Accent Group Limited (AX1) Earnings Call Transcript & Summary

[Audio Gap] By acknowledging the traditional custodians of country throughout Australia and recognize their continuing connection to land, waters and community. I pay my respects to them and their cultures; and to elders, past, present and emerging. For our New Zealand attendees. [Foreign Language] I'm delighted to say that today's meeting is the first opportunity we've had to hold an in-person meeting since the COVID pandemic. To provide shareholders with flexibility, the meeting is also being held online via the Computershare platform. Those attendees joining us virtually can hear a live webcast of the meeting. In addition, shareholders and proxies attending virtually also have the ability to ask questions and submit their votes via the Computershare platform. Virtual attendees can submit questions at any time. [Operator Instructions] Please note that while you can submit questions from now on, I will only address them at the time when the relevant item of business is discussed. Please also note that your questions may be moderated, or if we receive multiple questions on the same topic, amalgamated together. For those shareholders who wish to ask a verbal question by the telephone line, please follow the instructions below the broadcast. For our shareholders attending in-person today, it's a much simpler process, I'm pleased to say. [Operator Instructions] If you believe you've not received the correct card, please go to the registration desk where a Computershare representative will assist you. I'll give all shareholders who wish to speak a reasonable opportunity to do so. But please keep your questions to the matter at hand and as succinct as possible. Having said that, we really do welcome questions. We don't get an opportunity to meet the shareholders frequently. And so if you have a question, please feel free to ask. We don't bite, although some questions might bite me. The voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, I will shortly open the voting for the resolutions in items 2 to 5. The resolution in item 1 doesn't carry a vote. For our shareholders attending virtually, if you are eligible to vote, once voting opens, select the vote icon and all resolutions will be activated with voting options. [Operator Instructions] For those attending in-person, if you're eligible to vote, you would have received an orange voting card at registration. If you believe you're entitled to vote and have not received the correct voting card, please see a Computershare staff at the registration desk. [Operator Instructions] I now declare voting open on the resolutions in items 2 to 5. For our online shareholders, the voting options will soon be activated, so please submit your votes at any time. I'll give you time and a warning at the end of all items of to business before I move to close the voting. Joining me today is our Group Chief Executive Officer, Daniel Agostinelli and the Non-Executive Directors, Stephen Goddard, Joshua Lowcock, Brett Blundy, Donna Player, Michael Hapgood. In addition, we're also joined by our Group Chief Financial and Operations Officer and Joint Company Secretary, Matthew Durbin, the end of my right; and our Group General Counsel and Joint Company Secretary, Alethea Lee, on my right. A number of our executive leadership team members are also in the room as well as the company's auditor, Deloitte, represented by partner, Stephen Roche. At today's meeting, we'll be considering a number of matters set out in the Notice of Meeting dated 10 October 2022. Before we address the resolutions set out in that notice, I'll make some introductory remarks and provide an overview of our financial year '22 results and how we are continuing to create value for our shareholders, before passing over to our group CEO, Daniel, to give his address. The operational disruption experienced in financial year '22 and the associated impact to the financial results has been well reported. Over 50% of the group's total store network amounting to more than 400 stores were closed between the months of July to October due to government-mandated lockdowns. Subsequently, the Omicron variant, and other variants, then impacted customer traffic levels and confidence. The negative impact of this disruption on sales, gross margin and cost of doing business was significant, resulting in disappointing financial results for the year. Despite the significant disruption, however, we continued to invest in and maintain the focus of our growth initiatives, including rolling out new stores, strengthening our digital capability, expanding our customer database, growing our distributed brands and building on our vertical brands. These investments have been targeted towards continuing the company's long-term growth trajectory that has delivered record profits and growing shareholder returns for four out of the last five years. These achievements build and reinforce the company's strong and defensible market position, as well as increasing our relevance in target markets across Australia and New Zealand. The Accent Group business today is scalable with future growth opportunities through online and new store growth, our large and diverse brand portfolio and our new businesses. Our business is flexible with driven capability to leverage digital and online reach and to quickly respond to trends through our diversified portfolio of brands across footwear, accessories and more recently youth and lifestyle apparel. The market position of the business is also defensible. Our distribution relationships provide access to global product innovation and exclusive access to product. Our vertical owned brands add to product differentiation and support underlying gross margin growth. The Board wishes to acknowledge the resolute dedication, resilience and loyalty of the Accent Group team through a difficult and highly disruptive period in delivering on these growth initiatives and continuing to build the company up from strength to strength. Turning now to the results. Total sales for the year, including The Athlete's Foot franchisees were $1.27 billion, up 11.3% to the prior year. I would like to say that we have the third year broken through the $1 billion sales area. Earnings before interest and tax and net profit after tax were down significantly on the prior year. As reported, the company estimated the government mandated closure of some 400 stores for varying periods, including for the Omicron period, negatively impacted total sales by about $95 million. Gross margin percentage was also negatively impacted by 190 basis points due to the requirement to move through inventory while stores were closed. In spite of a disrupted FY '22 year, since 2012, Accent Group has delivered a 23.3% per annum compounding annualized return, outstripping that of the ASX200 at 10.7% per annum compounding annualized return. I'm very proud to be able to say that we have delivered long-term shareholder growth over the last 10 years of almost double that -- more double that of the ASX200. This is something we continue to drive and strive for. I'm also very pleased to report that the Accent Group released its first-ever standalone sustainability report in 2022. This has been the outcome of the 18-month journey to define our approach across the core pillars of our people, our responsibilities and our environment. We took care to define the initiatives and focus areas for the business in these areas. In relation to our people, we recognize that the performance of Accent Group is driven by the quality and dedication of our 6,500 strong team members employed across Australia and New Zealand. We continue to gain insight into what matters to our team members through continuing our group-wide team engagement survey, which highlights areas in which our team considers we are doing well as well as areas for improvement. The survey gives the company an opportunity to execute and follow-up on action plans to address these opportunities for improvement. In relation to our responsibilities, some of the other work that we are most proud of is the Stamp your Feet initiative and our associated partnerships with Headspace in Australia and Youthline in New Zealand. These two organizations play an important role in providing mental health and other support to youth in the key demographics that represent Accent Group's team and customers. In relation to our environment, our association with the Australian Sporting Goods Association and their shoe recycling program is another highlight. Accent Group has to date set up 229 recycling collection points across our store network. In FY '22, we collected more than 58,000 pairs of shoes for recycling. And we are just getting started on this journey with a range of ongoing initiatives underway and new initiatives implemented. While it has been a year of challenges for Accent Group, it has not been one without achievements. I'll now hand over to Daniel, our Group Chief Executive Officer, to tell you more about these achievements and our plan for the future.

