance sheet in growing adjacent strategies. Banking and Financial Services, it was the growth of the books I talked about, and we're growing very conservatively in low loan-to-value ratio segments, but being able to win good business given our systems and customer experience we can deliver. In Commodities and Global Markets, with the activity levels of our clients, our loan books are growing, and capital is being put into trade debtors, and also into market risk capital as we grow with derivative market movements, etc. Lastly, I mentioned in Macquarie Capital, we're finding good opportunities to invest in higher lending activity and new investments. With all that opportunity to invest capital, as you've seen, the board has taken a few actions to support the business. One of them was applying the 1.5% discount to the dividend reinvestment plan last year, and also issuing shares rather than buying to satisfy the staff MEREP, which raised about AUD 1 billion. We also issued AUD 750 million of Tier 2 capital to enhance our loss-absorbing capital position. Finally, as Peter mentioned, the board has decided, in order to provide additional flexibility to support business growth, to update the annual dividend payout policy to 50%-70%, from 60%-80%. Despite that investment of capital, you can see we continue to have very strong regulatory ratios, well above the Basel III minimums, and particularly our CET1 ratio is at 12.1% at the end of the quarter. Before moving on to the outlook then, the last thing I wanted to mention is a few regulatory updates we've had. I know this is a busy slide. The main things to mention there are three things, I guess I'd mention that APRA, in terms of new changes it's introducing in relation to unquestionably strong and the capital required for that. It launched a letter on the 21st of July, outlining its proposed policy changes for the bank capital reforms. It has said that it expects by November this year to produce the final prudential standards in relation to that. We remain confident that we have sufficient capital to accommodate likely additional regulatory Tier 1 capital requirements. This, of course, is subject to final impacts of what is released. That's the first thing. The second thing is in relation to remuneration. APRA is in the process of releasing its CPS 511 guidance. It invited submissions, which we responded to at end of July, just recently. In fact, just the end of last week, I should say. Then in relation to the Financial Accountability Regime, the FAR regime, which is the next step from the BEAR regime, APRA has also invited submissions during the month of August, and we will be responding to that. Now, the last thing I should note, as Peter noted, is that on the 1st of April this year, APRA released actions in relation to required actions regarding both our risk management practices and our ability to calculate and report our key prudential ratios. Macquarie has had in place a number of programs to respond to these. While APRA noted that this related to historical matters and doesn't impact the overall soundness of Macquarie's capital or liquidity, we see that we have more work to do on this, and we're working through a period of intensified supervision with our regulator, APRA, to make sure we deliver on their priorities as well as part of an ongoing program we're involved in uplifting our operational risk management and our regulatory compliance and reporting. I think that's all in terms of regulatory update. I'll just turn now to our short-term outlook. This is basically consistent with the guidance we gave at the beginning of the financial year. As you know, we give the guidance by operating group. I'll briefly reiterate the points that we covered at the beginning of the financial year. In relation to the asset manager, excluding the Waddell and Reed investment, expect base fees to be broadly in line, but the other income we expect to be slightly down because we did have that material realization from exiting the European rail portfolio last financial year. Waddell and Reed this year will have a slightly reduced impact on net income, given that we will have one-off integration costs. Banking and Financial Services, as I said, the continued momentum in both our loan portfolios and our platform volumes should drive results, but offset by the competitive dynamics here that impact margin pressure, and by the fact that we are continuing to invest in the business and will incur expenses to support the volume growth, but also technology investment and regulatory requirements. Of course, we have to maintain ongoing monitoring in terms of provisioning, given the COVID-19 environment. Macquarie Capital, as we guided at the beginning of the financial year, we expected increased transactional activity, which we're seeing, and increased realizations, which we're seeing, and as well, better deployment or strong deployment opportunity, which we're seeing. For Commodities and Global Markets, we guided at the beginning of the year that we expect that to be significantly down in the commodities area because of the dislocation we saw in markets around the world last financial year. Also the fact that we had positive impact from the timing of income recognition in storage and transportation contracts last year that we didn't expect to repeat. Despite a good quarter in the first quarter, we maintain that guidance, but we would note that we expect consistent contribution from financial markets and also from our specialized asset and finance business. Lastly, in relation to compensation ratio and tax, we expect that to be broadly in line with historical levels. This short-term guidance, of course, is subject to a number of external factors outside of our control. Things like the duration of the COVID-19 pandemic, the speed of recovery, and the extent of support from governments, market conditions, including significant volatility impacts and events, and also the impact of geopolitical events, potential tax or regulatory changes and tax uncertainties, completion of period-end reviews and the completion rate of transactions, and the geographic composition of income and the impact of foreign exchange. Given all this, we continue to maintain our cautious stance and conservative approach in relation to all of capital and funding and liquidity, as you've seen, to enable us to respond through this environment. Finally, in terms of the medium-term outlook, as we say regularly, we remain confident of our ability to deliver superior return over the medium term, driven by our deep expertise in a range of, as you've seen across our four businesses, different capabilities where we're well-positioned and structurally there's good growth, and also the diversity of geographies across our four operating groups. That's of course coupled with our strong four support groups that continue to deliver our proven risk management framework and culture, and also supported by our strong and conservative balance sheet. With that, I will hand back to Peter to continue the formal business of this meeting. Thank you. Thank you, Shemara. We now move to the formal items of business for the meeting. The notice of meeting and the accompanying explanatory notes have been sent to shareholders, and I propose to take them as read. The items of business are shown on the slide. Agenda item 1 is to consider and receive the annual accounts. I now lay before the meeting the financial report, the directors' report, and the auditor's report of Macquarie for the financial year ended 31 March 2021. Please note there is no formal resolution relating to the financial statements. Agenda items 2A and 2B are the elections of our new directors, Rebecca McGrath and Mike Roche, as voting directors. Agenda items 2C and 2D are the re-elections of Glenn Stephens and me as voting directors. Each director will address the meeting shortly. Agenda item 3 is the annual non-binding vote on the remuneration report. The remuneration report is on pages 100 to 144 of our 2021 annual report. Included in the explanatory notes to the notice of meeting are the letter of the chair of the Board Remuneration Committee and an analysis that compares performance and executive remuneration measures for FY 2020 and FY 2021. Our remuneration framework is longstanding. It supports our principles by motivating staff to be innovative and to build businesses, and to be accountable for their decisions, behaviors, and their associated risk management, customer, and reputational consequences. Our remuneration framework for the 2021 financial year has remained largely unchanged. Overall, we have received consistently positive feedback about our approach to remuneration, and our framework has been a key driver of Macquarie's sustained success as an international organization. Agenda item 4 is a request to refresh the shareholder approval of termination benefits where a director-level staff leaves in circumstances described in the explanatory notes to the notice of meeting. Agenda item 5 is to approve the managing director's annual participation in the employee group Employee Retained Equity Plan, or MEREP as we call it. The final item seeks shareholder confirmation of the issue of Macquarie Group Capital Notes 5 in March 2021 to refresh our share placement capacity. Details of the issue are set out in the explanatory notes to the notice of meeting. I'll now ask to hear from those board members seeking election and re-election today. Agenda item 2A is the election of Rebecca McGrath, who, having been appointed by the board as an independent voting director on 20 January 2021, offers herself for election. Rebecca is an experienced company director and chairman with substantial international business experience. She spent 25 years at BP p.l.c. in Australia and in Europe, where she held various executive positions, including Chief Financial Officer Australasia, and served as a member of BP's executive management board for Australia and New Zealand. We believe that her extensive experience in the energy and industrial sectors and as a non-executive director has already been and will continue to be of significant benefit to Macquarie. Since her appointment to the board, Rebecca has been a member of the Board Governance and Compliance Committee and Nominating and Risk Committees. The board has no reservation regarding Rebecca's ability to fully discharge her duties as one of your directors. I have pleasure in asking to hear from Rebecca on her election as a director. Due to the current COVID-19 restrictions, Rebecca has pre-recorded this message. Thank you, Peter. Good morning, ladies and gentlemen, and thank you for considering my election to the Macquarie Board. Since being appointed in January this year, I have greatly enjoyed learning about Macquarie's wide array of businesses in Australia and around the world. I'm delighted to be contributing to your board's diverse set of skills and perspectives. I bring a wealth of international business experience in the energy and industrial sectors. Over the course of my executive career, I have held a number of senior management roles in the resource sector across finance, operations, corporate planning, project management, and marketing in Australia, the U.K., and Europe. This provided me with significant insights into risk management, market dynamics, value chains, and infrastructure strategies. My executive career has been substantially augmented by 10 years of experience in the industrial sector as a non-executive director. This has deepened my knowledge of gas and other commodity markets, including chemicals and base metals. It has provided me with knowledge of the global energy shift to electrification in transport applications, renewables, and battery technologies more broadly. I have had governance oversight of successful billion-dollar infrastructure projects, international growth strategies, and large-scale business transformations, including driving and influencing change in workplace health and safety performance. This is demonstrated by my current chairmanship of OZ Minerals Limited and Scania Australia, and past recent experience as a non-executive director of Incitec Pivot Limited and CSR Limited. Over the last 10 years, I have served as a non-executive director of Goodman Group and more recently as an independent director of Investa Wholesale Funds Management. This has provided me with significant knowledge of the commercial and industrial property sectors internationally and to the prudential requirements of large-scale fund and asset management enterprises. As a professional company director, I have a strong commitment to good governance. I'm currently president of the Victorian Council of the Australian Institute of Company Directors and a member of its national board, as well as a member of the ASIC Corporate Governance Consultative Panel. It is an honor to serve Macquarie as a shareholders representative, and if elected to the board, I can assure you that I will dedicate both the time and commitment to fulfill my duties in a manner that awards your trust in me. Thank you very much. Thank you, Rebecca. Agenda item 2B is the election of Mike Roche, who having also been appointed to the Board as an Independent Voting Director on 20 January 2021, offers himself for election. Mike has over 40 years experience in the financial sector and as a highly skilled and experienced provider of strategic financial mergers and acquisitions and capital advice to major corporate, private equity and government clients. He held senior positions with AXA Australia as a qualified actuary and Capel Court ANZ. His extensive experience as a corporate finance advisor and in structured finance will add valuable and relevant financial expertise to the Macquarie Board. Since his appointment to the Board, Mike has been a member of the Board Nominating, Remuneration, and Risk Committees. The Board has no reservations regarding Mike's ability to fully discharge his duties as one of your directors. I have pleasure in asking to hear from Mike on his election as a director. Due to the current COVID restrictions, Mike has pre-recorded this message. Good morning, everyone. Thank you, Peter, for the introduction. I appreciate the opportunity to address you today, pity it's not in person, to explain a little about me and what I stand for and to give you a basis to support my appointment to the board of Macquarie. As