Morning. Welcome to the annual general meeting of Sydney Airport. My name is Trevor Gerber. I'm the Chairman of Sydney Airport Limited, and I've also been appointed to chair the meeting of Sydney Airport Trust I. Our Company Secretary, Karen Tompkins, is with me today, and has informed me that a quorum is present for each entity. I therefore declare that the meeting of the members of Sydney Airport Limited, and Sydney Airport Trust I open. Before we begin today, I would like to acknowledge the Aboriginal people of coastal Sydney, who are the traditional custodians of the land on which today's airport sits. We pay our respects to them, their cultures, and to their elders past, present, and emerging. Like last year, I want to acknowledge that today's meeting format is clearly a little different than what we are used to. As you can appreciate, the logistics of an AGM take months of consideration and planning. Foremost in our thinking was the safety and wellbeing of all participants and ensuring that unitholders had ample opportunity to ask questions. On behalf of the board, I would like to thank security holders for their understanding and express my hope that by this time next year, this meeting will be able to take place in person. We are broadcasting today from the airport's international terminal, and I'm joined in the room by CEO Geoff Culbert, incoming chair David Gonski, and members of the airport's management team. I'm also joined by our General Manager of Finance, Belinda Shaw, who is helping us run today's virtual meeting. I'd now like to hand over to Belinda, who will explain how today's meeting will work and the process for casting your vote. Thank you, Trevor. Today's meeting is being held on an online platform which allows security holders, proxies, and guests to attend the meeting virtually. Security holders or their proxy will also be able to ask questions and submit votes. All resolutions will be voted by poll. Once the chair declares the polls open, a voting icon will appear. The voting icon looks like a bar graph. Once you click this, you will see your voting options. You can change your vote at any time throughout the meeting until the chair declares that the polls are closed. There'll be a clear prompt later in the meeting to let you know when the polls will close. We've received a number of questions prior to the meeting, these will be covered during the designated question time towards the end of the meeting. We encourage you to submit questions at any time during the meeting today by pressing the speech bubble icon on your screen, typing your question, and pressing the arrow symbol to send it. If you're asking a question about a particular resolution, please start your question by identifying which resolution it relates to. Following voting and questions, the chair will declare the meeting's closed. Barry Azzopardi from Computershare has been appointed as the returning officer. Following confirmation from Computershare, final proxy and voting results will be announced to the ASX later today. The notice of meeting has been sent to security holders and is available on the Sydney Airport website. I'll now hand back to our chair, Trevor Gerber, to formally open the meeting. Thanks, Belinda. I will now take the notice of meeting as having been read, move all resolutions, and declare the polls open. As Belinda mentioned a moment ago, now that the polls are open, you can use the online platform to cast your vote. Given our focus on safety, the first item on the agenda for every important meeting we have, both internal and external, is to provide a short update on a specific safety issue or initiative by way of a safety share. Today, I'll invite our CEO, Geoff Culbert, to do our safety share. Thanks, Trevor, and good morning, everyone. I said at our full-year results announcement that one of the few silver linings of COVID is the much closer relationships that we've forged with all our stakeholders at the airport. Our operational relationships with the New South Wales Police, New South Wales Health, the Australian Federal Police, Border Force, and many other government and non-government agencies were good coming into COVID, but they've become even stronger through the events of the last 15 months. Recently, we've been working with New South Wales Health to support them to deliver the national COVID-19 vaccination plan. To that end, we have facilitated a vaccination clinic on site next to the international terminal, which has the capacity to deliver 300 vaccinations per day to airport workers and the people they live with. In addition to all the health and hygiene protocols that we've had in place since March 2020, having these airport workers vaccinated provides another layer of protection, and it gives the public additional confidence that the airport is a COVID-safe environment. As the vaccination program expands beyond phases 1A and 1B, we've also offered up Sydney Airport as a vaccination hub for the broader community, in addition to the airport workers and their families. Our consistent view since the rollout of the vaccine commenced is that if you get the vaccine, you should get your life back, and we'll continue to advocate for restrictions to be eased in line with the vaccine rollout. I'll discuss the outlook on our COVID-19 recovery later in my presentation, but for the moment, I'll hand back to our Chairman. Thanks, Trevor. Thank you, Geoff. I'd like to welcome fellow non-executive directors joining us on the webcast today, Grant Fenn, Ann Sherry, John Roberts, Stephen Ward, and Abi Cleland. I think it is also important to acknowledge that at the conclusion of today's meeting, David Gonski will assume the chairmanship of Sydney Airport Limited, and as I mentioned earlier, David joins me in the room today. I'll have more to say on this towards the end of the meeting, but for the moment, I'd like to warmly congratulate David on this appointment. I'm also joined online by the Directors of The Trust Company (Sydney Airport) Limited, the responsible entity for Sydney Airport Trust I, Russell Balding, Anne Rozenauers, and Patrick Gately. Also on the webcast today is Sydney Airport's Audit Partner, Nigel Virgo from KPMG. I would like to commence my address today by welcoming all of you, our security holders, proxies, and guests. I would also like to extend our thanks for your patience with this unusual meeting format, and also for your support throughout 2020, which will surely go down as one of the most difficult years