AMP Limited (AMP) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and Budjari mulinawal, which is good morning in the language of the Gadigal people. My name is Debra Hazelton, and I'm Chair of AMP Limited and the Chair of your meeting today. As the company Secretary has informed me that a quorum is present, I now formally open our 2022 Annual General Meeting. I would like to begin by paying my respects to an ancient protocol of Australia's First Nations people to acknowledge the traditional custodians of the lands on which we meet and the lands that you are all joining from. I'd particularly like to acknowledge the Gadigal people of the Eora Nation, the original people of this land I'm standing on today. Pitt Street stands where old walking tracks were once used by the local clans traveling from Warrane, the traditional name for Circular Quay, to La Perouse for ceremonies and other gatherings. Just as we have all traveled and gathered here today, we recognize those who have walked these lands before us. We pay our respects to the elders, both past and present, and we extend that same respect to all First Nations people. Welcome to the Annual General Meeting of AMP Limited, to all of you joining us here at the Wesley Center, and for those shareholders participating online. With the continuing COVID-19 considerations, we understand that it is very important to allow shareholders to have different means of joining our meeting. And we are very pleased that we've been able to provide options to shareholders. I'm joined on the stage this morning by my fellow directors on the Board of AMP Limited; and Andrew Price, representing AMP's auditors, Ernst & Young in the audience. The Board is currently comprised of 6 nonexecutive directors, and our CEO, who is Managing Director on the Board. All of our nonexecutive directors are also members of the AMP Limited Audit, Risk Nomination and Remuneration Committees. I would like to take a moment to introduce your directors. Starting on my far left, we have Rahoul Chowdry. Rahoul was appointed to the Board in January 2020 and is Chairman of the Risk Committee. Sitting next to Rahoul is Kate McKenzie. Kate was appointed to the Board in November 2020. Sitting next to Kate is our newest Director, Mike Hirst. Mike was appointed to the Board in July 2021, and is standing for election today. I will invite Mike to say a few words before his election. Next to Mike, on my immediate left, I'm pleased to introduce you to our CEO, Alexis George. Alexis joined AMP in August 2021, and was appointed to the AMP Limited Board as Managing Director shortly after her commencement. Alexis will provide an update on financial performance in 2021 and delivery against the strategic priorities. Turning to my far right, we have Michael Sammells, who was appointed to the Board in March 2020. Michael is Chairman of the Remuneration Committee. Sitting next to Michael is Andrea Slattery. Andrea was appointed to the Board in February 2019, and is standing for reelection today. Andrea is Chair of the Audit Committee, and I will invite Andrea to say a few words before her reelection today. On my immediate right, we have our Group General Counsel and Company Secretary, David Cullen, who will assist me in the running of today's meeting. I'd also like to acknowledge the members of the AMP executive team who are with us here today. As you may be aware, John O'Sullivan retired from the Board in April 2022, after serving for a 3-year term, to pursue an external opportunity. We thank John for his commitment and invaluable contribution to AMP. We are well progressed in the recruitment of a new Non-Executive Director to join our Board, and we hope to share with you the details shortly. As this is the first time we are conducting our AGM as a hybrid meeting, the procedure is slightly different to previous years in relation to voting and the Q&A process. I will ask David Cullen, our Company Secretary, to go through that with you. Thank you, David.

Thank you, Chair. Let me start with the Q&A. So when we come to discussion on each resolution, there are 3 ways which questions can be asked today. We will first address the questions in the auditorium, then the questions submitted on the online platform, which I will read out, and lastly, questions on the phone line, which we will ask the phone operator to facilitate. For those here in person, when we come to question time, you can ask a question by approaching one of the 2 microphone attendants, showing your attendance card and providing your name. For those attending online, today's meeting is being held by the Computershare meeting platform. This allows shareholders, proxies and guests to attend the meeting virtually, and shareholders and proxies can ask questions and vote online. Online attendees, who are shareholders or proxies of a shareholder, can submit questions at any time. To ask a question, select the Q&A icon, type your question in the text box and select the topic your question relates to from the drop-down list. Once you finish typing, please hit the Send button. Questions can be submitted now and throughout the meeting, and they will be addressed at the relevant item of business. To ensure your question is received before the relevant item, we encourage you to submit your questions now. Please also note that your questions may be moderated. For example, if we receive multiple questions dealing with the same topic, they may be amalgamated. Or if a question is particularly lengthy, we may need to summarize it in the interest of time. We've received a number of questions from shareholders in advance of the meeting. Thank you very much for these, and we'll also address these questions at the appropriate time during the course of the meeting. If you experience technical difficulty with the online platform during the meeting, please refer to the user guide on the Computershare platform or contact Computershare. To ask your question over the telephone, please follow the instructions written below the broadcast. If you have questions about your AMP products or services, or about any other personal dealings with AMP unrelated to your interest as a shareholder, we asked you please contact our customer center. Let me now explain the voting procedure. Only shareholders or their proxies, attorneys or representatives can vote. For attendees here in person who are eligible to vote, you can scan the QR code on your attendance card with your mobile device at any time after voting has opened. This will take you to the online voting page. If you don't have a mobile device, you may complete your vote on the reverse side of the attendance card. For online attendees who are eligible to vote, when voting opens on the Computershare platform, press the Vote icon, and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit submit or enter as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. And you can change your vote up until the time the voting is declared closed later in the meeting. If you're representing today as a proxy, and your appointing shareholder has directed you how to vote on any items of business, these votes will be cast as directed. You only need to cast any open proxy votes you hold. As set out in the notice of meeting, voting restrictions apply on Items 3 and 4 to AMP's key management personnel and their closely related parties. We have implemented procedures with Computershare to ensure that these voting restrictions are followed. Voting on all items of business today will be conducted by way of a poll. Details of the results for all of the items will be shown on the screen after the voting is closed after Item 4. In order to provide you with enough time to vote, we will shortly open voting on Resolutions 2 to 4. Barry, as a party of Computershare, has been appointed as the returning officer for this meeting. Following confirmation by Computershare, final results will be announced on the ASX later today and also published on our website. Thank you, Debra.