Thank you, David, and good morning, everyone. Turning to Slide 14, our operational highlights. As David mentioned, total group sales, including The Athlete's Foot franchisees are now approaching $1.3 billion. In FY '22, we opened 139 new stores across all formats in Australia and New Zealand to increase our total store numbers to 762 stores. Our contactable customers and database has also grown by 50%, from 6 million to more than 9 million customers. So we're very proud of that. Accent Group's online sales grew by more than 200% to $263.8 million, which represented 24.4% of retail sales in FY '22. Pleasingly, our vertical brands and product sales grew in line with expectations and are now at more than $70 million, from a standing start in FY '19. We also continued to grow our stable of distributed brands and acquired several new global brands in FY '22. Turning to Slide 15, our digital business. Digital sales grew strongly throughout the year, with growth of nearly 26%. Digital sales made up around 24% of total sales for the year. H2 of FY '22 saw a significant pullback in promotional activity in store and on our websites, with an associated impact on average order value as the focus for this channel shifted away from clearing inventory back to more profitable online sales. It was pleasing that online sales continued to grow in total at higher gross margins. We anticipate that the digital percentage of our sales achieved in H2 of 19% is representative of a more normal mix of online sales. We continued our investment in web stores to refine and improve their capability on an ongoing basis. Turning to Slide 16, our VIP and loyalty. Through the year, we also continued our investment in loyalty and customer data platforms. Our customer data platforms went live in Q1 of FY '23. I'm very pleased to report that our contactable customer base grew by 900,000 customers to 9.3 million customers. This continues to be the result of creating attractive loyalty programs coupled with a strong drive to invite customers to join these programs. The Hype and Platypus loyalty programs launched in FY '22, and we are now seeing the impact of our loyalty programs, including those of The Athlete's Foot, Skechers and Merrell business. The group is targeting growing our customer database to 10 million customers in FY '23. Turning to Slide 17, retail, wholesale and vertical owned brands. As mentioned during the year, we opened 139 new stores across all formats. We closed 15 stores where sustainable renewable terms could not be agreed. The new stores are performing well, and the momentum in the Glue and Stylerunner businesses, including the new store in those formats continues to strengthen. We are on track to open around 50 new stores in H1 '23. Wholesale sales continue to grow in FY '22, driven by existing brands and the addition of new wholesale brands, including the brands acquired within the Glue store. Sales of vertical owned brands and products grew to more than $70 million and continue to support the improvement in underlying gross margin. Vertical continues to be a key strategic driver for the company, and we're looking forward to delivering great results in this division. I hope this gives our shareholders a clear idea of the activity and growth the company has planned in the upcoming future. I'm pleased with the progress that has been made by our key growth strategies through a highly disrupted period. We continue to build a defensible business in Australia and New Zealand. Our portfolio of global distributed brands, owned vertical brands, integrated digital capability and our large store network are core assets of our group, and our position -- and position our company well for growth into the future. I look forward to working with our team to deliver strong results as we forge on ahead into the future. I will now expect David.

Thanks, Daniel. Along with our AGM presentation, we released a trading update to the ASX this morning. For the first 18 weeks of financial year '23 and based on trade to date, total group owned sales year-to-date are up 52% compared to FY '22. Financial year '23 gross margin percentage year-to-date is up 570 basis points on FY '22. Trade to date has been above expectations. The group is focused on driving full price, full margin sales has resulted in strong margin recovery from last year. As Daniel has mentioned, our store opening program is on track, and we expect to open around 50 new stores in the first half of this financial year. Whilst we provide no forward guidance, inventory levels reflect strong deliveries of exciting new product across all our banners. And the group's in-stock position along with sales and operational plans are well set heading into the three most important trading months of the year. We also wish to advise that the first half of financial year '23 will be a 27-week reporting period ending on 1st of January '23, compared to the 26-week reporting period ended 26th December 2021 in the first half of financial year '22, which is all on the account to say that our accounting systems they catch up with the real world and will be back to 52 weeks a year in FY '23. Shareholders and attendees, that concludes the business update, and we will now address the formal business of the meeting. As mentioned at the start of the meeting, voting is being conducted today by way of poll and voting is currently open to the resolutions in items 2 to 5. At the end of the discussion of these items of business, I'll give you a warning before I close the voting. The first item of business is to receive and consider the financial report, the director's report and the independent auditor's report for the year ending 26 June 2022. These documents are contained in the '22 annual report and were sent to shareholders on 10 October 2022. There's no formal resolution required for this item, but I invite any questions you may have about the financial statements or about any aspects of the company or the business generally. This is the time for any general questions as I will restrict questions about the specific resolutions to matters pertaining to those resolutions. We will take questions from the floor as well as through the Computershare virtual platform and to online. We'll take questions from the floor before moving to questions from shareholders attending virtually. Alethea Lee, our Group General Counsel and Company Secretary, will be the moderator of the online and virtual questions for today's meeting and will receive more questions both with nonverbal from our online shareholders. [Operator Instructions] Are there any questions in accordance on the financial reports or the reports of the directors and auditors? Yes?

Thanks, David. [indiscernible] since 2019 [indiscernible] challenge you might be redone member of the [indiscernible] I'm sorry to get on tennises was a shareholders is a lot teahouse interesting answers to the questions. The first one [indiscernible] very carefully when the companies are price makers or price takers. In [indiscernible] Daniel was part of this thing and nothing in it on shoppers despite cost of brands such as Vans, TAF brands and Skechers all going up by $10 to $20 a pair. There's also quite a saying was unlikely you would stop prices further up [indiscernible]. So assuming that costs continue to rise, how will maintain margins...?

We're in pricing all in time. In some cases, we've actually gone up higher than $10 or $20. And in the main, our customers have accepted those price increases and we will continue to review based on what our FX count was at and so on. But currently, there's not much resistance to what we've done.

So it's probably not a [indiscernible].

Just respect to that, [indiscernible] inflation rates day. We can't control foreign exchange rates, and all of those things have an impact on our cost of doing business, in particular, cost of buying product. Our job is to make sure that we can actually reflect the costs in the business so we can still generate returns to shareholders. And at the end of the day, when those tools on coming at that occur, price opportunity go up. We will ensure that we are always within the end of the market, we don't go beyond that. But at the same time, we'll be there to ensure that we -- our pricing structures and our cost structures are appropriate delivering returns to shareholders.

It's good. I have couple of last questions. One, in scaling [indiscernible] on multi-brand international distribution and wholesale and house of a diverse are local and international brands of the Australian and New Zealand markets. Australian's business, employer, rental or distributors.