in Sydney Airport's history. I'll start today with an overview of the 2020 results and how Sydney Airport responded to the COVID-19 pandemic. After my remarks, I will hand over to Geoff for his address before we move on to the formal part of the meeting and the resolutions. Before I go into the overview of 2020, I would like to highlight today's announcement that Sydney Airport is targeting the year 2030 for when we would achieve net zero carbon emissions. I'm indeed proud to make this announcement on my final day as chair of Sydney Airport, and pleased to know that the airport's leadership on sustainability will continue for many years to come. We have made significant progress on our sustainability agenda over the past few years, to the point where I can say our approach is genuinely market-leading. We led the way on the development of sustainable finance instruments like sustainability-linked loans and bonds, which ensure our sustainability commitments are backed by financial imperatives and incentives. Today's announcement represents another leadership step on sustainability, and I emphasize that our 2030 target is both ambitious and yet achievable. Geoff will go into more detail about how we intend to achieve net zero by 2030 in his address. Now we'll go to the overview of 2020. Again, I would just like to remind you that you can submit a question at any time using the online platform, and we will address it either during the meeting or at question time. Polls are also open. After the highlight of 2019, where we celebrated the airport's centenary and the arrival of our billionth passenger, I don't think we could have imagined the challenges that 2020 would bring. The metrics you see on this slide reflect one of, if not the most difficult year our business has ever faced. The year played out in two distinct parts. Excuse me. The first quarter versus the remaining nine months of the year. Our passenger traffic held up well during the first quarter, then declined sharply from April onward as government travel restrictions were deployed. The impact of these restrictions is evident in our total passenger traffic for the year, which fell by 75% on the year prior to 11.24 million passengers. The decline in passenger traffic is shown clearly in each line of our financial results. Revenue in 2020 was down by 51% to AUD 803.7 million. EBITDA was down by 62% to AUD 508.1 million, and net operating receipts, or NOR, declined by 95% to AUD 45.5 million. I want to emphasize that we are not passive in the face of these challenges. Indeed, we pulled every operational and financial lever available to us to ensure the long-term sustainability of the business. We reprioritized projects and reduced our capital expenditure envelope to AUD 237.5 million. We reduced our operational expenditure by more than 30% year-on-year to AUD 138.8 million. To summarize our 2020 performance, we controlled everything that was in our power to control, all with the aim of protecting our people. Excuse me. Protecting the airport's balance sheet, which I will discuss in more detail on the following slide. As I mentioned, in 2020, we pulled every lever available to us to ensure the long-term sustainability of the business. This time last year, we said we would place a premium on liquidity preservation to protect the airport's balance sheet. The events of the last 12 months have certainly validated the decisions we made and the actions we took. We moved quickly to secure an additional AUD 850 million bank facilities. We took decisive action on both operating and capital expenditure. Six months into the crisis, with the future still unclear, we proceeded with an AUD 2 billion equity raise. Something I want to emphasize is that we took a principled approach to every decision with deep regard for the impact on our security holders. This was borne out in practice through the equity raising we undertook, where we structured it in the fairest way possible to ensure all security holders could participate on a pro rata basis and would not have their holding diluted. The equity raise we undertook was strongly supported, with more than 80% take-up by existing investors by value. Retail security holders who did not participate received a 20% premium to the AUD 4.56 offer price. Institutional security holders who did not participate received a 16% premium to the AUD 4.56 offer price. The decision to raise equity, along with the other measures we took to protect Sydney Airport's balance sheet, have positioned the business strongly and could prepare it for the recovery as it emerges. I'll discuss our liquidity position on the next slide. As you can see, our liquidity position remains strong with a total of AUD 2.9 billion available at the end of April 2021, which comprises AUD 0.5 billion in cash and AUD 2.4 billion undrawn bank debt. This follows a bond maturity repayment of AUD 519 million in February 2021, following our full-year results update. Notwithstanding our strong liquidity position, our debt maturity profile, and our overall capital structure is something we continually manage diligently. Importantly, we remain committed to maintaining a minimum BBB equivalent credit rating, and I restate our expectation that we remain compliant with our covenant requirements. The benefit of our strong liquidity position is that it allows us to cover upcoming debt maturities and sustain operations for an extended period, even if there is no change to the status quo on international travel. On the next slide, I'll discuss distributions. The fact remains that the path to recovery of international travel remains unclear. With that in mind, the board believes it remains prudent to continue to preserve liquidity. On this basis, we have resolved not to declare an interim distribution. We appreciate the importance of distributions, and I want to assure you that the board made this decision only after careful consideration of the best long-term interests of security holders. It is important to note that in not making a distribution, the funds are not lost to security holders as the value is retained and contributes to our liquidity and balance sheet strength. At this point, we will not be issuing guidance relating to the remainder of 2021. We will continue to assess this on an ongoing basis. While there is no one specific single factor that will determine whether we issue guidance, an important indicator for us will be seeing with reasonable clarity a path for the recovery in international travel. I