Thank you, David. I declare that each of the proposed resolution set out in Items 2 to 4 of the Notice of Meeting are now properly before the meeting, and I declare the poll open on those items of business. The voting icon will soon appear. Please submit your votes at any time. All directed proxies to me are being cast in accordance with the directions provided by shareholders. The available open proxies I am holding in my capacity as Chair of the meeting are being cast in favor of Resolutions 2A, 2B, 3 and 4. Our agenda for today is now on the screen. As you can see, Alexis George, our CEO, and I will both address the meeting before we move to formal business. Today is the second AMP AGM I have attended as Chair, and I'm pleased that we are now able to meet in person, albeit with COVID safety precautions front and center. I would like to sincerely acknowledge your support as a shareholder during the past 12 months. The Board is pleased to report significant progress in AMP's transformation has been made since we last met. Indeed, AMP has delivered on a large majority of our transformation milestones and a solid underlying business performance. Moreover, with the recent announcements of the separation and sale of the Collimate Capital businesses, AMP's capital and liquidity position will further improve. And importantly, shareholders will benefit from a substantial capital return. I will talk to these achievements in more detail later in my speech. However, we believe that AMP is now well positioned for its future as a focused, customer-centered, purpose-led bank and retail wealth manager in Australia and New Zealand. Your Board has certainly been listening to you, shareholders and stakeholders, and is committed to addressing your concerns. We are making significant progress dealing with legacy matters, simplifying the business and setting AMP up for a better future, focusing on growth and delivering better shareholder outcomes. We will continue to listen, and the Board and management and I look forward to being able to talk to shareholders who have been able to join us at the conclusion of today's AGM. We do acknowledge the disappointing shareholder experience in terms of share price and a lack of dividends, reflecting a period of disruption in the financial services industry and internally within AMP. The current Board, new CEO and management are absolutely committed to substantively improving the performance of AMP. In order to address legacy issues and unlock value in AMP, a portfolio review was undertaken last year. It became very clear that we needed to separate AMP Capital, our global investment and asset management business, from what is now our go-forward AMP Limited business. At around the same time, the Board also instigated an external review of AMP's workplace culture to inform a comprehensive management action plan, to drive prevention and improved response to misconduct in the workplace. We also welcomed the highly respected and experienced Alexis George as our new Chief Executive of AMP. It's great to have her here today at her first AMP AGM. Alexis has already made a very positive impact on the business, and her focus on purpose and values has deeply resonated with our people. She has effectively set AMP on its new strategic path announced in November last year. While much has been achieved, there remains much to do. However, based on the significant achievements to date and the current momentum, I am confident we have the foundations in place to restore AMP's position as a trusted iconic Australian company, delivering for its customers and its shareholders. As you are aware, we invited shareholders to submit questions in advance of today's meeting. Among those questions, the areas of most interest were the announced sale of AMP Capital Infrastructure and Real Estate businesses, the overall performance of AMP, its future focus and the plans for capital returns and dividends. I will cover each of those topics in detail. With regard to the recent announcements of the sale of AMP Capital Infrastructure and Real Estate businesses, known as Collimate Capital, I would like to take you through why we decided on the sales rather than a demerger and separate listing. One of the key findings of last year's portfolio review was that AMP was made up of 2 distinct businesses that would be stronger apart. As separate businesses, they could better focus on growth opportunities in their respective markets and realize efficiencies, creating more value for shareholders. As a result, we began the complex process of separation and simplification, with plans to demerge Collimate Capital from AMP Limited. As we progressed this strategy to unlock value, we were approached by several parties with compelling offers for parts of Collimate Capital's business. As a Board, we considered these approaches in line with our obligation to act in the best interest of shareholders. Discussions eventually led to the sale agreements announced to the market last month. The first transaction agreement achieved was the sale of Collimate Capital Real Estate and Domestic Infrastructure Equity business to Dexus, a leading Australian real estate investment manager, for up to $730 million. The second transaction was an agreement to sell the International Infrastructure Equity business to DigitalBridge, a global infrastructure investment manager, valuing that business at up to $699 million. The 2 transactions followed the sale of our infrastructure debt platform in February this year to Ares Management, a really compelling value creation opportunity for shareholders that realized $578 million. The sale of the public markets Global Equities and Fixed Income business, GEFI, for $63 million to Macquarie Asset Management in March, was in line with our previously announced strategic decision that this business needed greater scale to prosper. Combined, the recent sales realized value of $2.1 billion, and a potential of up to $2.5 billion with earnouts. When considered against the demerger, the 2 most recent transactions were judged to deliver greater value and certainty for shareholders and to accelerate the realization of that value, while also providing greater stability for Collimate Capital's clients and people. The transactions also significantly strengthen our capital position, which enables a sizable return of capital to shareholders, likely to be by way of on-market share buyback and capital return. The Board has committed to returning the majority of net cash proceeds to shareholders after allowing for the paydown of some debt. We expect the transitions to complete towards the end of this year, and management is currently working through the potential size and optimal structure of the capital return. We plan to share more details later this year closer to sale completion. With the demerger no longer proceeding, our AMP teams will focus on finalizing the separation of the businesses in preparation for the transfer to their new owners. I would like to take this opportunity to thank the Collimate Capital Board designates, Patrick Snowball and Andy Fay, for their significant contributions over the past 6 months. Patrick and Andy will step down from their designate positions, and we wish them continued success. Following these sales, we will accelerate our strategy to grow and enhance the competitiveness of our Retail Banking and Wealth Management businesses under Alexis George's strong leadership, with the benefit of stronger capital and liquidity positions. I would now like to explain how we intend to improve AMP's financial performance so that we can return to paying regular dividends. The Board acknowledges that AMP's financial performance has been challenged and very disappointing in recent years. Underperformance was, in a large part, the result of the significant disruption throughout the industry, driven by regulatory change based on findings of the financial services Royal Commission in 2018. We have made good progress in the last 18 months to improve performance, with Japan -- sorry, with AMP delivering a 53% increase in underlying net profit after tax of $356 million. We are driving a significant reduction in costs, leveraging digital know-how and data, and creating a