you heard from Peter, I've spent over 30 years in investment banking, of which 20 was for an international investment bank, so I know the industry well. I come to investment banking via a career as an actuary. I believe this discipline is a good base because it trains you and equips you to think long-term. It requires you to understand cause and effect. It's about getting to the underlying drivers and learning to ignore the surrounding noise and false signals. Importantly, decisions fall to you as the expert. You have to work out what you think and why. I think one of the reasons I took to this was my background of growing up on a farm as one of 10. You had to work out how to be your own person as you were otherwise just part of the group, and I hated that. I learned about consequences early on in my career. One of my early tasks was to divide up superannuation assets to older employees suddenly without a job due to company failures in the early '70s recession. This is one of the things actuaries did back then. I had to explain to these members how I divided them up. There were no rules, no guidelines. It was up to me. Also explain to them why they received so little, collapsed asset values being the case. I can tell you, it was a sobering experience. What do I bring to Macquarie? I'm currently a non-executive director of Wesfarmers and three private companies. This is across a variety of industries, including superannuation, funds management, digital, property funds management. I also hold not-for-profit roles, small business mentor, a member of Adara Corporate Advisory Wise Counsel panel. Together with my wife, Geraldine, we founded the Sally Foundation. We do our own charitable works. I have broad experience. I also have a deep understanding of investment banking. I've worked for clients from most jurisdictions around the world, U.K., U.S., Europe, Singapore, China, Hong Kong, South Africa, you name it, probably more. That career started in project finance infrastructure when it was just getting going in Australia in the early '80s. Included over 20 years at Deutsche Bank, where I held senior roles in structured finance and M&A. I was head of M&A for 10 years, and on the federal government-appointed Takeovers Panel for two terms. During my time, I was involved in many of the largest and most complex takeovers in Australia, many of which were cross-border, and in the privatization of most of the energy and airport assets. I believe I have the skill set that complements those of other board members and adds to the board's ability to oversee the diverse global operations of Macquarie, diverse globally and by business. I bring independent thinking, integrity. I care deeply about what is right. I understand the significance of signals from the top and how important they are to how an organization operates and behaves. I have a questioning mind. I like to work with highly capable people, and Macquarie has lots of these around the board table and the management team. I'm naturally a little skeptical to start. I really want to understand the ins and outs of how and why we are doing things. I look forward to your support. Thank you for the opportunity. Thank you, Mike. Agenda item 2C is the re-election of Glenn Stephens. Glenn has been an independent voting director of Macquarie since November 2017. He is currently the chair of the Board Risk Committee and a member of the Board Audit and Nominating Committees. Glenn is an experienced director and valued member of the board. He previously worked at the highest levels of the Reserve Bank of Australia for 20 years, culminating in the role of Governor of the Reserve Bank from 2006 to 2016. He has extensive expertise in global economics and is an internationally respected central banker. Glenn brings a unique perspective to our boards, not only regarding the drivers of Australia's economy, but also those of the international economies from which Macquarie derives the majority of its income. He has added significant banking and financial knowledge to the Macquarie board. The board has no reservations regarding Glenn's ability to fully discharge his duties as one of your directors. I have pleasure in asking to hear from Glenn on his re-election as a director. Again, due to current COVID restrictions, Glenn has pre-recorded this message. Thank you, Chairman. Fellow shareholders, good morning. Thank you for the opportunity to address the meeting. I've been a director of Macquarie since November of 2017. It's been a wonderful experience to get to know this remarkable company and its exceptional management, and to serve you, the shareholders. I believe I've been able to make a constructive contribution to the board, and I hope you feel as I do, that this has been a successful period for the company. As Chair of the Risk Committee since late 2019, I've worked with the risk management function to try to always ensure that the board is focused on the key risks the company faces. My question is always, have we understood the risks, and are the shareholders being paid enough to accept them? I've supported work to strengthen our regulatory engagement and compliance framework because this is a critical precondition for our success as an organization. I've taken a particular interest in the stress testing work that's done in Macquarie, because that's what gives us confidence that we can withstand even very bad events that could come along in the external environment. I've worked in a collegial fashion with the chair and other directors, always seeking to put Macquarie's interests first and to ensure that the board is operating as most effectively as it can. Macquarie faces challenges in the years ahead. The board will be active in seeking to anticipate and respond to those. I hope to play a part in that, and I respectfully seek your support to continue as a director of your company. Thank you. Thank you, Glenn. I'll now take the opportunity to address shareholders in connection with my re-election as a director of Macquarie, which is agenda item 2D. The last 12 months have been a period of transition and renewal for the Macquarie board. Since last year's AGM, we have welcomed the appointment of two new directors following three director retirements, with the potential for further board renewal as we continue to ensure that Macquarie board membership comprises high-caliber directors with an appropriate mix of skills, professional experience, tenure, and diversity. Significant changes in the operating environment have also been experienced across our businesses in the last year as management changes occurred and a global pandemic continued to affect the broader economy, our clients, communities, and the way our staff work, as well as ongoing changes to the regulatory environment. Given this level of change, and to allow for an orderly transition, the board has asked that I remain chairman for a further year. After many years on the Macquarie board, I have a deep understanding of the company's operations in Australia and globally. My role as a member of the Board Remuneration and Board Risk Committees has reinforced for me the importance of Macquarie's approach to remuneration and its contribution to Macquarie's success for the Group, while prudently managing risk. In my current role as a professional non-executive director, I'm also a board member of Allens and a member of the ASIC Corporate Governance Consultative Panel. I've served Macquarie as chairman since 2016, and I believe I have the relevant skills and experience to continue to be an effective chairman if I am reelected today. I have acknowledged to my fellow board members that I will continue to have sufficient time to fulfill my duties as chairman of the board. I regard it as a privilege to serve as chairman of this outstanding Australian company, and if reelected, will continue to work with the board and management on behalf of our stakeholders, especially you, our shareholders. I offer myself for reelection and intend to retire as chairman and a director of Macquarie and Macquarie Bank after the 2022 Annual General Meeting. Thank you. To allow everyone attending our meeting an opportunity to vote, I now open the polls in respect of all the motions that shareholders will vote on today. The polls will remain open until just before I close the meeting. Shareholders and proxy holders attending via the Lumi platform can cast a direct vote by clicking on the bar chart icon. Select the option corresponding with the way you wish to vote. Once the option has been selected, the vote you selected will change color, and a confirmation message will appear. There is no need to press a submit or send button. Your vote is automatically counted. To change your vote, select another option to override. Votes can be changed up until the time I close the polls. Proxy holders with directed votes will have those votes automatically voted as directed. All open votes held by a shareholder or proxy holder will be voted according to the option you select via Lumi. Shareholders and proxy holders participating in this meeting by teleconference cannot vote using the teleconference facility. Let's now move to take questions and comments. It's my duty as chairman to ensure that shareholders as a whole have a reasonable opportunity to ask questions about or comment on the management of the company, the remuneration report, and the other items of business before the meeting today. To achieve this, I've adopted procedures for this meeting as set out on your slide. I'm committed to ensuring that people attending the meeting feel safe and respected at all times, and this includes ensuring that the meeting is conducted in an orderly fashion. Shareholders have attended today's meeting to discuss matters of interest to shareholders as a group. We will read out and seek to answer relevant questions received in writing prior to the meeting or during the meeting through the Lumi platform. You may submit a question or comment via Lumi at any time during the meeting up until the end of the Q&A session. To submit a question or comment, select the messaging icon, which looks like a speech bubble. Compose your question or comment. You may submit more than one question. You will receive a confirmation that your question has been submitted. Questions may be moderated or amalgamated if there are multiple questions on the same topic. We'll also respond to questions from shareholders calling on the teleconference line. Dial into the teleconference using your pre-registration information provided to you by Link Market Services and follow the prompts to ask a question. You will be instructed to press star one if you wish to ask a question. We will start with questions submitted in advance, then turn to questions on the teleconference line, followed by questions submitted online during the meeting. Individual shareholders and proxy holders may ask two questions at a time. We will give all other holders an opportunity to ask questions before returning to holders who have asked more questions. Following investor feedback after prior AGMs, in order to address as broad a range of topics of interest to shareholders as possible, I may defer to later in the meeting further questions on a particular topic or subject area if there have already been a number of questions asked on that topic. If you have an individual customer issue or other matters that don't relate to the items of business at today's meeting, our investor relations staff would be happy to take your query. Please email them to macquarie.shareholders@macquarie.com. I note that Ms. Kristin Stubbins from PricewaterhouseCoopers, the external auditor, is present at today's meeting. She is available to respond to any questions relevant to the conduct of the audit, the preparation and content of the auditor's report, the accounting policies adopted by the company in relation to the preparation of the financial statements, and the independence of the auditor in relation to the conduct of the audit. The external auditor did not receive any written questions from shareholders prior to the meeting. I will now take questions that have been submitted in advance. Thank you, Mr. Chairman. The first question is from Ms. Wai Chong Mary Lee. How do you see Macquarie's market status in 10 years' time? Thank you for the question. I believe that Macquarie will continue to adapt, innovate and evolve, as it always has. It's done that over the last 52 years. It continues to look for opportunities as it develop in the market, in all the markets in which we operate, and to expand on those and seize those opportunities on behalf of shareholders. We believe that we are well-positioned to benefit from the medium-term growth drivers of the economy, such as energy transition, technology disruption, essential infrastructure, and urbanization, as we have articulated in the past. The next question is from Mr. Jiayi Zhao. Do you see AMP's retail banking as an interesting business to acquire, considering that the price for AMP right now is quite cheap? We don't comment on potential acquisitions. Mr. Chairman, the next question is from Mr. Mark Charles Weller. What responsibility is the Macquarie executive taking for the disastrous Nuix float, where clearly due diligence in the lead up to it was near non-existent? I only subscribed to the IPO based on the fact that MQG name was appended to it, I trusted it would be sound. Question from a customer and shareholder of MQG and shareholder of Nuix. Well, thank you for the question. The first thing I'd like to say is that we genuinely regret the current position for Nuix investors. That is an operational question which I'll refer to Shemara. Shemara, could you respond, please? Yes. Thank you, Peter. Thank you, Mr. Weller, for your question. I should start by saying the whole team and I regret the impact for shareholders like yourself, and especially as you say, you're a customer and a shareholder in Macquarie. I guess I should note first that we remain aligned with you and all shareholders as still the largest shareholder of Nuix. We've got a 30% shareholding, and it's seven times bigger than any other shareholder. As someone who has been a shareholder since 2011, is the largest shareholder, and we're also a customer, I guess I first wanted to note that we remain confident in the medium-term prospects of this high-quality business and product. Turning to your