Yes. So trade imports has been on the import distribution business that was part of the Glue store when we acquired Glue. And so that's where my one of favorite. I've heard it before. And it is responsible for a number of brands that Glue store had exclusive rights to and that's now been integrated into the distribution and wholesaling business we have in the other parts of the Accent Group. And as a result, yes, there are some of those solid brands that we distribute also sold to other retailers.

Okay. Thanks for the clarification. And just the last one for me. Till the last in-person AGM, these discussion at Board, and I think it was for because of after paid to target a lower price point , which will assist during the slow open op-cost brands during a recession. Summarizing the higher recession, so we do close all attend respond during such period having sort of move on from here?

Well, first of all, we trial a number of new concepts in the business, and you would expect us to do that in order to innovate and find new areas for expansion. And unfortunately, PIVOT was one of those experiments that didn't come off the way we wanted them to. They are all those reasons to that. But despite that, we still have very strong businesses across all of the banners that we run. And those businesses operate day in, day out, whether the economy is moving up or whether the economy is moving down. And it's our job, the job of management ultimately to ensure that we've got a product that is suitable for the market circumstances at that time. If you go into any of our stores, you will see a range of products with different prices. So it continues to have the opportunity to select the ones most appropriate to them. And in certain times, they may select product A, and a number of times they may select product B. Our job is to make sure we've got a selection that attracts them irrespective of what's going on in the economy.

Mr. Chairman. Jan Murchison, shareholder. I'm trying to take some questions and related to the report. Firstly, relation with the rem report, LTI base loans per share investing in close company called [indiscernible] thing is quite something called ADEPS, there's no definition of what are these.

Okay. But I might just have Matt to explain this.

No problem. AD is adjusted earning per share is defined as adjusted not because we intend to adjust it. That was the plan of our Board discretion to adjust that typically as of net adjusted.

As allow for some discretion.

So for instance, to give you an example, again, we locked in at was simply the statutory earnings per share, but some extraneous event occurred, like instance said, we were going to acquire a business and require more capital to do that, then we would take into account that in terms of looking at the earnings per share that is used for the purposes of rewarding management.

And I understand those reasons, but sometimes we adjust for negative and we don't adjust for the tailwinds and sometimes management gets achieving those times yet.

We're acutely aware of that. And there'll be more tailwinds.

We hope [indiscernible] and just from a financial reports, maybe this is another question for Matt. The cases come up $61 million last year to $149 million at the AGM last year, we simply expected a reduction in this obviously assume affected by business conditions. Can you give us an update on the debt position and you expectations?

Sure. So we are, as you know, historically, a low yield business, we have taken on large amounts of debt in the past. We don't anticipate increasing -- we're going to expect having a highly leveraged business in the future. Circumstances over the last couple of years have been a little bit unusual. And so predicting has been somewhat more difficult. But we have debt arrangements in place, which are there to provide flexibility and funding for ebbs and flows of our working capital position. But over and above that, we -- better times of year when we have excess cash, and we will use that excess cash in one or two ways. One would be to reduce debt or the other would be to provide dividends to shareholders. I don't want to try and predict what our debt position is going to be sometime in the future. What I tell you is, it will be true.

I have -- my other question. I'll like to ask a question of trailing effect. It's just a simple mathematics. We have 763 stores now. You say 150 stores in the first half, which you forecast for 4 years and [indiscernible] that suggest the stores in the second half.

I don't -- we haven't again done any forward projection on stores for the second half. So when we updated [indiscernible], so we let this year. In the update today, we're on track [indiscernible] update that we anticipate that we may be back in February, we've been able to be on [indiscernible]

So you thought 912 in the half year then?

Indeed. The question of store openings is not one that we like to forecast. I mean the world is a volatile place. So we're more than happy to say what we've done. We expect that by is actually I think by the end of December, we will have approximately 50 stores, maybe touch over, open. And if you recall in past periods, the November, December period is a period of lots of store expansion for us obviously in advance of the key trading periods. But it's not to say that we don't open stores in the second half of year. I would be surprised, indeed sound if that was the case.

I have some other question which are more general. I will turn by the line.

Perfect. Okay. Give someone else a chance, more than what would come. Will have to come end to you.

Chairman of the Board. This is a good opportunity. Once again, fund yourselves in the business. So thank you very much for that truly. My name is Chris, I'm a shareholder, representing the Australian Shareholders Association you this morning. Today, I hold approximately 55 members holds in excess of 820,000 shares in the group. Just on sort of general question in point in time. In relation, as disclosed in the report, the digital sales comprised 24% of total sales in financial year '22. It was an interrupted year for your retail stores, during pandemic. In terms of financial accounts, is there a lot optimal mix between digital in-store sales you'd like to continue.

I don't think it is because there's an optimal mix. Digital sales have been increasing over the last five years. As you know, we invested very heavily in digital at an early stage. And so we've achieved the benefits of having a sophisticated digital network. And at the end of the day, our job is to be there for customers irrespective of how they want to deal with. They want to walk into a store, they want to call us up. They want to use the internet. We're completely ambivalent about the way by and which, when they are the customers. So it's not for us to determine the mix. It's the customers to determine how they want to deal with us. And our job is to make sure that we're open for business across all of those channels.

Just have other questions. Just a clarification in relation to the customer database that you're holding about 9 million and into 10 years. Is there any duplication in the different brands. Does that mean you have to sign up to the individual brands? And is that how you accumulate that number achieve? Or is that...

So currently, each of our data brands run individual customer databases and most. And there is likely to be some overlap, obviously, people will shop at one banner and then shop in another side of the banner. But the experience that they have in shopping, let's say, the flexible store and being a flexible customer, to be different to the experience they have in shopping at a flexible store. [indiscernible] So we have not yet got a stage of amalgamating or we're looking at how we might combine and use those customer database on an aggregate basis, but I suspect that there will be some duplication. There will be duplication across the group, but it won't be duplication in the case of how many people are dealing with the only and we do treat with them with.

Total passion and one operating in that space. We note that from the annual report one of the key risks that you have identified is that stock secured. My only increasing reports of data rigid occurring within Australia, can you help outline any sort of the steps the company is currently taking to protect against the hacking systems of data online happening.