performance-driven, purpose-led culture in which our employees are empowered to deliver. As we address legacy issues and streamline the business, we have also had to recognize certain impairments. This resulted in the reported statutory loss in 2021 of $252 million. It's really important to know that this is not a reflection on the underlying business performance. Throughout the transformation program, we have necessarily taken a conservative approach to capital management. And while it was difficult, we took the prudent decision not to declare a dividend for 2021. We fully understand that this was disappointing for shareholders. Today, we are not in a position to resume the payment of regular dividends. However, we do intend to return the majority of the proceeds from the recent Collimate sales to shareholders via share buybacks and capital return. At the conclusion of these activities, we will review our regular dividend policy. We do intend to hold a strong capital position and balance sheet as we head into this period of global economic uncertainty. Our announcements to sell the Collimate Capital businesses means our plan for a share consolidation will not proceed at this time. The Board will consider the merits of undertaking a share consolidation following completion of the sale transactions. I want to assure shareholders that a share consolidation process alone would not change the value of the total shares held by each shareholder. It's simply a mechanism to reduce the number of shares on issue, improving efficiency and reducing the total number of shares to something more comparable to peers. At present, AMP has one of the largest share registers in Australia, with 3.26 billion shares on issue. We will communicate any future plans to undertake a share consolidation, which will be subject to shareholder approval. A number of shareholders have asked about the strategic focus of AMP following our exit of the Life Insurance and Asset Management businesses. As a Board, our portfolio decisions over recent years have set a clear vision for AMP as a retail-focused wealth management and banking group in the Australian and New Zealand markets. Alexis will talk to the strategy and our future focus shortly. I would now like to speak to you about the actions that the Board specifically is taking to transform AMP. Making AMP future-fit also requires us to ensure that we meet the highest standards of governance and stewardship. And I would like to acknowledge the Board Directors for this strong commitment at this end, while creating the opportunity for AMP to redefine and execute its future strategy. The delivery of strategic commitments in the past 12 to 18 months is clear testament to the dedication of the directors, management team and the employees across AMP. Your Board is made up of individuals with deep financial sector experience and capability and palpable commitment to the successful turnaround of the company and sustainable growth for shareholders. This Board has been completely refreshed since 2019. So as Chair, I commit to ensure that we maintain a strong and stable Board for the future. It is hopefully clear from our annual report and comments already made today your Board has a strong mix of experience and skills to set strategy, meet challenges and take all opportunities to build competitive advantage, while always understanding and respecting risks, culture and sustainability. As mentioned earlier, we are well progressed in the recruitment of a new non-executive director to join our Board, and we hope to share more details with you shortly. In today's meeting, you will have the opportunity to vote on the election of Mike Hirst to the Board and the reelection of Andrea Slattery. Both bring strong insight to the board, drawing on extensive financial services experience. I will invite them both to say a few words during the items of business later in the meeting. As I acknowledged earlier, Nonexecutive Director, John O'Sullivan, stepped down in April this year to pursue other external opportunities. John has been a valuable member of the Board since June 2018, and I would like to take this opportunity on behalf of the Board to thank him for his significant service and contribution to AMP. As a Board, we've taken decisive leadership action to further enhance governance and oversight, including in key areas of culture, strategy, risk and sustainability. We have been very clear on the importance of setting the tone from the top to establish an inclusive culture to drive performance. As mentioned earlier, the Board has been intensively engaged in oversight of AMP's work to strengthen the corporate culture. We have also met our commitment to share the case study of this extensive work with others in the industry to help the creation of safer, more inclusive and respectful workplaces. In terms of strategy, the Board continues to actively collaborate with the CEO and management to set strategic direction. The Board has also been focused on its role in risk oversight by ensuring that the risk management framework is consistent with AMP's strategy and risk appetite and following up on management's implementation of risk management policies and procedures on an ongoing basis. To AMP, sustainability is our ability to meet the needs of the present without compromising future generations. As custodians of our customers' money in the future, we face complex economic, social and environmental challenges, which bring both risks and opportunities to our customers, our people and the community. As can be seen in our annual sustainability report, there have been marked improvements in the level of transparency of reporting across a range of financial and nonfinancial measures in line with best practice. AMP is committed to creating a sustainable and equitable future for our stakeholders, one that is shared -- one that has shared value for customers, shareholders, employees, the community and the environment. The Board is passionate and diligent in its oversight of delivering on this commitment. I'd like to say a few words about remuneration. In designing our current remuneration framework, the Board's remuneration committee consulted with shareholders, investors and proxy advisers. We have listened carefully to concerns raised and have acted upon them. We are confident we now have a remuneration framework and outcomes that deal with the difficult balance between the current shareholder experience and the fundamental need to attract, retain and motivate the right talent to continue to transform and grow our business to benefit shareholders in the longer term. I will talk to the remuneration report even further detail during the formal items of business later in the meeting. Critical to the delivery of our strategy and transformation is the establishment of a clear sense of purpose and shared values for AMP. Alexis has driven the development of our new purpose statement launched last month. It was informed by insights from the employees and customers over the past 6 months, including surveys, customer and employee testing, with more than 1/3 of employees participating in workshops. Our new purpose, helping people create their tomorrow, is simple, impactful and connected to our rich heritage. Our purpose statement carries the hallmarks of AMP's foundation more than 170 years ago and recognizes the important role AMP will continue to play for Australians to achieve their goals. Our purpose drives our commitment to achieve the best outcomes for our customers and employees, which in turn will drive long-term sustainable value for our shareholders. I will conclude by thanking you for your support and your patience. I recognize that 2021 was another challenging year for shareholders. However, I'm sure you'll agree we've accomplished significant milestones to rebuild AMP. As a Board, we are very aware that every decision we make must reflect the long-term interest of our shareholders as we focus on future growth and creating value. The Board and our talented, dedicated management team and people are determined to successfully progress AMP's transformation with the exceptional leadership of our new CEO. And with that, I would like to ask Alexis to address the meeting.