will now hand over to our CEO, Geoff Culbert, but before I do, I want to remind everybody that the polls are open, and you can use the online platform to cast your vote and submit questions. Thanks, Geoff. Over to you. Thanks, Trevor. In my presentation, I'll provide some detail on the performance of the businesses throughout 2020. I'll provide a view on 2021 passenger traffic, finally, I'll provide some brief comments on how we're preparing and responding to the early stages of the recovery. Starting with a look back on 2020, I don't think it's an exaggeration to say that it was one of the toughest years in the history of Sydney Airport. Turning to the next page, I'll take you through the impact that COVID-19 had on our aeronautical and commercial businesses. As you would expect, the businesses with the greatest exposure to the decline in passengers were the ones that were hardest hit in 2020, that has continued to be true into this year. The hardest hit in this regard were our aeronautical and parking and ground transport businesses. As you can see from this page, revenue fell across both these businesses by nearly 70%, which is closely correlated to our overall year-on-year passenger decline of 75%. Retail was the next most impacted business, down by 63.5% once abatements and doubtful debts were accounted for. Our property and car rental business by comparison, fared slightly better in 2020 as a result of greater diversification and a lower direct exposure to passenger numbers. On an adjusted basis, revenue across our property and car rental businesses was down by 37.3% from 2019. The adjusted numbers that I refer to and which you can see on this page account for all the rental abatements and doubtful debt provisioning, which we think shows just a more accurate view of the results for the year and just better reflects the actual impact of COVID-19 on each business. These are challenging numbers, they reflect the severe impact that COVID-19 and border closures have had on our business. Whilst it's been challenging on the business, I also want to acknowledge the impact that COVID-19 has had on our people in 2020 and into this year. Our people bore the brunt of some incredibly tough decisions that we had to make, including in August last year, when it became clear that the recovery would not be immediate or straightforward, and we made the hard decision to make nearly 25% of our people redundant. I'm incredibly proud of the team at Sydney Airport and the work they've done on the front lines of this crisis in very difficult circumstances. I'll say more on that later. If we turn to the next page, I'll take you through our passenger numbers for 2020 and the first quarter of 2021. On this page, you can clearly see the trend that Trevor mentioned earlier with respect to passengers in 2020. With the year split between the first quarter before COVID hit and the final nine months of the year. The top left-hand chart compares year-on-year domestic traffic, the green line represents 2020. As you can see, the passenger numbers were severely impacted by domestic border closures. Whenever the border closed, we saw a significant fall in traffic and then a rebound as soon as the borders reopened. For example, from May to July, traffic jumped by over 300% on the back of the short window of restriction-free travel to and from Victoria and Queensland before the borders snapped shut again following the Victorian second wave. Traffic ramped up again from October to December by about 250% before borders shut again following the Northern Beaches cluster in New South Wales. The clear message we took from this is that when state borders are open, people are willing to travel and there's plenty of pent-up demand that gets unlocked. Perhaps more importantly, when people have confidence the borders won't snap shut, the pace of the recovery accelerates, and we've seen that play out over the first part of this year. On the back of four months of relative stability around state borders, domestic traffic recovered to 65% of pre-COVID-19 traffic by the end of April. In the absence of further state border closures, we would expect a strong recovery in domestic traffic to continue. International traffic is a different story. Passenger numbers were consistently down by 97% across most of 2020, and that trend has continued into the first quarter of 2021. The Trans-Tasman bubble has been the obvious bright spot, but it's still early days for that, and the impact on the overall international traffic numbers is not yet material. It is important to note that it's significant for us on two distinct fronts. First, New Zealand is an important market for Sydney Airport. When you exclude transit passengers, it's our second largest route by passenger volume, accounting for around 12% of our traffic pre-COVID. Secondly, the Trans-Tasman bubble is significant because it provides proof of concept and the template for opening up to additional countries beyond New Zealand. We're currently seeing around 14,000 passengers a week on flights to and from New Zealand, which is approximately 30% of pre-COVID numbers on that route. With the benefit of time, the June long weekend, the July school holidays in the months ahead, we believe that we will see a further sustained recovery in Trans-Tasman traffic. Obviously, like domestic, the confidence that the border will stay open is key to sustaining that recovery, but so far that is all tracking well. On the international outlook more broadly, it is largely dependent on the federal government's approach to the international border. On that note, I do want to make a comment on the federal government's recent commentary on international borders and the assumptions in the budget last week that international travel will not resume in any meaningful way until mid-2022. The important thing to note is that this is a forecast. The one thing we've learned throughout COVID-19 is that the situation is dynamic. By that, I mean there are several factors that could assist in bringing that timeline forward, not the least of which is the pace of the vaccine rollout. This has to be the number one priority, and over the past month, we've seen a significant increase in urgency on this front. The faster we get the country vaccinated, the earlier we can talk about opening the border. It's as simple as that. As we move through the vaccine rollout, there is the potential for additional safe travel zones with other countries like the New Zealand bubble, and also programs