specific question, which was about the float and the due diligence process, we had a separate team undertake the due diligence to the team that worked on the investment. We operated to our usual, very rigorous standard that we do in all our equity capital markets obligations, together with our joint lead manager, our top-tier lawyers and accountants who worked on that float, the company itself, and the other shareholders to make sure the prospectus that was put out was robust. At the time, none of us had any reason to believe that the prospectus forecast at the time of float would not be met. I need to recognize now that Nuix is a separate independent listed company with its own high-quality board and its own high-quality team. It has articulated since the IPO that there were a number of unexpected circumstances that it says contributed to the maiden forecast not being met. These included things like the COVID-19 pandemic, the implications it had for the extended shutdown on the U.S. government, the FX implications, and also it mentioned the change in how its billing customers. We have no more information than any other shareholder now in relation to the drivers, et cetera, because we are involved as a 30% shareholder. I can say, as I just did, as the largest shareholder, as someone who's been an investor for a long time, as a customer, we continue to be confident in Nuix's products and its medium-term prospects. We also are committed to working with the Nuix board and team in any way that they may find helpful to try and regain investor and market confidence. We know that will take time, but we ultimately respect that this is a separate listed company, and in terms of offering our services, it's their judgment as to when they find it valuable or not. We remain a committed holder. We remain committed to being aligned with all of you, and we believe in this business and its prospects medium-term. Thank you. Mr. Chairman, the next question is from Mr. Sospeter Kimuhu Marigi. Why is there so much bad publicity about Nuix? Again, Shemara, could you respond to that? Yes. Thank you, Mr. Marigi, for your question and if you are an investor in Nuix as well as Macquarie. Basically, the fundamental issue with Nuix, as I just mentioned, is that it failed to meet its maiden forecast in a very short period after listing. The listed market takes this very seriously and very negatively. Our experience with these sort of situations is it's going to take time now to regain the trust and confidence of investors. As that process plays out, as you see, there's been a lot of negative publicity, as you mentioned. Thank you. Thank you, Mr. Chairman. The next question is from Mr. Ross Warbrook. I note that in the managing director's report, which is on page 13 of the annual report, it is stated that in early FY 2022, AUD 1 million was committed to support COVID-19 relief in India. While I commend the generous allocation to a worthy world issue, could you please advise how India, one of the world's powerhouse economies, was selected over and above other much poorer countries in that region, and indeed, the world? Shemara, could you respond to that question also, please? Yes. Thank you. Thank you, Peter, again. Apologies for the mask. Thank you, Mr. Warbrook, for taking interest in our Foundation activities. As Peter mentioned, we allocated AUD 20 million last year extra to the Foundation on top of what we normally allocate to help respond to the pandemic environment in areas of direct relief, medical research, and also economic recovery. Our Foundation committee, in allocating that money, used the approach we normally do with our Foundation allocations, which is focusing on areas in which our staff live and work, because this helps us leverage the community impact by having our people also give their time and their skills to drive the outcome that our funds are hoping to deliver. We allocated 40 grants across the world. I think about one third of it was in the Australasian region, and then just over 20% throughout the Americas, in Middle East, Africa, and Europe, and in global allocations each. In terms of India, we have about 1,700 people working in India. During the pandemic, we're about 18,000 staff. We had 600 people who had COVID, just over 600 so far. The vast majority of them were our colleagues in India. I guess thankfully, we only had a handful of fatalities more recently. Again, very sadly and tragically, all of them were in India. We had colleagues and their families impacted in India. The Indian team, despite being one of the hardest hit regions for our business with the pandemic, stepped up and delivered our financial results at the end of last year. First bank to announce globally with everyone working remotely, did an incredible job. They did the same then for the half year results last year, the full last financially and the full year results this last financial year. Upgraded our general ledger, which was a huge project. All of this while working remotely and suffering devastating effects. In addition to that, I have to say, the Indian team have been wonderful, where we've made donations in India and stepping up alongside our money and driving the outcomes and really caring about the community. That was the reason that we allocated, or the foundation committee allocated about 5% of the AUD 20 million in India. There were many other developing markets. I have here the details of, there were six organizations that we allocated to that were providing food rations, care kits, access to health information to the most vulnerable families impacted by the second wave of COVID-19. We're also looking at some other places to invest in terms of immediate relief. Hopefully, that explains why a portion of the funds were allocated to India along with other countries in need. The next question is from Mr Peter Joel Sharp. Is the Macquarie Foundation looking at any opportunities to assist COVID-19 vaccination rollout in developing nations? Again, Shemara, can you respond, please? Thanks, Peter. Thanks, Mr Sharp, for that question as well. Yes, the foundation has allocated some of its money to developing nations because, as you know, they're the ones that are struggling the most in terms of access to vaccines, and so having the most devastating impacts of all of this. The AUD 20 million has, out of the 40 grants, been allocated a lot to countries struggling to access vaccine. I did want to note that our business as well, I noted we have people working in many of these regions. We're also stepping up with tailored solutions by these developing countries to help our staff and also their families and loved ones access vaccines as well. Yes, thank you. That's an important issue, and we're trying to respond. Thanks, Peter. The next question is from Mr. John David Hall. Do pay for performance criteria or benchmarks include community engagement? If not, will this measure be considered for future rewards? Yes, I can say that community engagement certainly does feature in our way we look at our performance and the performance of our people. I think it was set out in the remuneration report. We look at the factors that are taken into consideration when deciding individuals' remuneration. They include financial performance, risk management and compliance, and the third item is business leadership, including outcomes for customers and the community. Finally, it's people leadership and professional conduct consistent with our codes of conduct and what we stand for. Outcomes for our communities are, and engagement with our communities is certainly a key item that we take into consideration when deciding remuneration. Mr. Chairman, the next question is from Mr. Stephen David Mayne. AusNet agreed to a request to release the proxy votes and the formal addresses lodged with the ASX before its July 15th AGM in order to facilitate better AGM debate. Afterpay did likewise last year. Why did Macquarie reject a written request to do the same and instead resolve to withhold disclosure of the proxies until after all questions are asked today? This also goes against Australian Shareholders' Association AGM guidelines. Can you cite anyone who supports withholding proxy disclosure like this? Well, thank you for the question, Stephen. It's our view that we've taken in the past and continue to hold, is that by releasing the results of the proxy votes prior to the discussion at the AGM would in fact inhibit debate rather than encourage debate. In our view, it's like at a general election, the outcome for postal votes being declared before the polls open, which is certainly not done. We do note that while some companies are happy to release their proxy voting early, that is by far from the standard for most companies. The next question is from Mr. Stephen David Mayne. There are five proxy advisors in the Australian market, Ownership Matters, ISS, CGI Glass Lewis, ACSI, and the Australian Shareholders' Association. We know that ASA is recommending and voting against the reelection of Chairman Peter Warne on tenure grounds. Have any of the other proxy advisors recommended against any of today's eight resolutions? If not, does that mean proxies in favor exceed 95% with all resolutions? Thank you again, Stephen. The ASA recommendation is the only one resolution recommendation that is against, that we're aware of. We'll see the results of all the proxy votes very shortly. Mr. Chairman, the next question is from Mr. David Lawrence Crapp. The Commodities and Global Markets business is the group's most profitable segment and is heavily reliant on demand for oil and gas. For example, for several years, we promoted ourselves as the second largest physical gas marketer in North America. Yet, in order to achieve the Paris Agreement's goal of limiting warming to 1.5 degrees, research from leading scientific organizations and the UN demonstrates oil and gas production must fall by 4% and 3% respectively by 2030. How would these declines impact the profitability of our CGM business? Has this been incorporated into our TCFD reporting? What steps has the group taken to shift its business activities away from oil and gas in line with anticipated market developments? Thank you for the question, and going to pass that question to our CFO, Alex Harvey, please. Yep. Thanks, Peter, and thank you for the question. I'd make a few comments, I guess, in response to that question, maybe more generally. I'd firstly highlight that one of the key strengths, obviously, of the CGM business is the diversity of the business. It's a very diverse business by product, by capability, and also operates in many different markets around the world. As you say in your question, one of the key parts of that business, though, is our presence in the North American gas and power market, and we've obviously been active in that market now for many years. We do think, obviously, on a medium-term basis about how that business is positioned as the world evolves. Obviously, there is a changing environment that we're faced with, and we're also talking to our clients about the changing outlook for their businesses. As you say, decarbonization is having a profound effect on the global energy landscape, and we're very mindful in that. We continue to work with our clients to achieve a managed transition to a net zero. We do, however, recognize that the world still has a high degree of dependence on oil and gas to power economies, and that will be the case until new commercially viable alternatives at a cost-effective basis become available. We'll continue to support our clients in these sectors, and we're engaging with them to design both finance and technology solutions that will help them deliver a managed transition to decarbonize and reduce energy intensive emissions in their activities. I'd note also that in addition to this, we're also very active across a number of other areas in the energy transition, including investing in projects that build capacity in carbon capture and storage. We're leading in voluntary and compliance carbon markets and establishing a new business within CGM called Global Carbon. We're also structuring and executing tailored solutions in smart metering, green power, purchase power price agreements, onsite generation and storage, peaking power waste, and zero emission transport. As far as the TCFD is concerned, we've just published our latest TCFD report, which includes Macquarie's progress on implementing the four pillars of the TCFD recommendations, governance, strategy, risk management, metrics and targets. This year, we continue to evolve our approach to scenario analysis, including in relation to physical risk analysis of selected parts of Macquarie's equity portfolio of infrastructure assets, including our exposure to oil and gas and power generation, and an assessment of the operational resilience of our businesses to the changing physical climate. Hopefully, that provides an indication of the focus that the CGM team has on the energy transition. These are very diverse businesses, I mentioned earlier. We are working very proactively with our clients over what will be a medium-term journey to a net zero outcome. Thank you. The next question is from Mr. Stephen David Mayne. "Did we really enjoy a AUD 300 million windfall from the Texas storms earlier this year? Please provide an update on any backlashes against this in terms of litigation, consumer anger, or regulatory intervention. Is Texas likely to impose a gas reserve policy? How does pocketing super profits from a natural disaster that hurts a community sit within our ESG framework? I might ask Alex to respond to that question as well. Sure. Thanks, Stephen, for the question. Obviously, we don't comment specifically in relation to the returns from that particular event. I would note, however, that in February, obviously, we did update our guidance to the market, which reflected the impact of that event on the group's results for March 2021. More generally, as I mentioned before, we've obviously been in the gas and power business in North America for a considerable period of time. One of the things that the team in CGM, and in North America has built is built a portfolio of access to a range of transportation and storage assets, which are vital assets in terms of moving product from where it's actually produced to where it's needed. The events in February were obviously an acute situation, and