Good morning, and welcome to all of those who've made it to the Wesley Center today to join us in person for our AGM and to all of those joining us online. I appreciate the opportunity to be able to meet and speak with shareholders face-to-face, particularly as it's my first AGM as CEO, a position I am proud to hold. I, too, would like to acknowledge the traditional custodians of the lands on which we are meeting today, the Gadigal people of the Eora Nation, and the traditional custodians of the lands that you are all joining from. I'd also like to acknowledge elders both past and present, and to extend that respect to all First Nations people. I'm very pleased to be addressing you for the first time as the CEO of AMP. I took on this role because AMP is a company that I have respected and admired for many years, even though it's faced challenges in the more recent part of its 170-year history. I joined the company 9 months ago, and while that was in the middle of a lockdown, that has not slowed us in articulating a new strategy and purpose and executing on the promises we've made. I'm very proud of what we've been able to achieve in this short space of time, and I'll outline some of those achievements shortly. With the recent announcement of the sale of our Collimate businesses, this is a new beginning for AMP as a more focused, purpose-led bank and retail wealth manager in Australia and New Zealand. But let me start by telling you a little bit about me. I've worked in the financial services industry for over 30 years, although I did start my career as a chartered accountant. I know the industry intimately, understand the importance of it for the Australian economy and community, and that's constantly undergoing change. I'm also conscious of the enormous potential and responsibility that we have to make a positive impact on our customers right across Australia and New Zealand every single day. Since arriving at AMP, I've spoken to many of our customers, people and shareholders about the strategic challenges and opportunities that lie ahead for our business. Most want to see AMP return to its former glory, as I also do. However, we need a new AMP for today and for the future. We need an AMP that's more focused, customer-centered and embraces the new world where data and technology are critical to delivering our strategy and benefits to our customers. We also need an AMP that is purpose-led and where helping people create their tomorrow is top of mind for our decision-making every day. My vision for AMP is to restore it standing as a trusted company, helping Australians and New Zealanders to create their tomorrow and achieve their financial goals. We will deliver this through embracing technology and becoming digital-first, becoming more customer-centric, braver in our decision-making and transparent and open with our commitments and successes and learnings. We'll be more focused as a financial services organization, specifically providing banking, investment solutions, financial advice and superannuation to our Australian and New Zealand customers. We are well positioned with a small but growing technology-enabled bank. We have a comprehensive and well-established investment platform. We also have established a network of financial advisers, and we're a major provider of superannuation in both the default and advised basis. We also intend to be a leader in providing financial solutions for those entering retirement, and we're planning to launch some new offerings in the second half of this year. I dedicated my first 3 months in the role to identifying opportunities to drive better performance for our shareholders and improve the outcomes for all of our stakeholders. This helped form the AMP strategy that I outlined last November, which I described as the path to a new AMP. The strategy has 3 pillars: to reposition our businesses, simplify the operating model and explore new opportunities for growth. Repositioning AMP is all about how we drive the best performance from our existing businesses by focusing investment where we think we have competitive advantages and efficiency where there are margin challenges. Simplifying AMP is about executing the sales of the Collimate businesses and reshaping our operating model to be less bureaucratic, more nimble and more appropriate for the smaller business we're about to become. Exploring, whereas we're looking at new customer solutions and new capabilities to complement our business, better serve customers and assist to drive growth. To execute this strategy, there are a few things we need to get right. These key enablers are: being purpose-led, improving brand and reputation, having strong ESG performance and policies, leveraging digital and data, always respecting risk and ensuring we manage our capital in an efficient manner and keep our shareholder needs always at the top of our mind. The executive team and I are aware of the challenges and opportunities ahead, and we'll work hard every day to execute on the promises we have made. Repositioning our businesses starts by knowing where the immediate growth opportunities are and what our customer needs are. One of our strongest opportunities is in AMP Bank. We have been growing our home loans at twice the pace of the banking system in the last 2 quarters in a very competitive environment. With rising interest rates in a more difficult economic environment, we need to ensure that this growth is responsible and not at the expense of increasing the risk profile of the business. The bank also has strong relationships with mortgage brokers, and these relationships are supported by our focus on customer service and efficient loan turnaround times. We've consistently been ranked by brokers in the top 5 Australian banks for turnaround times, and this will continue to be a focus for the team. In Wealth Management, an area with strong potential, is our platforms business, which supports both our aligned advisers and independent advice practices. We're focused on making our top investment management platform, North, a preferred platform for all financial advisers. While we do have a network of aligned advisers who know our systems well and use North, if we're to grow, we also need to engage independent financial advisers. We're doing this by constantly improving the capability of the platform, expanding the investment options and ensuring we have the right relationship management in place. The focus for our Master Trust, or superannuation business, is on stabilizing earnings. We simplified our investment options, improved investment performance and we need to continue to reduce the cost of running that business through further automation and simplification. Similarly, in New Zealand, our focus remains on maintaining good customer outcomes and providing stable earnings. When it comes to our advice business, we know how important providing financial advice for Australians is, and we remain committed to improving access. However, the current regulatory settings means it's very difficult for a licensee to be sustainable. The business has been running at a substantial loss in recent years, and it's projected to do so in 2022. We are accelerating the transformational device by implementing a contemporary services model, embracing technology and ensuring the services provided are appropriately priced. Our strategy identified that we need to efficiently complete the separation of AMP Capital, or Collimate, from AMP and rightsize the business for the future direction of the company. We need to remove bureaucracy, become more agile, make brave decisions and learn from our mistakes. We also need to ensure that the portfolio is constantly reviewed and serving the new purpose and company direction. The explore stage of our strategy encourages new thinking and new partnerships to deliver growth. A perfect example is the partnership we launched this week with a fintech player, Nano, who are helping us to deliver one of the first truly digital mortgages into the Australian market. Retirement is also a key area where we believe we have the in-house expertise and heritage to be a market leader in providing innovative solutions. In the coming months, we'll provide further details of these