for bringing in students and skilled workers in a safe and phased way. All of these will contribute to an improvement in international traffic as we move through the year. There's been a lot of commentary on the assumptions in the budget, and many have called for a clear plan for reopening. The plan that I keep coming back to is the one that was developed by the Business Council of Australia's Tourism, Transport, Freight and Logistics Task Force, which I chair. The BCA's plan was launched in March this year and recommends easing restrictions in line with each phase of the federal government's vaccine rollout. Once phase 1B is complete and the most vulnerable populations in the community are protected, it's our view that domestic borders should be permanently open. Following phase 2A, the plan recommends bringing key groups into the country, including skilled and in-demand workers and international students using appropriate quarantine methods. Finally, once we get through phase 2B, which covers the balance of the adult population, it's time to open international borders subject to proof of vaccination. Clearly, under this plan, the faster we can get the vaccine rolled out, the faster we can lift restrictions. We believe this is a common sense and logical approach, and it reflects the grand bargain that people are essentially making by getting the vaccine. If you sign up to get the vaccine, you're signing up to get your life back. Looking longer term, I do want to reiterate our view that we don't believe the pandemic will lead to long-term structural changes to travel demand. Domestically, our travel figures are showing that air travel remains attractive for Australians, and Sydney remains the central hub in Australia's domestic aviation network. Internationally, we strongly believe that Australia's competent management of the virus makes us a destination of choice in the post-COVID era. We are viewed by the world as one of the best places in the world to visit as a tourist, one of the best places in the world to study as a student, and one of the best places in the world to migrate to as a skilled worker. The opportunity for Australia in that regard is just enormous, and our business fundamentals remain the same as they were pre-COVID. We're a long-term asset. We have 76 years to go on our lease, and we have done all the work financially and operationally to ensure we get back to where we were as soon as the government gives us the green light. On the next page, I'll provide a specific example of how we're preparing for the recovery. It's important to highlight that despite the ongoing uncertainty about when quarantine-free travel will resume, operationally, we're ready to go. This slide demonstrates the current configuration of the arrivals level of the T1 International Terminal. You can see from the picture on this page that that terminal is split into a green zone to accommodate quarantine-free travel from New Zealand, and a red zone for passengers arriving from all other jurisdictions who are currently required to go into mandatory hotel quarantine. The bifurcation of the terminal has worked well. It's worked really well, and the processes we have in place are scalable. If additional quarantine-free bubble arrangements are announced, we can accommodate that. We have significant capacity in the green zone, and we'll be ready to go when we get the green light. That's what's happening on the aviation side of the business, and if we go to the next page, we'll cover the commercial portfolio. During our full year results call, we talked through our approach to tenant support, which has been in line with National Cabinet's mandatory code of conduct. We've been negotiating relief requests and abating rents on a quarterly basis, and earlier you saw the impact of those abatements on the performance of our retail property and ground transport businesses over the course of last year. As we enter this year, and with a degree of relative stability around domestic borders, we are seeing the very early green shoots of a recovery across our commercial portfolio. In retail, we had 54% of stores trading in April. That's up from 41% at the end of last year. By precinct, 80% of retailers in domestic are now trading, while the number of retailers trading in international has stabilized at 30%. In the first quarter of 2021, 76% of contracted retail rents were abated, and as our domestic retailers return to trade, we expect to progressively scale back our support in line with the domestic passenger recovery. Our expectation for retailers in the international precinct is that their return to trade will reflect the international recovery, and we'll continue to take a long-term partnership approach towards those relief negotiations. Across retail, our occupancy remains high at 96%, which suggests our retail tenants share our view on the long-term fundamentals of Sydney Airport. It's also reflective of the support we have provided to help them get through to the other side. Within our property business, 23% of contract rents were abated in the first quarter of this year. This is down materially from the 39% of contract rents abated between April to December last year, reflecting a domestic passenger recovery and a scale back of relief required by our property tenants. Hotel occupancy was 41% in April of this year, up from 17% in the second half of 2020. In April 2021, we saw demand for parking grow ahead of the recovery in domestic traffic, bouncing back to 84% of the 2019 prior corresponding period. The fact that parking demand is growing ahead of passenger recovery suggests a modal shift from the train, taxis, and rideshare to driving your own car to the airport, which makes sense from a safety perspective. We also recently reopened our Blu Emu long-term parking to cater for this growing demand. Like the aviation business, the impact of COVID-19 on the commercial business has been tough. As all of these numbers show, we are starting to see a welcome recovery. If we move to the next slide, I'll discuss our capital investment pipeline. On this page is a snapshot of all of our capital investments across 2020 and into 2021. Early in 2020, in response to the crisis, we divided our entire capital project pipeline into 3 categories. Critical projects, deferrable projects, and opportunistic projects. This allowed us to move quickly to reduce our forecast CapEx envelope, and we ultimately deployed AUD 237.5 million in 2020 across a number of critical or opportunistic