the team did step up meaningfully to respond to what was a very difficult situation for our clients in North America. I think that has been one of the byproducts of the significant investment the team has made and the experience the team has developed over the last 15 or so years in that market. We do see it as a medium-term story, and we do see ourselves and our team playing a very vital role in the U.S. and across markets in actually moving product. From where it was produced to where it was needed. Obviously, February was a very significant time in terms of needing to meet that customer demand at that time in the U.S. The next question is from Mr. Stephen David Mayne. How do we manage the potential conflict of interest when Macquarie Group decides to invest in principal with its own balance sheet rather than using one of its many managed funds? Please explain the different approaches with the recent AUD 3.5 billion Vocus Telecommunications takeover, Nuix, the recent AUD 450 million profit from the sale of the industrial smart meters business in the U.K., and the recent purchase of Wavenet in the U.K. by Macquarie Capital. Were all these shareholder investments, or were they shared with managed funds? Do clients ever complain about missing out on some of the best deals? Shemara, could I ask you to respond to that question, please? Yes. Stephen, all of our businesses have a very clear mandate in terms of where they invest. We don't have instances where something is an investment that qualifies for the funds or the commodities business or for the Macquarie Capital business. You mentioned, first of all, an investment that was made by our funds here in Australia. The funds are typically investing in more infrastructure-like businesses, so they invest in real assets that are usually, for example, in renewable energy, they'd be investing in operational assets that are typically more mature and lower return assets, but much lower risk. That's where a lot of our funds, pension fund investors, want their capital put. Whereas the balance sheet will invest earlier stage in more development projects, where there is much more complexity and risk, but hopefully higher return. You mentioned Nuix. That was, when we invested in it, a venture business. It had AUD 5 million of earnings, and it's now, as you know, the year before it listed, it had AUD 176 million. It was a very early-stage investment where the balance sheet will invest. Things like Wavenet, et cetera, are earlier stage investments that don't fit into the mandate of the funds. The funds invest in infrastructure assets, in real estate, in private credit, in transport, in agriculture, and also in mature renewable assets. Other sorts of assets are the assets of the balance sheet. In terms of the metering portfolio, that's a business where we're leasing meters. It's core business in the Specialised and Asset Finance business in CGM. It's not in the mandate of Macquarie Asset Management to run that sort of meter leasing business. It's also not something Macquarie Capital is expert at. Commodities and Global Markets, where the Specialised and Asset Finance business sits, does a whole lot of leasing of telecom handsets, meters, et cetera. The mandates of our operating groups are very distinct and hence the investments they make are very distinct. Mr. Chairman, the next question is from Mr. Craig Holcombe-Lyons. One of the principles mentioned by Peter Warne in the opening address was accountability. Macquarie made windfall profits from the IPO of Nuix, yet the prospectus was put together ignoring a history of missed earnings forecasts, management dysfunction, and huge staff churn. Whilst Macquarie made a windfall, many Macquarie shareholders who bought Nuix based on the prospectus and the good faith held in Macquarie-led IPO have made substantial losses, some realized and some paper. How is Macquarie showing accountability on this ongoing Nuix issue? Shemara, would you like to respond to that too, please? Yes. Thank you, Peter. I think I addressed a number of these points in my previous answer, where I said, in terms of us showing accountability, we remain aligned as the largest shareholder of Nuix. We have 30% of Nuix still. We also are a customer of Nuix, but we remain a committed medium-term customer and shareholder. We have to respect that Nuix is now an independent listed company with its own high-quality board, its own management, and we have to be guided by the Nuix board as to how it would like us involved. We're committed to supporting in any way we can. I also mentioned in relation to the IPO that there was rigorous due diligence undertaken there, consistent with all Australian IPO standard requirements and the standards our team meet in all IPOs they do. For unforeseen circumstances, Nuix has missed its maiden dividend. I just mentioned that we've been an investor since 2005, 2011, apologies. When it started as a very small company. We've seen it grow consistently. As with all of these businesses, there can be times when it grows a little faster, sometimes a little slower, and then external events obviously have impacted Nuix, unfortunately, in its first few months since listing. As I said, we have no further information than other shareholders on what the specific impact has been. We've seen an articulation of that by Nuix and its board and a commitment by Nuix and its board to continue to deliver and win back investor trust, and we're committed to be with them for that journey. Mr. Chairman, the next question is from Mr. Stephen David Mayne. Independent books have been written about BT, Afterpay, Twiggy Forrest, Kerry Stokes, James Hardie and many other Australian corporate topics. Why hasn't Macquarie ever proactively collaborated for a comprehensive book about The Millionaire's Factory, given that we are now a remarkable global success story with a market capitalization of AUD 58 billion? Shemara and Chair Warne, what discussions about a Macquarie book have occurred during your combined 49 years with the company? Well, I'd say a very flattering statement you've given us there, Stephen. Thank you for that. Our focus is really on running the business and meeting our obligations to clients, shareholders, staff, and the community. We think we're best to deliver the right outcomes for our shareholders by running the business and focusing on our obligations rather than writing a book. Mr. Chairman, the next question is from Mr. Stephen David Mayne. The spin doctors brought in by Nuix after the float when various issues blew up have basically been blaming Macquarie Group in briefings with journalists. Is that fair? Macquarie floated Nuix as AUD 5.31 last December, receiving AUD 565 million after selling down from 76.18%- 30.1%. The stock is now trading below AUD 3 after hitting a low of AUD 2.16 in late June, making Nuix one of the worst IPOs in recent history. Shemara told journalists this morning that Macquarie is committed to remaining a Nuix shareholder in the medium term. What is the current book value, and does that mean we won't be selling any of our 30% stake before next year's AGM, even though it comes out of escrow next month? This is another operational matter, so I'll refer to Shemara. Yes. Thank you, Stephen. I think I've extensively commented on Nuix and said that we are committed for the medium term. We don't comment on specific book value of individual assets. As I've said, we are committed for the medium term. We believe in this business as a customer and as a long-term shareholder, and we believe that it has great value over the medium term. Thanks. Mr. Chairman, the next question is from Actually, two questions are from Mr. John Sabljak. The first question, it relates to Nuix. The first is the ASX listing of Nuix appears to have inflicted material reputational damage on Macquarie. How did this occur and with the stringent risk management framework you have in place? The second question is I have a premium Macquarie Visa credit card, yet it does not have the functionality to make a BPAY payment in the future. When transacting, it indicates currently you cannot make BPAY payments for a date in the future, yet this functionality is available from my big four credit cards. When will this be rectified? In relation to the Nuix question, I'll just pass to Shemara again for that. Yes. Thank you, Peter, and thank you, Mr. Sabljak for the question. In relation to Nuix, as I've said, we deeply regret the impacts that there have been on investors in Nuix. We also, in terms of Macquarie's standing and reputation, are committed to proving to the market that, first of all, we're committed to Nuix, but seeing Nuix through in terms of its demonstrating to the market that it does have good medium-term prospects. I think that's all I can say in relation to Nuix. In relation to your personal situation, we'll refer you to our customer relations team, who will deal with you specifically on that. Thank you. Thank you. We will now go to the teleconference. We will now go to the teleconference. Thank you, Mr. Chairman. We'll now go to the teleconference. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Diane Bretherton. Please go ahead. Pardon me, Diane. Your line is now live. Thank you. Your next question comes from Rebecca Hinojosa. Please go ahead. Hello, can you hear me? Yes, we can. Hello. I am Rebecca Hinojosa, a resident of the Rio Grande Valley region in Texas impacted by NextDecade's proposed Rio Grande LNG project that Macquarie Bank is advising. Our community has made it clear that we oppose Rio Grande LNG. Our communities have passed anti-LNG resolutions, are legally challenging the project, and have stopped two overseas customers in Ireland and France that would have imported gas from Rio Grande LNG. We will continue to do everything we can to stop LNG in our community. Today, we have delivered over 11,000 petition signatures from the U.S. Our Australian allies have delivered 20,000 petition signatures urging Macquarie Bank to immediately consult with the Carrizo/Comecrudo Tribe of Texas, the Australian First Nations, and withdraw from Rio Grande LNG and fracking in Australian stations. Why is Macquarie Bank continuing to advise the Rio Grande LNG project and finance fracking in Australia when there is clearly tremendous opposition? Well, in relation to the Rio Grande project, I'd just like to clarify again that, as I've done it in the past, that our role in this proposed project is limited to a financial advisory role. We're not an investor or a sponsor of this particular project or providing any finance ourselves. We have limited influence as an advisor on whether this project will proceed or not. Having said that, given the concerns raised previously, we have continued to engage with NextDecade, who are the sponsor and promoter of this project and our client, on environmental and social issues above and beyond which would normally be expected for a financial advisor. This includes an understanding of the client's compliance with the relevant standards, including engagement under the Equator Principles, which include robust standards for traditional landowners, labor standards, and consultation with local communities. We've also engaged directly, and that includes me personally, with the community groups to listen to their concerns, and we have relayed those concerns to NextDecade. In relation to the Northern Territory fracking issue, Shemara, perhaps you might answer that. Yeah, I'm happy to speak. I think that was a question just generally in relation to fracking. What I might say as a precursor to that is that we at Macquarie, as you know, have been very committed to addressing climate change for a very long time. We started first investing in renewable energy projects in 2005, and since 2010, we've invested AUD 63 billion, or arranged that amount as well as invested. For every dollar of investment, as Peter said, in conventional energy, we have AUD 6.64 we invest in renewable energy. It's not just in energy. We're also working in transport, in the electrification of transport, in agriculture through precision agriculture, farming techniques, et cetera, to reduce emissions. Now, having said that, we recognize that we cannot get to where we need to get to overnight. It's got to be an orderly transition to get to the path we want to achieve. That this orderly transition, particularly in energy, we can't move overnight to, for example, a solar and wind-fired energy system because we will have all sorts of disruption happen from that, from the intermittency with blackouts, price surges, potentially job losses. Now, in terms of the transition fuels we use for firming, gas is obviously a much lower emission fuel than coal and even than oil. We're finding now, in the U.S., which has become an exporter of gas, two-thirds of the gas is produced from fracking. That gas is now being exported to developing countries and replacing coal. It's playing a very important role in the climate transition, be it the gas from here or from Australia. I don't think the question was specifically into a fracking project where we have a small shareholding in Australia, but if it is, happy to answer that. I might stop there for now, Peter. Thanks, Shemara. Yes, my question is about fracking in the Beetaloo Basin in the Northern Territory. Right. Yeah. Thank you for that. I'll ask Shemara to answer that question. Sure. I'm happy to answer that then. Yes, we are involved as an investor, a small investor, sub 5%, in a company called Empire Energy that is undertaking a shale gas project in the Northern Territory. The Northern Territory had a rigorous government inquiry in relation to shale gas activity, and there was an extended moratorium there while the industry implemented all of the recommendations coming out of that inquiry. Whilst we don't control Empire, we are aware that they have observed all those requirements and have a robust approach in terms of making sure that they protect the water quality in a wide region around their project. For example, they invest in triple casing in terms of the water aquifers. They also do ongoing monitoring of upstream and downstream water to ensure quality of the water. We're comfortable that, as I said, there's need for shale gas in this transition that we're all trying to support, and that Empire is a responsible investor in terms of observing the environmental implications as they work