new retirement products that we believe will be a key differentiator for us and opportunity to grow a new business. We've also been transparent that we will pursue inorganic growth opportunities for both new capabilities and scale where that makes sense. I do stress that we have committed to returning to shareholders the majority of the proceeds from the recent transactions after allowing some repayment of debt. In order to achieve on this strategy, we need an engaged AMP team with a clear purpose and a strong culture. We don't make tables and chairs. We're in financial services, and so we make promises. That means we need employees that are committed to our customers, and that commitment must be embedded in our every day. Culture is a big focus for me personally because I know how critical it is to our success, and that's why I'm leading from the front. From day 1 at AMP, I've seen organization that is working hard to simplify and improve the efficiency of our business and return us to growth. There's no lack of energy or drive in our people, and you will see that in our recent achievements. We have made significant progress in reinvigorating the culture. We rolled out inclusion training to all employees in 2021. We've also reached our 40-40-20 gender diversity targets at Board, management and across the workforce generally. And we continue to commit to employee-led diversity groups, such as AMProud. We've improved our reporting systems and have put in place a clearer performance framework. Employee satisfaction scores increased from 67 in 2020 to 71 by the end of '21. And we hope staff engagement gets stronger as the focus of the business sharpens and the alignment to our purpose becomes clearer. Our employees continue to embrace the change and participate in building the new AMP. And shaping culture is top of mind for our people. I saw this firsthand with many employees actively participating in workshops to help us establish a new, enduring and authentic purpose and values for our organization. I'm very proud that we've launched our new purpose, helping people create their tomorrow. It's a good reflection of AMP's commitment to all of our stakeholders. The next step is to embed this and have it reflect in everything that we do. We have developed a set of values that are embraced by our people, encourage action, put customers first, own it, be brave, play as one team and do the right thing. As we look to reinvigorate our brand, it's important that we put customers at the center of our decision-making. I've had experience with customer-led transformations in my previous organizations, and AMP's NPS score of plus 27 in Australia for 2021 is a strong result. Skilled labor shortages in our contact centers have begun to weigh on those scores in more recent times, not just at AMP, but in many organizations, and that is an ongoing focus for our team. I want to thank our people for their commitment to our customers. The past 12 months have continued to challenge us, and we've all had to be adaptable. We've helped customers affected by numerous natural disasters, and of course, the COVID pandemic. It's been an uncertain time for many, and we can and will continue to play an important role in helping our customers as life returns to a new normal. In my first 9 months, I've taken a number of actions to set AMP up for the future. As I just outlined, those important steps have been: establishing the AMP strategy for our post-separation business; launching our new purpose and values; instilling a sense of urgency around execution; and last but not least, executing the sales of our Collimate businesses, which will result in earlier return of value for our shareholders. Together with the sale of the Infrastructure Debt business in February of this year for $578 million, this values of the Collimate businesses at over $2 billion. As well as those 3 sales, since starting the role 9 months ago, we've also sold the Global Equities and Fixed Income business, realizing approximately $63 million in cash; completed the transfer of our multi-asset group into the Australian Wealth Management business to create an end-to-end superannuation and investments business; initiated the exit from Life Insurance with the sale of our remaining 19% stake to Resolution Life. It's been a busy start to my time at AMP, but it's, of course, only just the beginning of what we intend to achieve. Our business performance for '21 reflects that we are a business in transition. While we recorded a statutory net loss of $252 million, the underlying business showed a solid performance with a net profit after tax of $360 million, up 53% on the previous year. AMP Bank's net profit increased 38% to $153 million, driven partly by the mortgage book growth I talked about earlier. Our Australian Wealth Management profit was down 25% to $48 million, as we repositioned the portfolio to be competitive, both from a price and proposition perspective. $200 million in earnings across our superannuation and Platforms businesses was offset by the losses in the Advice business, which we do need to address. As I mentioned, a big focus will be on continuing to drive platforms revenue and making our Advice business much more efficient. A number of savings in Advice have already been achieved, which will flow through in this year's results. New Zealand profit was up 11% to $39 million. We are on track with reducing costs across the business and in line to meet our promised $300 million savings target in 2022. Today, we are not in a position to resume the payment of dividends to our shareholders. However, we treat the management of shareholder capital seriously and will be returning the majority of proceeds from the recent sales of the Collimate businesses to shareholders after allowing some paydown from debt, both through share buybacks and capital return. At the conclusion of these activities, the dividend policy will be reviewed. However, as we're heading into more uncertain times, I want to ensure we have a robust capital management approach and a strong balance sheet. I am committed to continuing to improve our business profitability and sustainability in the coming years, but we still have much work to do. I'd like to finish by sharing some of the work we do in support of the community. This is at the heart of our purpose of helping people create their tomorrow. Through the AMP Foundation, we support many people doing amazing things in the communities where we operate. This year, I've joined the Foundation Board, along with my fellow AMP Limited member, Andrea Slattery. Over the last 30 years, the foundation has contributed through social investment, direct donations, employee dollar matching, employee fundraising and volunteering. Through our Tomorrow Makers program, the foundation supports a range of social enterprises, including Need a Tutor, which helps indigenous students with access to online tutoring in remote communities. We've also supported the Centre for Women's Economic Safety, which gives support services to women facing financial abuse. The foundation's work doesn't always get the recognition that it deserves, but that doesn't matter to the people it helps in need. AMP has also made significant progress in our wrap action plan, having delivered more than 60% of our commitments since the launch in 2020. It's important that we have a strong relationship with our First Nations communities and support reconciliation more broadly in the Australian community. Thank you again for joining us today, and I'm pleased to see so many of you here in person. I'm confident that AMP's strategy sets us up for success. We have taken a big step forward in separating the businesses and executing the Collimate sales. We are able to think about capital management actions to provide value to our shareholders and strengthen the balance sheet through the paydown of debt. I'm proud to be leading AMP through to its next phase, and I'm confident that the changes that we've made and the priorities we've identified will position us for a strong and sustainable future. I remain committed to working tirelessly to return value to all of our stakeholders, and especially, our shareholders. Thank you, and I'll hand back to Debra.