projects. This compares to the forecast number of between AUD 350 million-AUD 450 million that we had at the start of 2020 before COVID-19 hit. Some of these projects have carried over into 2021, including the runway resheeting project and the retail redevelopment in T1 International. In 2021, our focus remains on critical projects which target things like safety and asset resilience and include the projects shown on this page. It also includes works to enable the Sydney Gateway project that is currently underway. We're also bringing a number of additional opportunistic projects online, and these are projects that can be completed faster with less expense and disruption due to low passenger traffic volumes that we're experiencing. Good examples of this are the T1 retail works and the international arrivals forecourt redevelopment scheduled for later this year. As we've always said, our CapEx program is modular. We'll constantly review it. It won't get ahead of the recovery, and we'll ensure it's appropriate given the evolving market conditions. Let's turn to the next page, and we'll talk about sustainability. As Trevor mentioned, today we are announcing our commitment to achieving net zero carbon emissions by 2030. Importantly, and this is an important point, this is not a faraway target left to the next generation to solve for. We're making this commitment with clear line of sight to the outcome and definite actions to get there. The biggest of which is a switch to 100% renewable energy. This will eliminate all of our Scope 2 emissions, which currently represent 93% of emissions under our operational control. We also remain committed to reducing our Scope 3 emissions, which cover all other emissions generated by third parties on the airport precinct. We'll do this by working with airport stakeholders to transition to low or no emission airfield equipment and vehicles. We'll also offer green electricity for energy users on airport, and this will assist, and we'll also assist in the drive to use sustainable aviation fuel. Net zero aside, we're just really proud of the fact that we didn't lose sight of our broader sustainability and community agenda throughout 2020, and this has been reflected in improvements in a number of key areas that you can see on this page. Our leadership in sustainability was recognized by global ratings agencies. We ranked third globally in Sustainalytics airports sub-industry sector, are sector leaders in S&P Global Sustainability Yearbook for 2021, and we are rated AAA by MSCI. We also continue to build our safety culture, exceeding the target for safety walks and continuing to strengthen safety governance. The number of injuries across our workforce also reduced by 43%. We expanded our focus on mental health and wellbeing in recognition of the demands that were placed on our people by the crisis, which were significant. More than 1,000 hours in new mental health training were delivered, including our first volunteers being trained in Mental Health First Aid. This has been a tough place to work over the past 12 months. I know a lot of businesses talk about the challenges of working through COVID, but when your business is down by over 90% and you have teams on the front line greeting passengers off flights from overseas on a daily basis, it's next level challenging. Once again, I just can't express enough how proud I am of the team at Sydney Airport for the way they have responded to this crisis. For the first time ever, we achieved 50/50 male-female representation on our executive team, and our gender pay equity ratio improved to 99.8%. Our commitment to our people during this time was reflected in an improved employee engagement score of 80%, which was up 14% on the 2019 result, which we were particularly pleased with given everything we went through last year. We also updated a number of our important policies, including our Code of Conduct and Human Rights Policy, and we introduced a new Fraud and Corruption Control Policy. Sustainability requirements under our Supplier Code of Conduct were strengthened, and we developed our first Modern Slavery Statement under the new Federal Modern Slavery Act, which can be found on our website. In summary, 2020 was not a year where we stood still on our sustainability agenda despite all the challenges that we faced. Our focus on sustainability continues, as does our engagement with our local community, which I'll discuss on the next page. Unfortunately, the COVID-19 crisis meant that some of our annual activities, such as the Runway Run, couldn't happen in 2020, but we were still able to deliver several important initiatives and events for our local community. We donated to bushfire-affected communities, and through our lost property auction, we supported the Sydney Children's Hospitals Foundation. At the depths of the crisis, when activity at the airport was slow, we established the Commons at Syd, a program that gave our staff the opportunity to share their skills and expertise with local organizations requiring support. Our people contributed nearly 2,000 volunteer hours to emergency relief, local schools, and environmental initiatives over the course of last year. Through our work with the Gujaga Foundation, we formed a partnership with the Gamay Rangers, a ranger program in La Perouse that undertakes land management activities on cultural areas within Botany Bay. We partnered with the Raise Foundation to mentor students at Canterbury Boys High School, a partnership that will continue and grow into this year. I emphasize the importance of our local community to the airport because we see ourselves very much as a community asset as well as an infrastructure asset. All these activities are crucial in that regard, and we'll continue to find ways to work with and support our local community, many of whom make up the 35,000 people who are ordinarily employed on the airport precinct. That brings me to the end of my presentation, but before I hand back to Trevor, I do want to acknowledge the fact that David Gonski will succeed Trevor as our Chair at the conclusion of today's meeting. On behalf of the staff and management team at the airport, I want to thank Trevor, and I want to acknowledge his 19 years of service on the board and six as the Chair. Trevor leaves an incredibly proud legacy, and his contribution to the airport for and on behalf of security holders just can't be understated. Despite the impacts of COVID-19, during the 19 years that Trevor has been on the