Okay. Well, first of all, let me say that it is a highly relevant topic and obviously one on the front of every Board's analysis at the moment. We, as recently as yesterday, we have ours Board meeting, I can assure you we will foresee the discussion. I'm a little low talked about specifically the things we do because there are very sophisticated people out there who they trying and find a way to get around everything that we do. And ultimately, it's a question of balancing cost and outcome. And we look in that way that we have appropriately invested in our cyber security, which is not to say that we are continually reviewing it because we are -- and obviously, as a result of recent events that have taken place with other companies, we as [indiscernible] businesses in the country are reviewing what systems we have in place. The issue therefore of the size of the wall and the thickness of the wall we can put up is one aspect of it. And the other aspect is obviously the nature of the information that we have and the extent to which it will be attractive to people. And at the end of the day, we're a retailer. We -- I can show you in somebody's name, I might be able to tell you their e-mail address, and the most critical information I can give you about the [indiscernible] resource. We don't believe that, that is a sort of information, which will rank comparatively with the information on other business that may have, but we are vigilant, we'll remain vigilant and unfortunately, it means that there's more and more that goes into investing into technologies to protect us to the growth extent to look at and that's what we're doing. Are there any questions in the room. Yes, please?

Good morning. My name is Bailenson, also a shareholder. Given the disruption in business over the last 12 months, has the company made any changes in the logistics and also any changes on the way that it manages seems to true?

Absolutely, yes. In terms of managing the logistics, I mean we've got an automated shedding in New South Wales. We actually had a couple of different distribution points but most of -- all of those distribution points will end up in our main shed being toll holdings, and that's giving us a lot more efficiency in terms of accepting stock in and stock clear. And in terms of the protection from what's been going on, it's largely back to some normality at the moment. But we sat exactly 100% where it was pretty urban, but definitely back to some normal trading pattern in terms of the price that we're seeing in and getting out.

Thank you. It's good to be here in-person.

Yes, you might introduce yourself.

Okay, sorry, I'm Kevin Robertson, member of team investor and shareholder in my own right as well. Some reports that I've seen indicate that Accent Group is selling 25% of all shoes in Australia. I'm not sure that the accuracy of those reports. But I'm sure it's a significant proportion. In terms of the long term, Australia is not the big market and companies offering the happy edges of the Australian market fairly quickly and have difficulty going on. Can you outline long-term strategy in terms of continuing the growth?

Sure. The first is the secret plan to ensure that everyone has be. Look, I won't comment on the proportion of the market that we have in Australia. I'm sure there are various ways of calculating that there are different markets. But at the end of the day, everybody does have to be. And the population in Australia and New Zealand that we operate in both markets, obviously, presents an opportunity for us as well as there's a cap on the number of people that are in each country. One of the things that we benefit from is a shift in consumer habits. And if I ask you all to think about what your cost would like 10 years ago and the sort of shoes that you had and what your cost looks like today, I think you fight that there's a significant change in the mix. So it's not just the number of people, it's also the type of footwear that they're wanting to with. And also that footwear may be more specific, the different sorts of things that people might do in their lives. So I don't sure think that there is -- that somehow we're running out of the capacity to sell shoes to people in Australia and New Zealand. There's a lot of opportunity there. But it's also the reason why we have already started the business to expand the sorts of things that we do and our acquisition of Stylerunner and our acquisition of Glue and the growth of those business and our businesses and other things that we're doing that. I won't speak about right now are all designed to enable us to grow the addressable market that we can sell to. It was also a matter of public record, but we have looked at markets outside of Australia and New Zealand, and we'll continue to do that. But we will, still believe that there is enormous growth opportunity for us in the market of Australia and no matter New Zealand, and we don't plan on reaching a cap anytime soon. Are there any other question on the floor?

Yes, Chairman.

Question from the shareholders on the floor. I'll ask Alethea if there any questions from shareholders online, that financial statements or business generally.

Yes, Chairman, there are several questions from our shareholders online. The first is from Lindsay Sherman. "My friend who worked for a high end on fashion label with large online sales to North America has seen a 30% to 50% decline in sales in the last four months. Do you see a similar downturn for Australia in retail sales from the horizon?"

Well, I have no better crystal ball than anybody else. All I can tell you is what we're experiencing. I mean we said to the market as recently as today that our sales year-to-date are up 52%. I'm not sure that I can say much more than that. And we have been in selling -- we've been in our industry for many years through times when things are good and times when things are bad. As I said before, it's our job to ensure that we're delivering value accretion to shareholders and that what happens, and that's what we aim to. Thanks, Lindsay.

Thank you, Chairman. The second question is from Mr. Stephen Maine. There are several relation to proxies. "Do any of the five named proxy advisers, ASIC, Ownership Matters, Glass Lewis, ISS and ASA, recommend a vote against any of today's resolutions, which of the proxy advisers are covering us. And has that been a material proxy protest vote against any of today's resolutions? Will you disclose the proxy votes before the debate on each resolution, so shareholders can ask questions about the reasons if there have been any protest votes? Also, why not disclosing proxies to the ASX with the formal addresses as others to do?

Welcome, Stephen. I think this is your first of our meeting. We welcome you as a shareholder. There are a number of questions there. If I don't get the one, keep me reminding. First of all, I should say that we will in fact be showing you the proxies before each item of discussion that will come up on the Board behind me. It will come up on anybody's screen. And I agree it's an important piece of information to people to know. Which proxy advisers cover us and what their reports are. Well, the proxy advisers are private businesses and they have their own clients. If they published their reports then you can read them, but then is for me to try and anticipate or disclose who does what. We obviously have a number of institutional shareholders and some of them use proxy advisers and there are a number of proxy advisors in the market. And the positions they take on our resolution of matters for them. We, like all businesses are engaged with all of our shareholders, including the advisers for those institutions. And we respect that everybody has the right to vote as they wish to. And the proxies will -- the proxies will come up on the screen before each item of business will show exactly what our shareholders are telling us in relation to each of the resolutions that we are, and we have to all shareholders today. What I can say because obviously, you'll see in a moment, is that there's an overwhelming level of support for all the resolutions that we're putting to shareholders, which I'm obviously very pleased about and everyone can draw the right conclusions from that.

Thank you, Chairman. Another question from Mr. Stephen Maine. "The Chair is a very good operator and well investors in this business, but he's been a role for a number of years. Why hasn't this Board have a Deputy Chair to be independent director, who can be directly responsible for leading the annual performance review of the Chair. How was the Chair's performance really conducted this year? And does the Chair believe that there are multiple potential successors as currently serving on the Board. Could the directors election today also comment on this issue?"

Okay. Great questions. I'm going to suggest that they relate to my appointment as a director, and we'll deal with them at that stage. Anything else?