to deliver this firming source of energy, being the shale gas. Thank you, Peter. Thank you. Your next question comes from Nicholas Fitzpatrick. Please go ahead. Hello? Hello. Please go ahead. My name is Nicholas Fitzpatrick. I'm a Yanyuwa and Garrwa man from Borroloola in the Northern Territory. Our continent is very sacred to us Indigenous people and is very well connected to our beliefs and cultural ways. With these dangerous and risky methods of extracting gas and oil like fracking, it's just not worth it. It's been proven that fracking is a dangerous industry and is banned in a number of places around the world because of that very reason. It's too threatening to our water. We are a very dry continent. We shouldn't be doing anything that threatens our water. Is Macquarie Bank aware that the risk that fracking poses to water? If so, why does Macquarie Bank think that it's okay to risk of remote Indigenous communities and their entire water system by investing in a company such as Empire Energy? Shemara, you might answer that please. Yes. Thank you, Mr. Fitzpatrick. I think I answered the question in relation to fracking and the particular project where we have a 4% shareholding in Empire Energy, where, as you would know, there was a rigorous government inquiry in relation to shale gas activity in the Northern Territory. As I mentioned, there was an extended moratorium after that, and the industry has taken considered time to implement the recommendations. Particularly, I respect in relation to your water, it is important to ensure the quality of that water. Whilst we are not the person driving the project, we know that Empire has taken a very robust approach in protecting the water aquifers, as I said, with triple casing, well activity, and monitoring water quality up and downstream. I also wanted to note that we as Macquarie certainly respect our indigenous peoples and the culture and the rich heritage they bring. Australia has one of the most robust forms of legislation around protecting land rights for our indigenous communities, and rightly so. In relation to Empire, I know during their seismic acquisition program that they did a lot to monitor traditional owner cultural heritage. They had their work crews, in terms of their approach to minimizing environmental impact and other activities, really focused on this. In addition to that, we know that they have been engaging, hopefully with you as well, as traditional landowners, and that they have consulted widely and obtained, we understand, full and informed consent from all of the relevant groups in relation to their current and future work programs. Under the Australian Aboriginal Land Rights Act, as you know, no exploration or production activity can be carried out without such consents. We understand they have obtained all the relevant consents to make sure they comply with this. Thank you. Your next question comes from Shikera Thorne. Please go ahead. Thank you. I just wanted to ask if you could please explain to shareholders how funding Empire Energy to open new fracked gas exploration and production sites in the Northern Territory is good for Macquarie Bank's international reputation, particularly given the U.S. and Europe are considering a carbon tax on trade, and that Australia is not doing enough to reduce emissions. I think we have answered some of that question, but Shemara, is there anything else you would like to add to previous answers? I think we've spoken extensively about why we think, not just Australia, but the global community needs gas as a transition fuel. Even in the Paris 2050 case, it's envisaged that gas will be providing 15% of the world's energy needs at that point. Certainly, at this point today, we are not at a point where we can transition away from conventional fossil fuels, and gas is the lowest emission, or at the low end of emissions of those fossil fuels. To the extent we're replacing coal, oil, et cetera, gas has an important role to play for all of us in this transition at this point. In terms of our international reputation, we certainly make sure we comply with all global regulatory frameworks and the transition that each of our regions in which we operate is tailoring for its journey. At the moment in the U.S., as I mentioned, two-thirds of gas in the U.S. is produced from fracking. As things evolve in the U.S., we will continue to observe and respond to helping them in that transition journey. The same for Europe, the same for Australia. Thank you. Your next question comes from Michelle Sirwick. Please go ahead. Good afternoon. Can you hear me? Yes, I can. Thank you. At last year's AGM, we raised the issue of Macquarie's links to companies involved with the Adani Carmichael thermal coal project in Queensland, namely Macquarie's stakes in Marsh McLennan, Adani's insurance broker, and Stifel, one of the few banks left still willing to raise debt for Adani's coal port in the Great Barrier Reef World Heritage area. Macquarie has previously engaged with Marsh McLennan on the Adani issue, but it has had no effect. On Stifel, Macquarie said it would take our question on notice, but never followed up. Will Macquarie remain invested in these companies, which are supporting a massive new thermal coal mine, despite its expectation regarding coal exposure and net zero commitment? Thank you for the question. I'd firstly like to say that Macquarie's not involved in the Adani Carmichael coal project at all. In relation to the investments in Marsh McLennan and Stifel, they are investments held by our funds management business, our listed funds management business in the U.S. It's my belief that we're no longer a significant investor in Marsh, that a decision has been made to liquidate that particular shareholding. Although I believe we still have a shareholding in Stifel. We don't talk in detail about the conversations we have with investee companies. I can say that evaluating ESG factors is an important part of investment decision-making, and those issues are certainly raised with all our investee companies when we engage with our investee companies. Thank you. I'll now hand back to Macquarie. Mr. Chairman, the next question is from the Australian Shareholders' Association. On the 9th of February 2021, Macquarie said anticipate FY 2021 down slightly on FY 2020. On the 22nd of February 2021, Macquarie said expect group results to be up by 5%-10% on FY 2020. During those 13 days, there was a severe winter storm in the U.S., especially Texas. It is estimated that the storm increased revenue by up to AUD 300 million. NPAT in 2021 increased by AUD 284 million. Was this because of the Texas storm? If not, what else? Thank you for the question. I think as we've said previously and today, FY 2021 was a very different year, with financial performance of the company changing considerably as we moved throughout the year, making forecasting year-end results even more challenging than usual. I'll pass to our CFO to comment on your particular question. Thanks, Peter, and thank you for the question. As you will no doubt be aware, obviously very focused on meeting our continuous disclosure obligations. As Peter just mentioned, it was a challenging year for providing clear feedback to the market and guidance, but we were very mindful of those obligations throughout the year. We are a very diverse business, as you're aware, and of course, things can change rapidly. Things did change rapidly between the update we provided to the market at our operational briefing, and then the update we provided to the market on the 22nd of February 2021. In the context of that, obviously, the severe weather in the U.S. in early to mid-February meant that the transportation assets that I referred to in answer to an earlier question that we have access to within the CGM business became increasingly important as power and gas was required in various parts of the U.S., in particular in Texas and Oklahoma. The team in the U.S. really stepped up at what was a very challenging time for communities to make sure that supply of gas and power went to markets that were absolutely necessary at that time. As we indicated in our announcement of the 22nd of February, that abnormal weather event meant that we needed to update our guidance for the year. We moved from slightly down, which is what we said at the 9th of February, to up between 5% and 10% for the year. Again, a challenging period of time. It was a significant event, and we obviously, as we always do, we're very mindful of making sure we provide accurate guidance to the market as quickly as we possibly can. Thank you, Peter. Mr. Chairman, the next question is from the Australian Shareholders' Association. The IPO of Nuix contributed AUD 524 million to Macquarie Capital revenues. Understanding there were costs involved and accounting standards mean profits were shown and will be shown over a few years, what is it estimated that this IPO contributed to the Group 2021 NPAT? Let me just pass that question to Alex Harvey as well. Thanks, Peter. Thanks again for the question. We've obviously not disclosed this level of granular information in our financial statements. I guess there's a point that I would make that the profit outcome is not sufficiently material to require separate disclosure in our financial statements. Thank you. The next question is from Mr. Stephen David Mayne. The federal government is currently proposing tougher regulation on proxy advisors, including that they be forced to show companies copies of their reports before they are published. Do any of the proxy advisors currently do this with Macquarie, and does Macquarie support the proposal? Are there any concerns that such a move could set a precedent where our analysts could be forced to show companies drafts of their reports before they are sent to clients and investors? Thank you for the question, Stephen. I think over the years, we have received in advance copies of draft research work done by the proxy advisors, and they've been provided to us for checking of factual information. It's usually given to us 24, 48 hours before the publish date, and we've been invited to check for accuracy and provide comment. It doesn't happen every time, but it certainly does happen. As a matter of principle, I think that is good practice. It certainly doesn't help shareholders in analyzing the recommendations from proxy advisors if there are errors contained. To get a copy of a draft report to check for accuracy, I think is of value to our shareholders and obviously to the proxy advisors themselves. The next question is from Mr. Stephen David Mayne. Including the AUD 60 billion in assets under management with the recent AMP Fixed Interest business that we bought, total funds under management are now at a record AUD 753 billion. It was only AUD 534 billion when Shemara was announced as CEO in 2018. What is the likely timeframe for Macquarie's assets under management to crack AUD 1 trillion of the AUD 300 trillion managed globally? Are we yet in the top 20 in terms of the world's biggest asset managers? Thank you again for the question, Stephen. I might pass that question to the head of our Macquarie Asset Management team, Mr. Ben Way. Ben, could you answer that question, please? Sure. Thank you for that question. Look, we have a plan over the next 10 years to continue to grow our assets. It will likely be a mixture of organic and inorganic growth. It's hard to forecast given market situations, given flows from our various investors when we'll actually reach that point. It's certainly our ambition to continue to grow our assets under management. I think the most important thing is we obviously do that not for the sake of just growing our assets from a scale point of view, but rather, we do it based on making sure that we can provide the right solutions to our clients and we can do it in an appropriate fashion in terms of returns and profitability. Mr. Chairman, the next question is from the Australasian Centre for Corporate Responsibility. Can the board explain the investment rationale for its positions in Central Petroleum and Empire Energy, both of whom have plans to frack new gas basins in the Northern Territory? How are these plans consistent with Macquarie's climate commitments? Again, I think we've addressed those questions in previous questions. The answers which were provided to a number of questions in the past cover those, I think. Is there anything else you wish to add, Shemara? No. Only to say that, as we understand, Central is not involved in fracking in the Northern Territory. I think I've spoken about not just Empire, but our need for gas as a global community, as we transition to address the climate change challenge. Mr. Chairman, the next question is from the Australasian Centre for Corporate Responsibility. The chairman's presentation made much of Macquarie's investments in renewable energy. Can the chair confirm what percentage of Macquarie Asset Management's AUD 562 billion in assets under management is invested in fossil fuel or petrochemical infrastructure? I might pass that question to Ben Way. Ben, could you respond to that, please? Thanks for the question, and thank you, Peter. As you'd be aware, we've committed to a net zero commitment by 2040, which is 10 years ahead of the Paris Agreement. We're one of the first major global asset management players to do so. This obviously means that our portfolios are in transition away from fossil fuels. Today, less than 0.5% of our private markets portfolio is involved in coal. In terms of our public investments portfolio, less than 5% of our investments are in energy companies and less than 1% are in coal. I would say that we do see that there is a responsibility for market leaders like ourselves, particularly as it relates to the infrastructure sector, to play a role in transition. Every investment we make goes through a rigorous ESG screen. We also see that we have a responsibility within the marketplace to help the economy transition. That may mean that we invest in assets that do not have an ideal carbon footprint today, but where we can see a near-term plan where we can be a responsible owner to invest in that business to allow it to get to net zero as fast as possible. Mr. Chairman, the next question is from Mr. Stephen David Mayne. According to Myriam Robin of the AFR's Rear Window column, our CEO had lunch with AMP executive Boe Pahari and one other