board, an annualized total shareholder return of 18% has been realized for security holders. Over the same period, the airport has invested AUD 5.3 billion in infrastructure and capital improvements that directly contributed to an enhanced customer experience. This investment is generating results. In every single year of Trevor's chairmanship, Sydney Airport has improved its passenger quality of service rating in the ACCC's annual monitoring report. In February, we received our highest rating since the airport was privatized in 2002. As impressive as these stats are, I think Trevor's enduring legacy will be his leadership through the biggest crisis in the airport's history. He's been a wise and steady hand throughout this period. He's been an enormous source of support to me and the entire management team. Trevor has expertly guided us through the worst of the crisis, and he has set us up to succeed through the recovery. I want to close today by reiterating my thanks to Trevor on behalf of a grateful staff and management team at Sydney Airport. With that, I'll hand back to Trevor. Thank you, Geoff, also thanks so much for your very kind words. On behalf of the Board, I would also like to express our thanks to Geoff, the management team, and the staff at Sydney Airport for the work they have done over the past 12 months in responding to the impact of COVID-19. It has truly been a remarkable effort, we are immensely proud of the resilience and competence they have demonstrated through the crisis. As I retire as Chairman after this meeting, I would like to add my personal deep and abiding gratitude to my fellow directors, Geoff, and the entire staff for the phenomenal effort and compassion they have demonstrated prior to and including COVID times. Let's now move to the formal proceedings. Like our virtual AGM last year, the format of today's meeting will be different to what we're used to, but we will explain it as we go along. A reminder that the polls for the resolutions to be considered today remain open. You can cast your vote at any time using the online platform. I will provide comment on each of the resolutions and then proceed to questions submitted prior to and during the meeting. In summary, the business to be considered today for Sydney Airport Limited is shown on the slide. Firstly, the consideration of the Sydney Airport Limited financial statements and reports. The 31 December 2020 financial report for Sydney Airport Limited does not require a formal resolution, and accordingly, no vote will be held on this item. I note that no questions of the auditor have been received in advance of today's meeting. SYD Resolution one, the adoption of the remuneration report, which forms part of the directors' report for the period ended 31 December 2020. The remuneration report includes an explanation of the remuneration principles, policy, and structure, the role of the Nominations and Remuneration Committee, and the remuneration arrangements for directors and key management personnel. I am a member of this committee and would note that we take the setting of executive compensation very seriously. Our remuneration strategy aims to link the potential benefits for individuals to our long-term financial performance and security holder returns. We are committed to ensuring that it aligns with relevant external benchmarks, including challenging objectives and a rigorous assessment of performance against these objectives. In accordance with the Corporations Act, the vote on the adoption of the report for the year ended 31 December 2020 is advisory only and does not bind the directors of Sydney Airport Limited. We will, however, take the outcome of a vote into account when considering future remuneration policies for non-executive directors and executives of Sydney Airport. I also wish to note that the CEO's retention rights specifically are being considered in Resolution four. To ensure that security holders have an opportunity to consider this resolution separately from the broader remuneration report, we are not required to seek approval, but thought it worthy of full disclosure. Resolution two, the re-election of Grant Fenn as a director of Sydney Airport Limited. In accordance with the SYD constitution and the ASX listing rules, Grant Fenn today retires by rotation and has offered himself for re-election to the board of SYD. I confirm that the board of SYD considers that Grant qualifies as an independent director and supports his re-election. I welcome Grant Fenn, who is on the line to address the meeting. On the Sydney Airport board since October 2015, and I'm a member of the Safety, Security and Sustainability Committee and the Nominations and Remuneration Committee. I have extensive experience in aviation generally and airport operations in particular, having spent 14 years as a senior executive at Qantas and a member of the Qantas Executive Committee. Having been responsible for airport operations across the globe for Qantas, including their freight operations and airport pricing, I do bring a level of experience to the board that I believe is valuable, particularly in these times. As many of you would know, I'm also the CEO of Downer EDI Limited, an ASX 100-listed company. It's sometimes questioned whether I have the time to do both jobs. Look, I can assure you that I manage my time as required for the benefit of Sydney Airport, and as you can see in the last annual report, your board has understandably been working hard for shareholders with over 22 unscheduled meetings, of which I have been part. I'm very committed to Sydney Airport, and I really do look forward to continuing to serve unit holders if re-elected. Thanks, Grant. I now move on to Resolution three, the re-election of Abi Cleland as a director of Sydney Airport Limited. In accordance with the SYD constitution and the ASX listing rules, Abi Cleland today retires by rotation and has offered herself for re-election to the board of SYD. I confirm that the board of SYD considers that Abi qualifies as an independent director and supports her re-election. I would like to give Abi this opportunity to address the meeting. Thanks, Trevor. I'm Abi Cleland. I've served on the Sydney Airport board since April 2018. I'm a member of the Audit and Risk Committee and Nominations and Remuneration Committee. I'm also a Non-Executive Director of ASX-listed Coles, Aurizon, and Computershare. I bring retail, infrastructure, and banking and finance experience to the board. If re-elected, I look