One more from Mr. Stephen Maine. "In terms of the Australian operation, how many enterprise agreements had Accent Group have across the business as how we worry about those proposed changes to federal industrial relations or JB Hi-Fi and Domino's both said at their recent AGM that they pay award ranges from low enterprise agreements and virtually nonexistent unit efficient [indiscernible]. Is our situation is the same. If so, what kind of risk comes warehouse situation happening after they got hit in a big union campaign and large across-the-board pay increases a couple of years ago?"

So the answer to the first question is, yes, we're doing exactly the same situation. We have paid award bonus. We don't have input agreement and a regulator levels of union membership amongst the 7,000 people -- the 6,500 people that we employ. As far as implications have changed in government policy, I'm not sure that I'm in any better position to comment on that than anybody else. Like all issues that we face as a business, we're acutely aware of what could change and what implications it might have, and we have lots of people doing work on those things. I can't tell you as a matter of fact that there's anyone specifically working in relation to that particular change. But if it comes up, then we will do a little bit as part of all the other things that we do with business. We have a very large and vibrant team that we're working in our stores and in our support centers. And we at many occasions, we're placing enormous people. They're the most important assets that we have in the business over and above everything else. And the way which we interface with those people around which we mutually respect each other and the culture business is all focused on our people. And that's a large part why we've been able to share the results that we have over such a long period of time.

Chairman, there are no more questions from now on.

There are -- are there any other questions? But in respect of the remaining events of business, I'll put the resolution to the meeting that invite discussion and inform meeting of the proxies received. Item 2 is the remuneration report. It's the adoption of the 2022 Remuneration Report, and I note that in accordance with the Corporations Act, the vote on this resolution is advisory only, and the outcome will not be binding on the Board. The financial year 2022 Remuneration Report outlines the group's remuneration strategy and framework and decisions taken by the Board in relation to the remuneration of senior executives. This report sets out the Board's approach to remuneration in the context of a continuing COVID-19 impacted environment in Australia and New Zealand, the strategies and initiatives taken by management to maintain profitability and growth and the financial results achieved in FY '22. Throughout the challenging FY '22 period, Accent Group continued to invest in the strategic priorities of the business for future growth and transformation to become a regional leader in the retailing and distribution performance, lifestyle and athleisure, footwear and apparel. Whilst the Board continues to be pleased with the strategic progress made over the last financial year, the FY '22 year was significantly impacted by the well-reported disruption experienced due to the pandemic and the related consumer impacts, including significant government mandated store closures and the other COVID-19 related consumer impacts, all of which led to a disappointing operating results. Having regard to the challenging trading conditions, result in financial performance and shareholder outcomes for FY '22 year, the Board determined the following remuneration outcomes. Now FY '22 short-term incentive will be payable despite several of the strategic outcomes required or 20% of the STI to be paid having been achieved. No increase will be applied to the fixed remuneration of the nonexecutive directors, the group's CEO and the group's CFOO in relation to the company's -- sorry, the group's CFO of -- so no change to appear of those, no change to fixed remuneration and no short-term incentive pay. In relation to the company's long-term incentive plan, the Board still considers that a single metric program using EPS as a measure is the best approach for the delivery of the scheme that is easy for the Accent Group team to understand and thus creates real incentive during the year and that aligns management performance with shareholder value creation. Your Board has unanimously recommend that shareholders vote in favor of adopting the remuneration report for the financial year ended 26 June 2022 as set out in the directors' report. I now put the resolution to the meeting as an ordinary resolution, as shown on the screen, and open this item for discussion. I now invite shareholders to look floor to asking any questions relating to this item of business. Are there any questions?

[indiscernible] not so much in terms of the important issue. We'd like to making Chairman's suggestion in improving disclosure. We becoming the future remuneration report is close to take a pay award. We hope all this is not mentioning. The majority of ASX200 listed entities provide this information to shareholders so they can better understand what benefits, the CEO and CFO has actually received in any year.

What sort of benefits you referring to?

We are talking about the [indiscernible] minus all statutory disclosure and statutory disclosure is in terms of the shareholders [indiscernible] in terms of the [indiscernible] incentive claims. What, and as I noted, what sets now to acquire that monetary value as at the relevant taking on statutory base. So shareholders can get a better understanding of what the actual CEO has been paid in any one year.

Okay. Let's take that on notice and consider. Are there any questions on the floor?

I have around 60 million shares. Don't have anything to say that.

All right. Well if there are no questions, I'll ask to Alethea any questions from shareholders online or via telephone.

No, Chairman. There are no questions from online shareholders.

All right. There being no further discussion, I'll now move on to the next side of the business. Item 3 concerns the reelection of directors, the first one being myself and I therefore hand the chair to Stephen Goddard.

Thanks, David, and good morning, everyone. Item 3A on the agenda is the reelection of Mr. David Gordon as the Non-Executive Director of Accent Group. David is considered an Independent Director in accordance with the ASX corporate governance principles and recommendations. In accordance with the ASX listing rules and Accent Group's constitution, David retires from office at this meeting and being eligible for reelection, presents himself for reelection as a Non-Executive Director. I now invite David to address the shareholders.

Thanks, Steve. I got few notes here, and I may give you from them because I joined the Board of Accent Group in 2006, and I've had the role of Nonexecutive Chair since 2017. I was then and I remain today passionate about the business. I have a great belief in the vision and capability of the management team to continue to grow this business from strength to strength. With my experience gained on Board in both public and private companies and a 30-year long career in corporate advisory roles, I hope that I'm well equipped to continue to add value to the Board of Accent Group. Given my longer tenure, my fellow directors are regularly asked to assess my continued independence, which they have confirmed. And I take great care to exercise all due diligence in ensuring that I conduct myself at arm's length in my engagement with the company. I remain committed to serving as your Director and Chair as we navigate the ever-changing retail landscape.

Thanks, David. The directors, Mr. Gordon, staying unanimously recommend that shareholders vote in favor of reelecting David Gordon as a Director of the company. I put the resolution to the meeting as an ordinary resolution and is shown on the screen and open the side of the discussion. I now invite shareholders on the floor to ask any questions.

We work in a considerable way comes the Board of actual significant business acumen. However, like he is continuously as a nonexecutive director of 16 years will be coming exceeds the ASA guidelines of 12 years in terms of its timing opinions. Can you provide an update on intentions to continue as Chairman of the company in the context of ensuring an independent nonexecutive director holds this position?