Thank you, Alexis. Let us now turn to the formal business of the meeting. The items of business for today's meeting are set out on the screen. The proxy position for each item is also shown on the screen. Turning to the first item of business. The purpose of this item is to discuss the 2021 financial report and director's and auditor's reports contained within the 2021 annual report. I would like to take this opportunity to introduce Andrew Price of Ernst & Young's, which is AMP's auditor. Thank you, Andrew. Andrew is here today in his role as EY's lead audit partner for AMP. Andrew is available to answer questions relating to the audit of our 2021 accounts. I now call for any questions or comments on our 2021 financial report and director's and auditor's reports or on the management of AMP. Please note that we will focus specifically on the remuneration report later in the meeting. As David mentioned earlier, I will take questions from the auditorium first. If you have a question, please proceed to one of the microphone attendants. It appears we have no questions from the floor. So I will move to questions received before today's meeting from the online platform. David, do we have any questions? And if so, could you please read them out?

Chair, we have a question from Mr. Brett Dowsing. Does the profit of $356 million include divestments? How can a statutory loss of $252 million not be a reflection of performance?

Thank you very much, Mr. Dowsing for your question. I'll take the question in 2 parts, and answer that the net profit after tax underlying includes profit from the businesses, which will be sold later in the year. Our financial year '21 performance was reflective of the momentum in bank lending, increasing interest in North and competition -- and increasing competition of Master Trust through simplification, and the Advice reshape to improve the network. Our cost-out program is delivering absolute cost reductions, and we're on track for future savings. I should also say that the statutory loss, as I said in my speech, of $252 million is a recognition of historical items on our balance sheet that needed to be addressed. They are mainly noncash, and it allows us to move forward with building the AMP of the future. Thank you.

Chair, we have a question from Mr. Ross Hardy. What will remain at AMP after the selloff?

This is an important question that has been raised by others. So thank you, Mr. Hardy. With the sales of Collimate Capital businesses that I talked about in my speech, we have allowed AMP to focus on where we see our competency and our capability to build competitive advantage. We see a very strong, sustainable future for AMP in the future. And Alexis dealt with those elements in her speech as well. We will have a bank, and we will have wealth management businesses in Australia and New Zealand. I think probably, it's such an important question, Alexis. Would you mind going into the details for Mr. Hardy?

Yes. Thank you, Mr. Hardy, for that question. I mean, once we do get through the sale of the Collimate businesses, we'll be very much focused in the superannuation and investment space for Australia and New Zealand. And as I said before, we want to expand that into retirement and also think about our direct-to-consumer offerings. And then we have our retail bank in Australia, which is a really important part of our growth story and has been doing incredibly well. We also, still in our portfolio, have a number of minority investments in other players, which we'll continue to focus on as well. So I think very much a retail, wealth and banking player across Australia and New Zealand and also some minority investments.

Chair, we have a question from Mr. Graham Bell. When do you expect to pay a dividend again?

Thank you, Mr. Bell. We, and I also mentioned this in my speech, but it's important to reiterate it. We understand the importance of dividends to shareholders, and we understand the disappointment. We don't make these decisions lightly as a Board. Going through the transformation of AMP, it was very important that we kept a strong capital position and a strong balance sheet. We are now in a position to -- after the sale of the Collimate Capital businesses, to redistribute, to give back to shareholders the bulk of the net proceeds of those sales, allowing for some sell down -- for some paydown of debt. However, we are not in a position today to announce a return to regular dividends. Regular dividends will come on the basis of our profitability. And we are committed to -- once we have completed the sales and returned that capital, we are committed to readdressing our regular dividend policy with an intention to return as soon as we can. Thank you.

Chair, we have a question from Mr. Neil Taylor. When do you expect to stem the outflows from the AMP platform, excluding North? And when can you envisage some meaningful inflows into AMP?

Thank you, Mr. Taylor. Another important question. And I think after making a short comment, I might pass to Alexis because she's much closer to the detail of this question. However, I would say that we have seen improving trends, both in reducing the outflows and increasing the inflows to our businesses over the last 12 months. That's been on our repositioning of the competitiveness of those businesses, looking at pricing, looking at our services for customers and looking at our basic proposition. Alexis, would you like to comment?

Yes. I think during '21, outside of North, under the leadership of Scott Hartley, who is our Head of Australian Wealth Management, we really did go through a transformation in our non-North platform. We changed the fee structure, so they are much more competitive. We changed the propositions we had there. And we had an absolute renewed focus on investment performance to make sure that we were delivering value to those customers. And that all happened during '21. If I look at the first quarter of '22, there is definitely positive signs starting to show, in that we've got more inflows in this first time -- the same time last year and less outflows. But this is not going to turn overnight. And we've said publicly that we don't expect the Wealth Management business in Australia to be in positive net flows until the beginning of '24. So we've still got to continue to work hard for our customers.

Thanks, Alexis. And I think it's important also to note that the Master Trust simplification has been completed. We have reduced fees for customers, and we have improved the performance in our investments. So I think that will also add to the inflows we expect to continue to improve.

Chair, we have a question from Mr. Wayne Potter. How is AMP donating $3.2 million helping shareholder profits?