forward to leveraging my strategic, digital, and commercial skills as part of the board to help rebuild and reimagine the airport post-COVID. Thank you. Thanks, Abi. I move to Resolution Four, the approval of the CEO retention rights. Due to the impact of the COVID-19 pandemic on Sydney Airport, the board have implemented a retention structure for the CEO and key management personnel who we believe to be critical in guiding the airport through the COVID-19 crisis. Additionally, as we contemplate the recovery, we believe continuity in leadership will be an important factor in ensuring the company is on a strong footing to drive investor returns in the medium and long term. The retention plan was deemed vital as a consequence of three years of unvested rights being highly unlikely to meet their performance hurdles and therefore failing in their objective as a financial retention mechanism. The board's objective was to construct a fair and reasonable incentive sufficient to secure and retain key management personnel services, including the CEO, through the most challenging period in the airport's history. The board are unanimous in their recommendation that investors vote in favor of this resolution. I move to Resolution Five, the approval of the CEO long-term incentives for 2021. Sydney Airport has an equity-based long-term incentive plan for the CEO, known as the LTI. Further details of the terms of the LTI and the proposed grant under the LTI plan to the CEO are set out in the appendix to the notices of meeting. This year, security holders are being asked to approve the equity component of the CEO's remuneration package for 2021. This relates to the proposed grant of rights being rights to acquire Sydney Airport stapled securities, subject to the satisfaction or waiver of certain performance conditions under Sydney Airport's Long Term Incentive plan, as detailed in the appendix to the notice of meeting. While Sydney Airport is not required to seek investor approval for this grant, the Board has determined that investor approval for equity-based allocations to the CEO will be sought for 2021. I confirm that the Board of Sydney Airport Limited supports the approval of the grant and the CEO's continuing participation in the LTI plan. Now we move on to the resolutions as tabled for Sydney Airport Trust 1, and now shown on your screen. Resolution one, the re-election of Russell Balding as a director of The Trust Company (Sydney Airport) Limited, the responsible entity for Sydney Airport Trust 1. In accordance with The Trust Company (Sydney Airport) Limited constitutions and the ASX listing rules, Russell Balding today retires by rotation and puts himself forward for re-election to the board of the responsible entity of SAT1. I confirm that the SAT1 board considers Russell to be an independent director and supports his re-election. We'll now move to questions. First, we will cover the pre-submitted questions, and then we'll move on to any questions we have received throughout the meeting. I will invite our General Manager of Finance, Belinda Shaw, to read out the questions. Thank you, Trevor. The first three questions are from the Australian Shareholders' Association. The first question is, "Why do you believe that the retention payments are appropriate given the lack of return for shareholders, and do they present a disparity when compared to other Sydney Airport staff who may have had their salaries reduced? We have spent an enormous amount of time and effort considering these retention payments, the structure, and the essence behind them. I think I referred to this in my address. I'll elaborate further as I have to many of our investors with whom we've spoken, both prior to and post suggesting these retention payments. The first is that we've belabored the point that it's been an incredibly tough year for our people. The second point is that in terms of remuneration, we have a retention mechanism which has been built into the structure, which involves the granting of the long-term incentive annually, which lasts three years for each tranche. There's always three years of buildup of this equity mechanism, which partly acts as a retention tool. Because it's performance-based and has triggers based on financial outcomes, with the onset of COVID-19, the value behind these were virtually obliterated overnight, which meant that we no longer had a retention mechanism for our key people, and of course, it also meant that there was potential to assess whether they were being properly compensated for the consequences of what we were all doing. Going back to that, I will note that they, and indeed the board also, forwent their remuneration for three months at the end of last year. We also decided we have a bonus system, which is assessed annually based on certain triggers. In simple terms, the triggers are half financial and half non-financial. The half financial were never gonna be met because of the onset of COVID. However, the non-financial, by all critical analysis, would have paid out, and based on the effort and energy and the achievements of the group, would actually have paid out reasonably handsomely. In consultation with Geoff and he with management and with the board, we decided that the timing and the impact on shareholders was such that it was not appropriate to grant a short-term remuneration. With all of those factors considered, we looked at the retention mechanism, which had disappeared, and we decided that a value of roughly half of the base salary of the individuals concerned each year for three years is an appropriate mechanism. I hasten to add that retention is not just about remuneration, but clearly it cannot be ignored either. Do we have a second question, Belinda? Yes. The second question is, "Does the board intend to review vesting periods of LTI to increase to a period of four years and thus better align with shareholder interests? In addition, will the board consider an increase in the equity component of the STI to a 50/50 ratio? This is something that I know we've spoken about before, and we will continue to look at it. The fundamentals behind every remuneration package is that it is just that, it's a package, and it comprises different components. It is sometimes easy to focus on one component in a negotiation and say, "I would prefer something different." To do so, you really have to have regard to the entirety of the package. As a package, we are confident that our package is appropriately crafted. Having said that, I