Well, if I can just start by saying that David has a great deal of experience as he outlined in his discussion, he brings those skills to the Board and is a very -- has a direct delivers considerable guidance to management and the company. Just in terms of the length of tenure, if I could perhaps add some context to that as well. That includes the time prior to 2015 as a Director of RCG Group. In 2015, the company merged with Accent. So we're talking about the period in 2015 onwards, we've as been director and the Chairman since 2017. CEO and the CFO and the vast majority of the senior management team have been new to the business or with Accent, so you can also look at it in terms of David's tenure with the business when Accent begins from 2015. Although he's been a Director of the company and The Athlete's Foot and other brands. So I think there's a bit of context that people just think to consider when making comments about independence. And as a board, we regularly review David's performance and the independence that he delivers. And as an arm's length review of this contribution of the business believe that he has ended, he's valuable to the business and sometimes through volatile years. And we've certainly had that over the last three years, experience and knowledge of the market, knowledge of the business. He is extremely valuable business and we believe to shareholders as well.

Thanks, Steve. I'm happy to also just to address. As Steve pointed out, the RCG business merged with the Accent business in 2015, and there's a fundamental challenge and I became Chairman in 2017. So that's how five years ago. I'm a strong believer in having with joining still sitting around at Board level. And we're always looking at those skills in the nature of the business changes and that the nature of the skills required changes. And Board renewal is an important aspect of bringing new ideas. At the same time, as Stephen mentioned, it hasn't exactly been a stable period in the last few years and we have, I think, we stood the ups and the downs of the pandemic and the market, much better than an grows than expected. And I don't claim any personal responsibility to that, but I will say that the combination of people around the Board table has been stable and strong, and I believe that, that has had a significant impact on our ability to deal with issues. I'm not going to make any statements about sort of future intentions because things change. But I will say that -- a pleasure of the shareholders, and it's for shareholders to determine if they believe that I should have been on is equally something for me in terms of the amount of time that it makes sense for me to remain on the Board, and that's something which I assess and discuss with those directors on a regular basis. But that's really where I'm at.

Thanks, Dave. Other questions from the floor?

[indiscernible] I don't understand the decision with having the independent directors -- institutions just recently strike they've got into. Yes, they're all implemented. They don't understand the business. They haven't been ongoing. So as far as Makinson sorts across all three -- we got the great during not just as some tenant time to move on. And as you said, when we go through in a business for interest on [indiscernible] independent directors seems to help.

Thank you for your comments, and I can assure you the remainder of the Board be a data certainly not what is doing, if that's out. Any other questions for?

[indiscernible] Shareholder and also a member of team is not specifically on midcycle, but just as a probably an observation. There's nothing on the Board in the oldest now have a Board seat real take which is substantially younger. So we can that make to younger ones.

That's a very good question. And the challenges may happen. And what I will say is there are considerable responsibilities at becoming Director of a public company. And I have often wanted [indiscernible] that diversity and typically that people in that gender and that is a very valid consideration. But there are many other aspects of diversity that are important. And the one you focus on, age or demographic, is absolutely important. What I love to expose someone to young, to the responsibilities of being a Board Director in that and really had enough time to experience life. And every one of the people that are not as a director of this business essentially have their assets on the line because they have a personal liability. Having said that, we have a spectacular group of young people in this business. And I can assure you that very few of our [indiscernible] come forward and tell us what they think. And that's a great thing not -- now in an organized way that you bring [indiscernible]. And so I believe that we get a much benefit of the familiarity with our target market from the people that we import if you go into one of our stores or if you look around this office for those that are in the room today, I think you'll see a plurality of people in terms of not just in background and age. And certainly the average age of people in our support center or across our group is I believe 23, little across the group -- and that's 27. And that's 6,500 young people participating with us in the growth of the business. So I've often thought of the idea of having a younger person on the Board. But what we do instead is we have some very talented -- lots of retail people that are involved in the business, that make presentations to the Board and they did as recently as yesterday. And so that's the half that we've employed. And there are -- there are young people out there who are looking for -- to embark upon their Board careers in their future life, then I think that's a great thing. And I really want to encourage it. But I think it's also important to get a little bit more life experience beyond the edge of sort of 23 or 27.

Thanks, David. Any other questions from the floor? Alethea, do we have any questions on line.

Yes, Mr. Chairman. To repeat your earlier question from Mr. Stephen Maine, which has [indiscernible] process. The Chair is a very good operator and run this business but he has been around for a number of years. Why doesn't he has Board of Deputy Chair or Lead Independent Director Board that can be directly responsible for leading the annual performance review of Chair. How was the Chair's performance would be impacting this year and does the Chair remain on multiple positions and sits as Chair currently serving on the Board with the director up for reelection today and also commenting on this issue.

Look, I think we've had a discussion on that, I'll just say that the rest of the Board considered David's independent and capabilities, and I can recover that in some -- nothing we wait on that. Are there any other questions online, Alethea?

Yes, there are. And from Mr. Stephen Maine. The likes of objects brand was and JB Hi-Fi, Origin Energy, REMADE energy and many other companies have all disclosed proxy votes to the ASX before the meeting started along the formal addresses. Will the directors up for the election today, commit to do this next year so that interest of shareholders and ownership stakeholders, including institutional investors and proxy advisers have an early advice to the proxy position, before the [indiscernible]. One of the calls over the voting data slides from the presentation lodged with ASX, where is an easily the disclose that the tire company is choosing during the meeting itself without disrespecting as much as the painting debate.

Shareholders and attendees, today, as you will know, is to remember Australia. And as it is the 11th hour on the 11th day of 11th month, we will now observe one in since in those Australians and New Zealanders we served so selflessly in protecting this nation. We will remember them. I think so, at right, yes, sure. There's a question about disclosure of proxies. So you see that we disclosed the proxies before the discussion on items. I think that's appropriate I think Stephen asked whether we would disclose the proxies and the announcement goes to the exchange in advance of the meeting and we'll factor on those. Alethea, are there any other questions online?

Yes, one more from a -- and as. I would like to take this opportunity to congratulate the Board and management on their performance over the last two years. In response to an earlier question on the length of the service of Chairman and on Board members, I'm always uncomfortable with the view that Board members been retired purely based on end of service. I [indiscernible] face great ways on the quality and experience of management and feel that change must be made when considered appropriate on the Board that are purely on lack of service. Sure we have seen the rewards of experience and depth of Board with navigating what must have been in one of the most difficult periods for any retailer in the recent years.

Thanks for your comments. Any other questions online?

No more questions, Chairman.

There being no further discussion, I'll hand back to David.

Thanks, Stephen. Item 3b concerns the reelection of Stephen Goddard. Stephen is considered an Independent Director in accordance with the ASX Corporate Governance Council's Principles and Recommendations. In accordance with the ASX listing rules and Accent Group's constitution, Stephen retires from office after this meeting and being eligible for reelection offers himself for reelection as a nonexecutive director. I now invite Stephen to address shareholders.