party at Sydney restaurant Balcon on Thursday, August 20, 2020, right in the middle of the public controversy about sexual harassment issues involving Mr. Pahari at AMP. Could Shemara please provide the context behind, purpose, and outcome of this lunch meeting? Was it a mistake in hindsight, given the optics? Shemara, would you like to comment on that? Yes, of course. It was a personal lunch and not relevant to Macquarie Group. The next question is from Mr. Stephen David Mayne. Our auditor, PwC, was paid AUD 35 million to audit Macquarie Group last year, and we paid them an additional AUD 12 million for non-audit services. How long has PwC been our auditor? When did we last tender the audit contract? Was it a mistake to have PwC as the auditor of Nuix, even though it was only 78% owned at the time? How deep does the PwC relationship go into our various funds, subsidiaries, associates and investments, such as with Nuix? I'll need to refer some of those questions to Alex. The PwC relationship has gone back a long time. The process that we have is that PwC is obviously a global organization, and we need a global organization to audit Macquarie's very vast global activities. The arrangements with PwC are really very restricted to our audit activities and other assurance activities. The other fees that were mentioned, they're primarily in relation to other assurance activities, but not particularly the statutory audit. The annual process we go through is that following the audit, the audit committee of the board and the senior management carry out a performance assessment of the auditor and go through a debate to see whether we believe that we have received appropriate service and for a reasonable price. Has the audit been to the quality and added value to the extent that we would expect? The audit committee makes a recommendation to the board about that level of service and whether the audit appointment should be continued. That's the process we undertook this year. As I said, we've undertaken the performance assessment back many years. In relation to the funds activities, I will have to pass to Alex, who might be able to help me on that. Thanks, Peter. Maybe just to say, firstly, in relation to the payment of fees to PwC. As you said, Peter, of the AUD 12 million of non-audit services, about AUD 9 million of that is for assurance activities. Which is really akin to, it's not an audit, but obviously a very similar process to the audit. The vast majority of fees we pay to PricewaterhouseCoopers is in relation to audit or assurance type activity. In relation to the second part of your question, which relates to the work that PwC did in respect of the Nuix IPO. Obviously, PwC were involved in the investigating accountant's report, which was a decision of Nuix as part of the float of that particular company. As Peter said, I think in terms of the work that PwC does for us that's outside the audit remit, we have a very strict policy approach to that, where matters in excess of a relatively small amount go to the chair of the board audit committee, and they're very few and far between. I think the board and of course management are very mindful of the independence of PwC. That's probably what I'd say, Peter. Just in relation to the PwC's involvement in our funds. Yep. PwC, we'd have to come back with the specifics of the policy. There is a policy around the appointment of PwC as auditor for the funds. We probably need to come back on the specifics of that, Peter. Thank you. Unless Kristin can add there. I want to just ask Kristin Stubbins to make a comment about auditing of the funds. Thank you, Chair. We audit anything obviously that is controlled within the Macquarie Group. To the extent that any fund is controlled, we are the auditor of that fund. We are also auditor of some of the other funds, not all of them. I don't have the exact percentage, Chair. Thank you. Chairman, the next question is from the Australian Shareholders' Association. There has been speculation that the accounting procedures leading up to the Nuix IPO were not what would have been expected. Have Macquarie's investigations revealed that there was any practice that wouldn't be deemed acceptable according to the high standards the group demand of its employees? Shemara, could you comment on that, please? Of course. I think I've said previously that we undertook the Nuix IPO process to the rigorous standards we always apply to IPOs, and have looked again at the work done and are comfortable that our team applied the high standards that we always do. At the time of the IPO, neither our team nor the vast broader team involved in the IPO had any reason to doubt the forecasts that were given. Clearly unexpected circumstances have occurred since then that have been articulated by the company as a separate listed independent company. At the time of IPO, we're comfortable we had no reason to doubt the forecast that were in the prospectus and undertook a very rigorous process, as I've mentioned. Thank you. Mr. Chairman, the next question is from the Australian Shareholders' Association. Macquarie has indicated that its role in Nuix was as a minority owner. Dr. Castagna, a full-time consultant of Macquarie, was appointed in 2005 to turn Nuix around. Dr. Castagna served time on fraud and money laundering charges, for which he was later acquitted and has received a significant payment on options that were not recorded properly in Nuix registry. Could you inform us of Dr. Castagna's relationship with Macquarie since he first joined as a consultant in 1998 and with regard to his activities in Nuix? Shemara, could you respond, please? Yes. I'd just say Dr. Castagna's consultancy with Macquarie ended in 2013. He was involved in Nuix when we invested in Nuix. We, as you know, we're a separate large shareholder in Nuix. We'll now go to the teleconference. Over to you. Thank you. Your next question comes from Charlie Cox. Please go ahead. Hi there. You claim that integrity. Sorry, your line seems to have dropped out. Can you repeat the question, please? No, not getting anything at this end. Thank you. Your next question comes from Kit Cheetham-Holmes. Please go ahead. Hello. Regarding the commitment we made in May to align our financing activity with net zero emissions by 2050, what changes were made to our systems and processes to ensure our financing activity is consistent with that commitment? Sorry- Elaborate on the steps. Sorry, could you repeat? Finance, yeah. Your line was breaking up again. We missed half the question. Could you repeat that, please? Oh, sorry. Can you hear me now? Yes. Regarding the commitment we made in May to align our financing activity with net zero emissions by 2050, what changes were made to our systems and processes to ensure our financing activity is consistent with that commitment? Could you please elaborate on the steps involved in assessing whether a particular finance deal is compatible with net zero 2050, including who is responsible for signing off such an assessment? Have the directors, in satisfaction of their duties to this company, ensured themselves that such assessment systems are adequate? I think I'll ask Shemara to comment on that. Yes. In making our net zero commitment, there were four things that we committed to. One is getting our operational emissions to net zero by 2025. We are well progressed towards that. The second one was in terms of working on investing in a bunch of new renewable projects, which we're well advanced on as well. We also committed in terms of our financing activities, to work on bringing those to net zero, and lastly working with our clients in terms of their activities and helping them with an orderly transition. What we said when we made the commitment is that we will look to put in place targets by the end of 2022. That's the work we're now doing. The second part of the question was, what's the process of determining whether a project. That's something that we're going to be doing work on to the end of 2022 in terms of setting the targets and the processes for evaluation. We've committed to make further disclosure on that as we move forward. We'll be setting science-based targets, and we're evaluating currently a number of methodologies to do that, and we'll provide further information in our plan over this next coming year. Good. Thanks, Shemara. Next question, please. Thank you. Your next question comes from Margarita Gonzalez. Please go ahead. Hello, can you hear me? Yes, I can. Hello. My name is Margarita Gonzalez, and I'm a resident of the Southwestern Rio Grande Valley region in Texas. Macquarie is the advisor for the Rio Grande LNG industrial project, a project which would indisputably be an environmental disaster for my community. On the local and global stage, we are facing a time-sensitive climate crisis that requires action, urgent action, to ensure that we are able to mitigate the worst, most extreme effects that will affect everyone on this planet of looming worsening climate change. Rio Grande LNG, respectfully, is a step in the wrong direction. This project would release more climate-killing greenhouse gases into the atmosphere, carbon emissions, the equivalent of 40 plants per year. I am here today to demand that Macquarie divest from Rio Grande LNG and all projects involved with fossil fuel destruction on sacred indigenous lands, just like the Beetaloo Basin in Australia, and invest in a just, equitable, overdue transition to renewable energy. A transition that will accelerate us into an entirely new political economy consistent with the Paris Agreement goals of net zero by 2025. We know that these ambitious goals will not be met with incremental market-based solutions, and we already have this renewable energy technology, Shemara. Mr. Peter Warne, Alex, Shemara, Ben, and Kristin if you are serious about standing true to Mr. Warne's opening remarks about Macquarie's net zero plan, that must be released immediately, which would honestly be in line with the legal opinion by the Centre for Policy Development. My question to all of the corporate executives and partners who I just named, will you agree to consult with the Carrizo Comecrudo Tribe, who are the native original peoples of the region? Thank you for your time. I think we've answered most of your question already. Again, thank you for your question and the comments. I think we need to just reiterate that in relation to the Rio Grande LNG project, that Macquarie is not an investor in that project. It has a role as an advisor only. We have no investment to divest. In relation to the other comments, I think we've covered all of those in our previous answers. I'm not sure that there's anything we can add. Thank you. Your next question comes from Edith Sheppard. Please go ahead. Hi there. I'd like to draw all of you and your shareholders' attention to the current inquiry into subsidies into hydraulic fracturing in the Beetaloo Basin in the Northern Territory. You've made frequent reference to the Pepper inquiry, which I note ended in 2018. Just yesterday, the inquiry heard evidence that most of the recommendations from the Pepper inquiry that you cite are not implemented, with many failed, delayed, or yet to be actioned. Given this, how can you claim that the recommendations are implemented? The three casings that you cite do not make the process safe, given the presence of steel and concrete-eating bacteria being present in the water of the Beetaloo Basin. The Aboriginal Areas Protection Authority, which is the body responsible for registering sacred sites, noted that the practice of shale gas hydraulic fracturing could have significant impacts on sacred sites and song lines arising from interference with either surface water or groundwater in the Northern Territory. Considering the fallout from the destruction of the Juukan Gorge in W.A. a bit over a year ago, will Macquarie ensure that projects and corporations that it lends to and advises have a comprehensive cultural water mapping survey undertaken to better understand the cultural interconnection between groundwater and surface water across and near the Empire Energy permits in the N.T.? Will you review this? If you find out that these things are not implemented, will you pull out? Shemara, can I ask you to respond to that? Yes. Well, I guess I'll commence by just noting again that we don't control Empire Energy. We're a 4% shareholder in Empire Energy. As I mentioned earlier, Empire Energy did consult with all the indigenous tribes in the area to make sure that under the Australian Aboriginal Land Rights Act, they were getting the consents before they could do any work. As we understand, they conducted extensive surveys to identify the sacred sites and other sites of cultural significance. In those and other sensitive areas where the traditional owners did not consent to exploration, these were removed from the permit permanently. We've shared with you the activities that Empire itself is undertaking and its commitment to making sure the environmental issues involved are met as well. As a 4% shareholder, all we can do is consult with the company we invest in and listen to their feedback, challenge it, et cetera, which is what we've been doing. The next question is from Mr. Stephen David Mayne. Macquarie's constitution mentions 10 as being the maximum number of directors, and we currently have 10 directors. Macquarie is one of the only ASX 100 companies with no constitutional room for board expansion to accommodate a non-board endorsed external candidate. Will you consider amending the constitution at next year's AGM to either adopt the Rio Tinto model of having no board size cap or matching AMP's cap of 16, ANZ's 15, BHP's 20, Scentre Group's 16, Westpac's 15, or the many listed companies which have a maximum of 12 directors? Stephen, thank you for your question. It's not an issue that the board has really considered. I can't make any commitments on behalf of the board. All I can say is that in terms of a cap on board members has never been an issue for the board. It's something I'll reflect on and discuss with the board. Mr. Chairman, the next question is from Mr. Stephen David Mayne. When COVID first hit, the RBA slashed interest rates to 0, started lending cheaply to banks, and committed to unprecedented money printing by buying AUD 5 billion of federal and state government bonds a week, which has led to purchases