have no doubt that the board will continue to reassess the validity of each of those components and indeed the aggregate. The third question is, "Will the board include the actual remuneration of the CEO and KMP in next year's annual report? There's much made of this issue. For those who have had the temerity to actually read the remuneration report, you'll find that it could be English, but it could be gibberish. It is filled with tables and torturous terms. To add an additional table is not something done lightly. There is already information in that report which allows someone to pick out what the actual remuneration is for the year. We will continue to look at it, but we don't want to complicate that report any further. The fourth question is: what is Sydney Airport doing to mitigate the risk of future losses due to public health shutdowns like COVID and other large-scale events? That's a deep question and has required enormous experience in learning over the past period of time. Our focus right now is recovering from the impact of COVID-19, and in my presentation, I reflected on several of our responses in 2020 that were taken to lessen impacts. We have now dealt with the pandemic for over 15 months and learned so much that will help us improve our response to any future public health shutdowns. As it stands, we have strengthened our business continuity planning, developed close and positive working relationships with government agencies, and our teams have demonstrated strong ability to rapidly respond to changing circumstances involving multiple stakeholders. We've also introduced efficient ways of working and technology that supports remote working. We believe that the lessons learned and what we continue to learn from the COVID-19 crisis will position us well to navigate any future similar challenges. That covers the pre-submitted questions. We actually do not have any online questions at this stage. With no further questions, I'll now hand back to you, Trevor, for the proxy results. Thanks, Belinda. On the screen, you'll be able to see the number of valid proxies received for each resolution prior to the meeting. The status of proxy votes in relation to each resolution is detailed on the screen. All undirected proxies allocated to me as Chairman of the meeting will be voted in favor of each item of business. I will give you some time now to read the proxy results displayed on the screen. I am truly delighted at the tremendous show of security holder support that these proxy results demonstrate. This is a meaningful reward and a vote of confidence for all of us who care deeply and perform our roles to the utmost of our abilities. Voting has now been open for the entirety of the meeting to allow ample opportunity for those voting with new technology. If you have not lodged your online vote, please do so now as I'm about to close the polls. Thank you to all of you who have attended the live webcast and asked questions. I hope everyone remains safe, and I sincerely hope this time next year, security holders will be able to attend this meeting in person. I now declare the polls closed. The results of the vote on each resolution will be announced to the market and will be available on both the ASX and Sydney Airport later today. Before I bring this meeting to a close, I would like to take just a few moments to acknowledge this is indeed my final AGM as chair, and at the conclusion of this meeting, so too will my time as a non-executive director of Sydney Airport come to a close. My time as Chairman of this great business over the past six years has not only been one of the highlights of my career but an enormous honor. I feel immensely proud to have been given this privilege, and in particular, to have led the board and worked with Geoff and the management team as we charted a course through the challenges of the past 12 months. I'm also very pleased that David Gonski has agreed to succeed me as Chairman at the conclusion of today's meeting. David is a titan of Australian business and a terrific human being. I could not think of a more qualified or appropriate person to chair the board of Sydney Airport. David is with us and present. I'll now ask him to introduce himself and briefly address the meeting. Thank you, Trevor. I appreciate your introduction and kind words. It gives me a great deal of pleasure to speak to you, our security holders. I echo and strongly endorse all of the comments that Geoff has made about Trevor's tenure and add one of my own. I personally feel very fortunate to have worked closely with Trevor this past two and a half years, and especially over the past 12 months. Seeing him leading the board in such difficult circumstances has been both inspirational and very instructive. He has, in my view, done a masterful job. I should add, his attention to every detail to ensure that the handover to me is seamless, has been incredible, and from my point of view, much appreciated. I've been fortunate through my career to been associated with many businesses. What I've concluded from this is that not surprisingly, businesses that have great assets and good management generally do extremely well. Sydney Airport has, in my opinion, both a great asset and a very good and highly competent management team, as well as an engaged and energized workforce. That is why I'm excited to be given the opportunity to be its chair. The airport we have is Australia's international gateway and the central hub in our domestic aviation network. It's in the nation's financial and tourism capital, a city that is home to more Australians born overseas than anywhere else. Importantly, despite this temporary bump, in the context of a proud 101-year history, all of the preconditions are there for the quality of this asset to shine through once more. We will travel again. That pull that we feel to visit friends and family, to discover the world, to travel and learn has not been extinguished by COVID-19. I remain incredibly optimistic about the future for Sydney Airport. I look forward to working with the board and management through the recovery to deliver growth for all our security holders. For now, I hand back with great thanks to Trevor. At next year's AGM, I look forward to seeing many of you face-to-face once again. Thank you, David. I appreciate your very kind words about me. All that is left for me to bring today, excuse me, is to bring to a close today's proceedings. Thank you for your engagement and attendance. I wish you all the very best.