Thanks, David, and good morning again. I was on to the Board in November 2017, having more than 30 years of retail experience. And -- over that time, I worked in many different areas in a number of retail businesses, which shocking given me a good sense of the competitive environment, which we operate and what a retail business needs to do to be successful. I was on Board of a David Jones continues as Finance Director and long and bite public company experience, which includes being Chair of JB Hi-Fi. I feel this equips me well for my role is not executive that and Chair of the audit risk committee. Look, I have a great respect for the businesses and its achievements over time and the hit CEO, the CFO and the senior management team. And I think it's a terrific business to be involved with and I look forward to supporting the company as it grows and prospers. Thanks.

Thanks, Steve. Your directors, Mr. Goddard abstaining, unanimously recommended shareholders vote in favor of reelecting Stephen Goddard as a Director of the company. I put the resolution to the meeting as an ordinary resolution, as shown on the screen, and open this item for discussion. I now invite shareholders on the floor to ask any questions. Are there any questions? All right. There appears to be no questions on the floor. Alethea, are there any questions from shareholders online or on the telephone?

Yes, Chairman, there is one question from Mr. Stephen Maine. Thank you for shareholders for hiring AGM this year and both the directors of reelection today and committed to doing business future years to maximize shareholder participatiom. Big companies like Altium, Argo Investments, AV Group, [indiscernible] Altern Energy, Premier Investments, [indiscernible] lowering so as to the real green shop [indiscernible] all my questions and version in 2022. So well not for showing them what was the experience from your end?

We encourage shareholders to attend our earnings and to ask questions. And personally, I and I know my fellow directors, that'll be the opportunity to hear from our shareholders. Formally in the meeting informally afterwards. I'd like to see as many people as possible to attend our auditorium and fill up these. We formed a view that it was appropriate to continue to have a hybrid meeting this year, and I see no reason why that's going to change. It's difficult for some people in other parts of the country to get here. It's difficult for some people who may also be not able to get here and that should not hit should not deter them from being able to participate. So yes, I see no reason why that won't continue to, and thank you for the comments.

Thank you, Chairman. There are no more questions on the item.

Great. There being no further discussion. I'll now move on to the next item of business. Item 4 concerns variations to tranches 2 and 3 of the company performance rights plan. The long-term incentive scheme or management. The background to the company's performance rights plans, tranches 2 and 3, the proposed variations and the reasons for the variations are set out in detail in the notice of meeting. In summary, subject to meeting relevant conditions, the performance rights under tranches 2 and 3 would use to vest immediately after the release of this year's financial results, the FY '22 results. For a number of reasons, the Board is proposing to exercise its discretion in making the proposed variations to tranches 2 and 3 to do 3 things: one, to weight the earnings per share performance condition for 50% of the performance rights; two, to extend the assessment period of the remaining 50% of the performance right by 12 months to the date immediately release of next year's financial results in other words adding 12 months on; and three, to extend the notice of the exercise period of company, to extend the exercise period of all tranche 2 and 3 performance rights by up to 18 months from the data testing, which means that if and when rights vest the executives have 18 months to elect if and when they want to convert those rights into shares. The Board considers that the Tranche 2 performance rights allocation has been extremely effective in driving shareholder value with the company achieving 21.1% per annum compound ADEPS growth in the first four years of the performance right plan to 27 June 2021. This growth was significantly ahead of the required growth of 10% per annum compound at that time and represents a considerable achievement by the company's management and others, particularly having regard to the relatively short period of time over which it was achieved. The company's management accounts at that time supported the view that the company would likely have achieved and even exceeded the earnings per share hurdle required to satisfy the condition and has not been for the materially disruptive impact of COVID-19 of the company's operations. Then in recognition of the impact on the company's business and operations which was beyond the reasonable control of management. Coupled with the freeze on fixed remuneration and the nonpayment of any short-term incentive component for key management personnel in relation to FY '22. The Board is seeking shareholder approval to exercise its discretion under the planned rules to bearing Tranches 2 and 3 as explained earlier. Board Directors, Mr. Agostinelli withstanding because he's a member of management and participates in the plan, unanimously recommend the shareholders vote in favor of the Board's exercising of certain discretions in relation to the Tranche 2 and Tranche 3 of the company's performance rights plan. I put resolution to the meeting as an ordinary resolution, as shown on the screen, and open this item for discussion. And I now invite shareholders on the floor to ask any questions. Anyone in the room have any questions on the side? Yes, Chris?

Yes, Mr. Chairman. Coming out with Board is outlining the reasons they want to use discretion and various performance rights initially in December 2020 and again earlier this year, without which they would have vest.