exceeding AUD 200 billion. Please summarize the impact and involvement of Macquarie in all of this. How much have we effectively borrowed from the RBA, and have we been active participants in buying up the record amounts of federal bonds being issued to fund programs such as JobKeeper? I'll refer that question to Alex Harvey to answer. Please, Alex. Thanks, Peter. Thank you for the question. Like all ADIs in the market, obviously, when COVID-19 first hit last year, we moved very quickly to provide significant support to our retail and our business customers who were affected by the pandemic. That support included loan deferrals and relief, and obviously, we continued to provide access to credit for those customers that needed it. We saw the outcome of that through the growth in our portfolios last year with our mortgage business up 29%, and our small and medium enterprise lending business up 13% for the year. We saw the support that the group had provided to customers over the course of the last 12 months. Using the formula offered by the RBA, the RBA obviously did extend the Term Funding Facility as a way to make sure that the financial market was liquid to provide that credit. Macquarie, as one of the ADIs in the market, did access the TFF as one source of the funding that we made available to clients over the course of the last 12 months. Obviously, what we're able to do is use that funding together with our other sources of funding to provide competitive low interest rates for customers and to support businesses as they navigated the challenging climate over the last 12 months. As we said at our full year results in March, our initial allocation of the TFF was AUD 1.7 billion. We've now drawn down an additional AUD 9.5 billion, which was the additional allowance or the supplementary allowance, which was determined as a function of the amount of credit that you provided to the market over the course of the last 12 or so years. In total, we've drawn AUD 11.3 billion of TFF, and we've been able to put that money to work into the economy to support our retail and our business clients. Obviously, we do have, as part of our cash and liquid management, we do invest some of that cash and liquids into high-quality securities like government bonds. I guess that covers the question, Peter. Thanks, Alex. Mr. Chairman, the next question is from the Australian Shareholders' Association. As Macquarie is widely known as a company at the forefront of change, why is this not reflected on the board? Why are new directors not people sought out who are knowledgeable in at least one of the rapidly changing technology-led disruption in which we undertake financial transactions, the emerging world of fintech, cybersecurity, or the area in which you are rapidly becoming a global player, alternative energy? I think the main point in talking about the composition of the board is that the board collectively possesses the skills, experience, tenure, and diversity necessary to govern an ASX-listed global diversified financial organization. This covers a very broad range of activities. The areas that you've mentioned are rapidly moving and broad, but they're also integrated into various other aspects of our business and strategy and the experience that our directors have gained through their prior executive roles and other boards that they're on. When additional knowledge in specific areas is required on the board, Macquarie engages with external advisors. It conducts site inspections and site visits, board workshops, and we can request and have requested more detailed reporting from management in relation to technology, cybersecurity, digital disruption. They're examples of this approach. We have many sources to generate the knowledge, skills, and experience. The real point is to have a very diverse range of skills and experience across a broad range of industries and backgrounds. Mr. Chairman, the next question is from the Australian Shareholders' Association. Mr. Warne, you have performed well as the Chairman. Why after 12 years on the board, the last five as Chairman, did you not ensure that there was a replacement chair on the board? Thank you for the question. My extension of time on the board is just really a timing issue. Given the level of changes in board composition over the last year or two, and in the regulatory environment, and in the overall external world due to the COVID pandemic, the board considered that it was in shareholders' interest for my term to be extended by a year. The board and chair renewal is an ongoing process, and we have excellent candidates on the board for my chair replacement. The next question is from Mr. Stephen David Mayne. What was the Macquarie Group's board view on the widely rorted AUD 90 billion JobKeeper Payment? It was very easy to qualify by just forecasting a drop of revenue, even if it didn't eventuate. Competitors such as Moelis participated in the scheme, whereas other companies like Scentre Group took the moral high ground and refused to apply. How did Macquarie play JobKeeper Payment, including in the many Australian businesses that we manage for third parties? Did any entities we control later pay back any JobKeeper Payment claimed? Shemara, can you answer that question? Yes. Sorry, Peter. We didn't participate in the JobKeeper scheme, and we don't believe any of our portfolio companies participated. We can take that on notice and check. Certainly Macquarie Group didn't participate in the scheme. The next question is from Mr. Stephen David Mayne. The explosion last week at the Currenta business is very serious, with at least two dead, 30 injured, and others missing. As the world's biggest infrastructure manager, is this the most serious accident and damage that has occurred on our watch? What sort of implications could this have on Macquarie? When we are a financial services company, why do we take the risk of directly owning and managing dangerous assets such as chemical plants without any industry partners? Shemara, can you respond to that, please? Yes, Stephen. Look, at the moment, our focus, as Peter said, is very heavily in terms of response, in terms of we still have people unaccounted for, so we need to identify what's happened there. We still have people hospitalized and injured, and we still need to secure the site. That's the first priority. After that, we will work with the Currenta team who will lead this and the authorities in Germany to try to understand the root causes and what we can do to manage the situation and situations like this going forward. As you know, in our infrastructure assets, and this is an asset that provides services to chemical industrial parks, so large German chemical companies, and services like utilities, water, wastewater, logistics, et cetera. That is core infrastructure type business. We do this all over the world. We have roughly just under 150 assets. We've been investing in this for many decades. These are areas that have been core to our business. We have 130,000 employees working in these assets across all the global regions in which we invest. Workplace health and safety is very important to us, and so we have practices in place as we go into these assets to do rigorous due diligence, but also to have a culture where our people feel accountable for ongoing performance of these assets. We have ongoing monitoring. We do independent checks periodically, et cetera, in terms of what we do with workplace health and safety. When incidents like this happen, we have a rigorous process for undertaking investigations, understanding what went wrong, learning lessons, working to correct them, but also ensure they don't happen again. For now, as I said, this incident has only just happened, and our focus is very much on immediately trying to ensure that we, in terms of the human lives impacted, are doing what we can early to respond. The next question is from Mr. Stephen David Mayne. How much is the Big Five bank tax costing Macquarie each year? Is it fair that we have to pay the tax, but foreign competitors and smaller rivals like Bendigo and Bank of Queensland are exempt? Are we lobbying to have this unfair tax either removed or applied equally to all banks in the Australian market? Is it a bipartisan position that is unlikely to change? Has Josh Frydenberg given any indication of potential relief from this unfair tax? Alex, I want to ask you to respond to that. Thanks, Peter. Thanks, Stephen, for the question. Just in relation to the amount in FY 2021, so the March 2021 year-end, the bank tax, for us, the levy for us was about AUD 80 million for the year. Obviously, in relation to the broader question, we operate in a range of jurisdictions, and we have to deal with a range of different legislative environments and tax environments. In the context of the Australian landscape, we are faced with the bank tax here and have now had it for several years and will continue to operate in that environment. The next question is from Stephen David Mayne on CEO tenure. Shemara owns AUD 155 million of shares in Macquarie and has received almost AUD 15 million in dividends since becoming CEO in 2018. She turns 60 this financial year and has been with Macquarie for 34 years and clearly doesn't need to work. Tony Berg was CEO for eight years, Allan Moss ran Macquarie for 15 years, and Nicholas Moore was in charge for 10 years. Can Shemara imagine a scenario where she would serve for as long as any of her CEO predecessors, and what is her current view of retirement? Well, I'd imagine Shemara is very much engaged and enjoying her current role. I'll ask her to respond about how she feels about it. All right. Thank you, Peter and Stephen. I'm sorry it's unnerving for you that we could have a 60-year-old running, being the CEO at Macquarie. I obviously am very passionate about this business and have been committed to it for a very long time. I've only been in the CEO role a couple of years, my focus has always been on what I can contribute. In this role, there's a new range of things that I feel I need to contribute. An important part of that being building the broader team at Macquarie, but particularly the immediate team of leaders under me to position the business to take it through to the next generation. Just like all of Tony Berg, Allan Moss, Nicholas Moore, who you've mentioned, I think all of our focuses has been on this business that we've devoted a lot of our lives to, and making sure that we deliver what we can to position the business to move forward to its next natural stage. Yes, I may be old, but I'm certainly enthusiastic and energized to continue to contribute for as long as is in Macquarie's best interest. The next question is from the Australian Shareholders' Association. As we all know, the required statutory accounting means that remuneration tables contain a number of factors that may or may not happen. Why not join a growing number of the ASX 100 and publish the actual take-home remuneration of your CEO, indicating the cash she was paid and the value of the shares that vested to her during the financial year? Well, thank you for the question. We did have mentioned this in previous years and when you've asked us the same question. The reason we don't publish take-home pay is that the REM report really focuses on awarded pay. It is about how we determined the remuneration for the last year of performance. In the Macquarie case, because take-home pay is mostly made up of earnings from previous years, and in Shemara's case, as the CEO, that is back seven years. The take-home pay has very little to do with current year's remuneration. It is actually got to do with what was awarded over the last seven years and what has happened to the share price of Macquarie over that seven years. It is somewhat meaningless to look at the take-home pay and judge about the most recent year's performance. It is not directly related. We think it's a bit, not necessarily meaningless, but it gives a false impression by focusing on the take-home pay. The real number to look at is the awarded pay, which we focus on. That's what we look at the current year's performance and decide on awarded pay. That's why the remuneration report is focused on awarded pay in addition to the statutory tables, which we have to do for legislative purposes. Thank you, Mr. Chairman. The next question is from Mr. Stephen David Mayne. When Shemara joined the Macquarie board in August 2018, she owned 800,000 ordinary shares, which at the time were worth about AUD 100 million. Today, she owns 992,881 shares worth AUD 155.5 million. Is Shemara aware of another public company financial services CEO with a bigger shareholding than hers? Can she confirm that she intends to maintain her magnificent record of never selling a share in Macquarie Group whilst employed by the group since 1987? Again, Shemara, can you respond? Look, I'm sure there are other people who have founded businesses who have very, very large shareholdings in the companies at which they work. In my case, yes, I've never sold a Macquarie share. You seem to be better across my finances than I am, Stephen, which is great. I view this not as a financial asset, but it's part of my alignment to Macquarie, and as long as I'm here, hopefully beyond, I continue to believe in the business and want to be a shareholder and am not looking to sell shares. Hopefully that covers it. We'll now go to the teleconference. Thank you. Your next question comes from Kit Cheetham-Holmes. Please go ahead. Given the International Energy Agency's finding that new oil and gas fields are incompatible with achieving net zero emissions by 2050, it appears our prospective loan for the new 10,000 bbl a day Patola oil project off the coast of Brazil is incompatible with this commitment, as would be any further funding for the West Erregulla gas field in Western Australia. In light of this finding, will Macquarie rule out any further funding for these projects and any other projects incompatible with the IEA's net zero scenario conclusions? Shemara, can you respond to that? Yes. Look, as I've mentioned, we're committed to supporting the climate transition. We made our own net zero statement just recently. As part of that, in addition to our own investing activities, you're talking here about Scope 3 financing activities, and we've said that we also want to, by 2050, make sure that we move to net zero emissions with our financing