Thank you for the question, Mr. Potter. I'm really delighted to have the opportunity to talk about the AMP Foundation. The AMP Foundation is a separate legal entity and sits outside the AMP Group companies. It has a separate Board that's independent, and it relies entirely on the income earned on its investments to pay both its expenses and donations. It's focused on the really important work of helping organizations and individuals build financial security and create positive change in the community. The work totally reflects AMP's purpose and values. And as a Board, we couldn't be more proud of AMP Foundation.

Chair, we have a question from Mr. Brian Ramsey. Why did your Board choose to get mixed up with China Life Pension Fund?

China Life remains a valued long-term partner of AMP Limited, with both CLPC, the pension business, and CLAMP, the asset management business, continuing to perform very strongly. These joint ventures provide a really attractive exposure to a large high-growth market. CLPC continues to grow strongly with a 40% increase in net profits and a 14% increase in AUM for the past 12 months. It declared a dividend for the first time in 2021 of a cash -- and a cash payment of $7 million. CLAMP has also grown over the past 12 months, 60% growth in profit and 13% in AUM. We, like all our investments, monitor these businesses closely. We are very much engaged with our partners in China Life. And we also, I think, I should say that we continually to monitor where the parts of our portfolio best fit in our ownership. But at the moment, these joint ventures are performing very well, and we're very comfortable with our partnership with China Life.

Chair, we have a question from [ Chin Chi Ye ]. What is the progress of the class actions? The share price is amazingly low. Can AMP maximize performance?

I'll take that as 2 questions. Thank you, [ Chin Chi Ye ]. The class actions, at the bank, we have 4 class actions outstanding, and we continue to vigorously defend the proceedings. We can't speculate on what might happen given a legal process is underway. In terms of maximizing AMP's performance, I think both Alexis and I have talked in some detail about the focus we are taking on building our future AMP, focusing on the competitive advantages we have in banking, wealth management businesses in Australia and New Zealand. We believe that there is enormous opportunity, and we have the capability of taking that opportunity to build future valuable business, create value that will be in the benefit of all shareholders.

Chair, we have a question from Mr. [ Maxwell Fitzsimmons ]. The 2021 climate position and action plan, in alignment with net zero emissions by 2050, is sadly astray and out of date. Is it possible for AMP to be the industry leader for its role as a climate -- in its role in climate activities?

Thank you for the question. It's an important question, Mr. Fitzsimmons. AMP recognizes the challenges of climate change and the environment. We have been carbon-neutral for 9 years in our operations. We are also focused on driving climate action through the work we do, particularly in real estate where we have the largest physical footprint. Our approach to climate change is set out in AMP's climate position statement. We regularly report our progress through our sustainability report. We have already set interim Scope 1 and 2 2030 targets for our own operational footprint, which includes emissions reductions and renewable electricity in addition to our carbon-neutral position, which we have maintained since 2013. We have committed to net zero 2050, but we've gone beyond this in real estate with Scope 1 and 2 2030 net zero targets. We recognize there's further work to do, and we are collaborating with a range of industry groups to deliver on that. Thank you.

Chair, we have a question -- another question for Mr. Robert Osborne. Where will AMP be in the future for small shareholders? Is it worth holding on to our shares?

We have a strong -- thank you for the question, Mr. Osborne. We have a strong position in our chosen markets, and we have talked those through, I think, in some detail. We value all shareholders, small shareholders and large shareholders. We are committed to turning the business around so that it does add value to your shares in the future. And as I said, following the completion of the sales of the Collimate Capital businesses, we will be a substantially simplified group with a very clear strategy, a strong leader and we will grow and deliver value, I am sure. We also, as you would know, treat the management of shareholder capital seriously. We'll return -- we will be returning the majority of the proceeds from recent sales of the Collimate businesses to shareholders through on-market buybacks and capital return. At the conclusion of these activities, we will revisit the dividend, the regular dividend policy with an intention to return to a policy that gives you comfort going forward.

Chair, we have a question from Mr. Noel Baxendale. What steps are being taken to ensure that AMP has no investment linked with President Putin and others in his ruling clique?

Thank you, Mr. Baxendale. AMP has taken all reasonable steps to actively divest Russian investment holdings from its superannuation funds due to the conflict in Ukraine. Our approach has been endorsed by the Trustee Board of AMP superannuation funds and complies with all relevant sanctions. The value of Russian investment holdings as a percentage of AMP's total superannuation assets under management was minimal, which reflects the diversified nature of our portfolios. And thank you for the question.

Chair, we have a question from Mr. and Mrs. Punthakee. What steps are you going to take to overhaul the culture of nonperformance in AMP? Do you not think it's time to bring in totally new management in AMP? Is it not time to give patient investors the return on investment that they deserve?

Thank you very much, Mr. and Mrs. Punthakee. I'm sorry. Excuse me. There are several questions there. Let me just make sure that I answer each of them appropriately. Let's start with the -- let's start with your point about giving investors return on their investment. As I said earlier, we are very appreciative of your patience throughout the transformation of our business. And as both Alexis and I have said, 2021 was about repositioning our core capabilities to take advantage of opportunities ahead of us. We set a clear path for a new AMP. We have delivered on a majority of market commitments. And we believe we've got a strong position in chosen markets going forward. We have also committed to return the bulk of the proceeds from the Collimate Capital sales to shareholders. Let me now look at the performance. And the -- I think it's more a question around restoring confidence and rebuilding trust in AMP. So let me take that question. The composition of our Board has changed significantly. We've welcomed 3 new nonexecutive directors in 2020, Rahoul Chowdry, Michael Sammells and Kate McKenzie. And this year, Andrea, was standing for reelection, and Mark Hirst for election. We are also really delighted to welcome Alexis George to the Board, one of the country's most experienced and respected leaders in wealth and banking. She has really hit the ground running. We've also made changes at our executive level. We have very, very strong executive team, those who have been with us for a long time, and we've introduced some very strong new members. A lot is being done, as I said, to transform AMP's culture. We've made really good progress, and I can really confirm that there's enormous energy in this area. We've also taken action to create a new focused AMP. We've set it up, I believe, for a strong and sustainable future. I think the importance of dividends is very clear to us. We have also said, and I'll repeat, that we take the decision. Last year, we took the decision not to pay a dividend very seriously, and it was a very difficult decision to make. But we were going through transformation, and we needed to show prudence in terms of maintaining a strong capital position. Thank you.