Yes, I'd be delighted to actually. So shareholders may recall that in 2018, we issued a large number of performance rights to a number of senior executives, Daniel included. That were to run over a 5-year period and test at the end of 2022 -- calendar year 2022. Those performance rights require two things to occur. One was that the particular member executive remained with the business over the five years. So it's designed to allow for retention. And also that the business achieved its adjusted earnings per share growth of 10% per annum compounding over the full 5-year period. So we set as the target, that there needs to be a minimum of 10% per annum compounding increase in shareholder value. in order for the executives to receive the life of that incentive. Now that began on the 1st of July 2018. And up until the 30th or 31st of December of 2020. So 2.5 years in to a 5-year plan, the management team were shooting the lights out in relation to performance. I can't remember the number, that the number implies in excess of 10%. Now if you cast your mind back your minds back to December 2019, it was very shortly after that in late February of 2020 that the pandemic hit and we're always supposed to something that no one has ever seen before. There's no one alive today but that has experienced a pandemic like this one. And so there is a whole lot of issues that are going on, including the fact that we were being required to close all of our stores and 6,500 people would have a number of one were some defining that their basic employment was the order mature. And we as a business and the Board were highly concerned about a range of things, including fee retention and continued incentivization of our team at a time where we didn't know what was going to happen. And so we felt that it was appropriate to reflect that there have been spectacular performance by the management team over the first half of the incentive plan. And then what we said to the team was that we would exercise our discretion to vest on a pro rata basis, half of they rose. So that they knew that if they remained with the company, if they remain 2.5 years of that plan, that they would be entitled to a minimum to half of the incentive that they have been offered to reflect the fact that for the part of the 5-year period has been a fantastic job done. And with the future is to as [indiscernible] and ensure that we would keep the team together at the time of maximum dislocation. And frankly, none of this is going to happen. And so we announced that at the time, and we did that. We told the team that if they stay with us until the end of this current -- end of the FY '22 year and obviously everybody worked together to deal with the pandemic, there would be guarantee at least half of their long-term incentive which I thought at the time and which I remain over to you today, is the decided to be fair and frankly the best possible thing we could have done to shareholders to ensure that our spectacular management team remains together and working through one of the most difficult periods I ever accounted in my business career. We then get to the end or towards the end of this -- of the financial year '22. And despite a spectacular effort in 4 out of 5 years, the circumstances were such that the earnings per share didn't -- were not going to reach the 10% growth number that we had fixed. Now I'm not a believer in simply giving things away. And from a shareholders' perspective and Board of Directors thought about this issue from the perspective of the shareholders and what's it for the team. We wanted to ensure that, again, we could create an ongoing incentive for management to remain with the business and to give them a better opportunity to achieve the target in circumstances where the pandemic denied them that opportunity. It wasn't their fault that we had close 400 stores, it wasn't their fault that we ended them up there because [indiscernible] into places over a long period of time. So what is the way [indiscernible] fairest thing to do was to give the management team another 12 months to reach that time. And at the end of the day, they are two significant things that are covered by this resolution. Now as it turned out, despite legal advisory that we got at the time, we came to this AGM or in the [indiscernible] to it, the stock -- we had to ask the stock exchange what approvals they wanted us to get. And eventually, they came back to us in certain in addition to seeking approval for the variation to extend by 12 months, we needed to go back to shareholders and get after the fact approval or the discretion of the exercise in 2020 at the peak of the pandemic. And irrespective of whether you think that's a sensible thing or not, that's the circumstances that we're in. And so the resolution today is then for shareholders to consider a non [indiscernible] approval, that we did our management team the opportunity to earn what we hope them to do and when we set the scheme up in 2019. And over the next 12 months, if they can achieve the earnings per share target that was originally set then the other half of their performance rights will vest. And additionally, that irrespective also happens to the 2023 that they know that at least half the performance rights have vested and were entitled to exercise and to share. Now there are many different ways we could have approached this and the Board gave extensive consideration to laying up the interest of shareholders and the interest of management. And I believe where we come to is a fair and reasonable outcome, which is achieving has had achieved and continues to achieve being objective of keeping our management team together during difficult circumstances. And as is it reflected in the results year-to-date that I announced at the beginning, I think is also reflected in the performance that we are seeing already rebounding within the business. So that's what the resolution is a little about, and I can say that you have a question behind you.

Thank you, Chairman. I do enjoy and also passionate to really supporting the maintain. I agree with all consisting was necessary. [indiscernible] Why don't we comment just on to the question, the comment is that the [indiscernible] or does not have rent growth for 2023 financial year which investors [indiscernible] period of time being opening stores compose 61% growth included in the EPS.

And that is a perfectly valid approach where bills right to determine how we do. And yes, we did consider it, but we determined the approach of not moving the dollar base, notwithstanding what you say is economically absolutely correct. It does mean that there is a small difference. I'm looking into our managed insurance that they achieve not only the 10% return, but the increased return over the additional year anyway in which case it will be [indiscernible], but it's a very detonates we did to. Are there any other questions from the floor? If not, Alethea, are there any questions on the phone or in?

Yes, Chairman, there is from Mr. Stephen Maine. "We expose to the outcome of patient all resolutions to including item 4. Could you please advise the ASX how many shareholders voted for and against each item similar to what happens with the scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and what a disclosure initiative adopted finalize of net cash LTM indexes last year and [indiscernible]

No, we won't do that. I don't believe that it is fair to say that a shareholder with 100 shares should have the same voice as a shareholder with 10 million shares. We have a certain number of shares on issue, and we have shareholders then bigger than 10. And all shareholders are absolutely entitled to actively vote and to matters being done and those votes should be reflected on a 1 vote per share basis. I see no reason for any deviation from what the corporation law requires and the stock exchange requires and frankly what I think is sensible. So thank you for that Mr. Stephen, but we won't be doing that.

Thank you, Chairman. There are no more questions on this item.

Great. Thank you. As there are no more questions, I'll move on to the next. Item 5 concerns the approval of the company's performance rights plan, the background of detail, which is set out in the company's notice of meeting. So on the ASX Listing Rule 711, restricts the number of equity securities that a listed company can issue in a 12-month period to no more than 15% of the number of securities on issue at the start of the period without shareholder approval. ASX Listing Rule 7.2, allow us to shift certain issues of securities to be excluded from the 15% limit including issues made under employee incentive scheme, it within three years before the rights issue, the terms of the scheme were approved by shareholders. And companies ourselves included every three years, regularly seeking this approval from shareholders so that the 15% will does not apply to the shares that go to management but would apply to shares be issued for [indiscernible] Shareholders last approved the Accent Group performance rights planned in 2019, which was three years ago. The Board there will now seek shareholder approval again that issue of securities under performance rights plan over the next three years from the date of this making, plus those securities issued will be excluded from the 15% limit. I put resolutions in the meeting as ordinary resolution, as shown on the screen, and over the line government. I now invite shareholders on the floor to ask any questions. Are there any questions from the floor? There are no questions on the floor. How about the telephone and online?

There is one question from Mr. Stephen Maine. Out of many interesting discussions on a range of topics including [indiscernible] shareholder take to make an archived copy of the webcast plus the full transcript of pursuing available on the company's website. The likes of nine AGM on ASIC, ANZ Domino's and certainly all produce the first AGM transcripts in 2021. What you follow this today? This is something IAG has been doing since 2003.

I think it makes sense as long as it's not going to cost a lot of not a lot of shareholder money to do, we will do so. Take one that as in. And I hope that we can. I know I hear about [indiscernible] technology works but if can we will.

Thank you, Chairman. There are no more questions on this item.

Excellent. All right. Shareholders and attendees, that now concludes all the items of business at today's meeting. I would actual a few moments to complete their voting before I close the poll on resolutions in the items 2 to 5. So then there will be a few minutes where we'll let shareholders in the room to complete their forms and shareholders online complete their voting online. [Voting]

Ladies and gentlemen, and for those in the room and those online. I will now declare the poll closed for the resolution in the resolution in Items 2 to 5. A Computershare representative will now collect your voting cards in the room. And the voting online will now close. The results of the poll on all resolutions will be announced to the ASX as soon as they are available. That concludes the formal business for consideration of today's meeting and I declare the meeting closed. On behalf of the Board, I sincerely want to thank you for your attendance and for your ongoing support of Accent Group. Directors would now like to invite all attendees present to join them for a refreshment. And I'd like to also thank all of those all the time online for their passion today. Thank you all.