activities. As I said previously, that will be part of a glide path and we'll be setting our science-based targets, et cetera, and sharing them over the next year, and we'll operate consistent with that. Thank you. Your next question comes from Amelia Telford. Please go ahead. Hello. Can you hear me? Yes, I can. Great, thank you. During yesterday's Senate Committee inquiry hearing into oil and gas exploration and production in the Beetaloo Basin, Empire Energy CEO and Managing Director, Alex Underwood, confirmed that representatives of Macquarie Bank were on a paid chartered flight return from Darwin to Borroloola to Empire Energy's fracking site, which sits on Aboriginal land in the Northern Territory. Gudanji Traditional Owner, Rikki Dank, also spoke to the hearing yesterday and confirmed that Empire have not sought proper consent to frack on her land. Given that you have claimed that consent has been sought, however, this has been disputed by Traditional Owners, and given that you've claimed in its AGM that the Pepper Inquiry recommendations have all been implemented, when in actual fact the majority of recommendations have not yet been implemented, can you make a commitment that Macquarie will investigate these discrepancies, noting that this could cause significant reputational and financial risk to the company? Shemara, could you respond? Yes, I'm happy to say we will look into the discrepancies. We understand Empire is participating in the inquiry, but the information we have from Empire is that the industry has been complying with all the recommendations from the 2018 inquiry, and also, as I've mentioned several times, that they have sought consents and where they haven't been achieved, excluded the land from the permitted area. After the questions you've raised, we will definitely go and double-check on all of that. As I mentioned, we're a 5% shareholder, so in that capacity, we'll go and check. The next question is from Mr. Stephen David Mayne. The last Macquarie Group chairman, Kevin McCann, in Mr. Mayne's view, inappropriately went off and joined a listed competitor, Evans Dixon, serving on their advisory board. Could Chairman Peter Warne confirm that on retiring from Macquarie Group next year, he won't offer his services to any competitor of Macquarie? Are there any external headhunter firms being used to support the search for the next chair of Macquarie? Does this search include assessing external candidates such as former Macquarie CEOs? You can be assured, Stephen, that I would not take a role that would be in conflict with anything Macquarie is doing. I can give that guarantee. In terms of the chair succession process, that is the process that we are handling ourselves amongst the current board. There's no external person involved at the moment there. The next question is from Mr. Stephen David Mayne. What repercussions have flowed from the problems APRA identified with the bank? As chairman of the Risk Committee with a background in banking regulation, could Glenn Stephens comment on the board's involvement? Is it correct that some institutional shareholders, such as CalPERS, have chosen to vote against Glenn's re-election today to show some accountability at board level for the APRA sanctions? Is that fair? I'll answer the second part of the question first. I've seen in the press that two U.S. pension funds have voted against the reappointment of Glenn Stephens. It's our understanding that that is a standard process that those two funds have. In the U.S., there is a requirement for an annual vote on the appointment of the external auditor. Those two funds expect to see that in every company that they are a shareholder in around the world. It is despite the fact that that is neither an obligation in Australia or standard practice in Australia, but they vote no accordingly. That's not new. They have done it in previous years in relation to Macquarie elections. That's standard practice. In relation to the APRA process, I can ask Glenn if he could make a comment in relation to what Stephen has said. Thank you, Chairman. The board is actually very involved in overseeing and helping to craft the company's response to the situation that has arisen regarding the APRA matters. The APRA matters themselves are a matter of public record, of course, so I've no further comment on that. What's happening at the moment is that the management are working very hard at a very extensive program to remediate the issues, some of which go back quite a long time. We'll be engaging with APRA very closely in rectifying these over the quite near term. The board, the Risk Committee and the board more generally, are quite actively involved in oversighting what the management are doing here, and we are directly engaging with APRA ourselves. It's being taken very seriously, as it must be. As I said in my prerecorded remarks earlier today, I have supported a strengthening in our regulatory engagement and compliance framework because that is critical for us reaching our full potential as an organization. They would be my remarks, Peter. Thank you. Thank you, Glenn. The next question is from Mr. Stephen David Mayne. Could Remuneration Committee Chair, Jillian Broadbent, comment on the laudable decision this year to ditch fair value when calculating incentive grants, and also whether she has considered also following the ASA argument for Macquarie to disclose actual take-home pay rather than just what the accountants calculate? How has Jillian found chairing the Macquarie Rem Committee given the complexity of pay at Macquarie across its global operations? Jillian, would you like to respond to that? Thanks, Peter Warne. Thank you, Stephen. Firstly, the remuneration process and policy at Macquarie, it is complex, but it's been a very effective one over very many years. I think Peter Warne addressed earlier the issue of the focus of our disclosures is really on the current year remuneration rather than the actual take-home amounts for the reasons that he outlined. The remuneration approach is a very dynamic one. We continue to adjust and tweak the policy to align with regulatory and shareholder expectations. I think we've worked, in the Remuneration Report, to continue to review that report to ensure that it's as clear as it can be in conveying to everyone the challenge we have to use remuneration effectively and meet all of the stakeholders' requirements. I think the third part of the question was, have I found it challenging? I think, as I said, it's complex, but it's effective and I feel I and my colleagues on the Remuneration Committee are up to the task. Next question, please. Thank you, Mr. Chairman. The next question is from Mr. Stephen David Mayne. There has been a lot of interesting territory covered during today's AGM. In addition to the webcast archive, will Macquarie also publish a full transcript of the Q&A session on its website? Judges are not told to wade through video recordings of court proceedings. Nor should shareholders. Please join the likes of Transurban, IAG, and Woolworths and get with the AGM transcript program. Thank you, Stephen. The meeting, as we said earlier, is being recorded, and you can view that webcast on Macquarie's website this afternoon. As we've said in previous years, we don't have any intention of providing a transcript. Mr. Chairman, I confirm there are no more questions. As there are no further questions, I now ask for a summary of the proxy voting to be shown. Please note that all open proxies given to the chairman of the meeting will be voted by me in favor of all items. As you can see, the proxy votes were strongly in favor of all the proposed resolutions. If you have not yet cast your vote, I now ask you to do so. Link Market Services, our share registry, will act as returning officer and determine the results of the polls. Could everyone who wishes to vote ensure they have now done so? Thank you, ladies and gentlemen. The polls will now be closed. The results will be announced to the ASX as soon as practical this afternoon. That concludes the business of this annual general meeting, and I close the meeting. Thank you for your attendance and your support. We'll now play a video of more business activities conducted by Macquarie during the last year. I'm Scobie Mackay, and I'm a managing director in CGM based here in Houston. CGM is supporting clients to meet their energy transition commitments. One example of this is a product that we delivered in partnership with Oxy Low Carbon Ventures, an arm of Occidental Petroleum. In January 2021, CGM arranged and executed the world's first major carbon neutral petroleum shipment on behalf of Oxy. To achieve this, we measured and then offset the greenhouse gas emissions associated with the entire crude life cycle, thereby delivering 2 million barrels of carbon neutral oil. With this bundled carbon accounting, physical oil, and offsetting product, we delivered a solution that we hope will be a catalyst for a new market in climate differentiated commodities. Our expectation is that this will drive investments in longer term industrial scale decarbonization. Oxy's vision is to use direct air capture technology to capture carbon dioxide directly from the air and permanently sequester it as part of their enhanced oil recovery operations. This will take years and require large amounts of capital. Understanding this, we proposed an immediate carbon neutral solution that enables the development of a market for carbon neutral crude while they deliver on their longer term strategy. We believe that pragmatic solutions like these are a necessary part of the wider energy transition. Tara from our legal team will provide more background on the project. Over to you, Tara. I'm Tara Teeter, and I'm an associate director in the CGM legal team, also based in Houston. As Scobie mentioned, carbon offsets play an important role in supporting organizations on their transition pathways to net zero and carbon neutrality. This is particularly true for firms operating in hard to abate sectors as they strive to advance their climate objectives, but are unable to do so by reducing absolute greenhouse gas emissions via existing methods. Carbon offsets are also an important mechanism that bridges the gap while technologies in this space, such as carbon capture, are under commercial development. The mechanics of this transaction with Oxy were interesting. We arranged for specialized carbon supply chain accounting to calculate greenhouse gas emissions for the full life cycle of the crude oil cargo. This is significant because we were the first to offset emissions from oil extraction, transport, storage, shipping, refining, and ultimate use or combustion of the crude. The legal team at Macquarie used bespoke transaction documentation, which was developed in-house to directly link the underlying commodity transaction with the carbon offset transaction. We were pleased to be able to support our client, Oxy Low Carbon Ventures, on this front, and our hope is that this project will help create a new market for climate differentiated commodities in other sectors. We could not have executed this transaction without outstanding teamwork across all of Macquarie. This was a really exciting project to be part of and a great example of Macquarie's purpose in action, empowering our client to help build a better future. Thanks, Tara. The whole team in the Americas is excited to have been involved in this deal and is looking forward to similar deals that represent our purpose in action. I'm Ed Northam, head of the Green Investment Group in Europe, and I'm pleased to share more about how we're building a better future in EMEA. With ambitions to cut emissions by at least 55% by 2030, Europe needs to accelerate its energy transition fast. Thankfully, it's a region rich in sources of renewable power, in particular solar. Solar's costs have fallen by 82% since 2010, making it one of the lowest cost forms of new energy in most markets. These low costs, combined with an abundant resource, has led to significant deployment across the region and there's much more to come. At GIG, we've been working hard to accelerate this transition. Over the past two years, we've grown our solar development portfolio to over 8 GW, one of the largest in Europe, and assembled a team of world-class experts to deliver these projects into construction and ultimately operation. In February, we launched Cero Generation to take that portfolio and the Cero team on the next stage of their journey as an independent company. A development-focused business backed by GIG's global expertise and reach, Cero's singularly focused on solar across Europe. It sits alongside our solar development businesses, Bluel eaf in Asia and Savion in the U.S. Collectively, they're taking forward over 20 GW of solar development, innovating and investing for a greener global future. Alina, part of the GIG team that created Cero and now working in the business, is going to tell us more. Thanks, Ed. I'm Alina Goldie, Operations and Development Manager at Cero. A net zero future for this and every generation is Cero's mission. Cero is Spanish for zero. We pursue that mission alongside our partners, clients, and communities, specializing in the development of utility scale solar PV projects, on-site generation, and integrated storage, taking projects from development through construction and into operations. As Ed mentioned, I was part of the GIG team that secured Cero's solar development portfolio. We did that by investing in development companies and projects and forming joint ventures with local partners. Now, I'm part of a team of 40, working to bring world-class industrial, commercial, and technical expertise to our projects and clients. The creation of Cero was a team effort across Macquarie, with MacCap, FMG, RMG, and COG working closely together to create its brand and vision and launch a new website, establish new offices and IT infrastructure, transition existing colleagues and hire new ones, set up new entities, and more. It's been fantastic to be part of Cero's journey so far and to help build the business. Our ambition is to transform Cero into Europe's leading solar energy company and help deliver the continent's net zero ambition. Back to you, Ed. Thanks, Alina. With solar being one of the fundamental pillars of Europe's energy transition, we're proud to be part of this important journey