Chair, we have a question from Lindsay Amore. What has been done to undo the deleterious issues AMP now face, and how many of those who caused it still work for AMP, including directors?

We've taken decisive action. I think that's very clear to create a new focused AMP. Transformation is well underway, and there's a lot of important work that's being done. I think that question is fairly much answered. But let me just make sure Mr. Amore that I am very clear to say that we have looked very closely, we have listened very closely, we have tried to understand the root causes of past issues and we have lent into them and tried to restore that trust in AMP by delivering on our commitments. I'm going to take this opportunity just because -- and it might be overstating the situation. But let me just, from the top of my head, remind people what we've delivered, what our amazing management team under Alexis has delivered over the short term. Actually going back a little bit further. Let's start with the sale of the Life company and then the sale of the final stake, sale of the Life company in 2020 and the final stake in 2021. Number 2, I think it's very important to recognize the simplification and the modernization of the banking platform, which is now well-prepared for growth. Number 3, the reshaping of the advice network, as well as the delivery of a new model for providing advice to make it more accessible and affordable for the people of Australia. Four, that was the -- that was for our aligned advisers. For our employed advisers, we sold to that network. If you go, that's 5. Number 6, just I'll keep going until I think I've made it clear that there's been a lot done recently. 6, we are meeting our commitments on cost reduction and cost cutting, so that this year, our cost-out program will meet its commitment to cut to $300 million this year. 7, the sale of the Collimate Capital businesses, which was an enormous value creation opportunity for shareholders. 8, the separation of the Life business, which means that this is very complex because AMP was set up as a Life company. The separation and setting us forward -- setting us up for going forward has been very complex, and we will meet that commitment in the middle of this year. 9, the transference of the MAG funds, the multiple asset funds into our Wealth Management. 10, the sale of GEFI to Macquarie Asset Management. 11, transformation of culture. 12, resetting the balance sheet. And I could go on. So I think Mr. Amore, you will see that there's been a lot of work done, and a lot accomplished. We know there's more work to do, but it's not from lack of commitment to deliver.

Chair, we have a question from Diodoro Carpinelli. Do you believe AMP will go broke and we will lose our money?

Thank you, Diodoro Carpinelli. AMP is a well-capitalized business. You know this. AMP is a well-capitalized business with really robust protections in place. AMP remains a financially strong company and a leading player in superannuation investments, retirement and advice. We've got a very clear action plan and a focus on creating value in the new AMP. I want to assure you that we're focused on delivering sustainable long-term value creation. I don't think I need to go any more on that.

Can I just say something?

Yes, please.

May I say something as well on that question, and I understand why that question is asked. I mean, I took this job 9 months ago because I truly believe that we can make this company great again both for shareholders, both for our customers and people. And when I come to this organization, I feel and saw a team that was absolutely dedicated to doing that. Yes, we've got some challenges ahead of us, and we've laid those out. But I think we've done an enormous amount of work over the last years to really simplify the business and allow it to be focused as we've talked about today on the retail wealth and banking side and to truly be successful. And I don't see anyone in our company who doesn't believe that and who doesn't believe over the longer term that we'll continue to deliver better value for our shareholders.

I totally agree.

Chair. We have a question from Mr. Ross Emmanuel. When is this organization going to appoint a successful leader and get AMP back to respected in the business community?

Mr. Emmanuel, missed the e-mail, I think. We're delighted to have Alexis George on board. She joined AMP as CEO last year. She's one of the country's most experienced and respected leaders in wealth and banking. And as I said earlier, she's hit the ground running. We've already achieved really good momentum in the transformation of AMP. She's also made a really noticeable impact on the engagement of employees.

Chair, we have a question from Ms. Trudi Crowther. When are the shareholders going to be compensated for the way the company was managed and controlled leading up to this devastating situation we're at? Most importantly, how can we be assured something like this will never occur again?

I'm hoping -- thank you for the question, Ms. Crowther. I'm hoping that my previous speech, Alexis speech and the answers to previous questions have given you some comfort in response. We really know this has been a challenging period, and I know shareholders have felt it deeply. We do have a very clear path for the future. And we are committing to return the bulk of the share -- the net proceeds of the Collimate sales to shareholders.

Chair, we have a question from Dr. Robert Byrne. How do such a well-regarded institution as AMP becomes so mortally wounded? Was it due to poor corporate governance by the Board or poor performance by those employed in management?

Thank you, Dr. Byrne. Having led AMP through this transformation over the past few years -- 2 years, actually, the Board in front of you today brings the highest levels of governance required to return AMP to long-term sustainable growth. Thank you. I should say I don't want to seem dismissive to Dr. Byrne, but I do think that question has been answered.

Chair, we have a question from Mr. Peter Wilson. Can you give a time frame to have AMP back to a respectable value for a company of this standing? Does the Board still propose to implement the share consolidation of 1 share for every 8 held?

Thank you, Mr. Wilson. I addressed this in my speech. We will consider a share consolidation at a later stage after the completion of the sales of the Collimate Capital businesses. It's important to remind everyone, though, that the consolidation does not affect the value of the shares you hold. It addresses the fact that AMP has such a huge shareholder -- share registry. We are looking to make it more efficient and more aligned to our peers. And we will consider whether we do that or not in the future. At the moment, we are not going ahead with consolidation point.

Chair, we have a question from Ines Maryland. Why did the company sell the Life business to Resolution Life?

So in November, we agreed to sell the remaining 19.13% stake in Resolution Life to Australasia. This divestment brought to a close our long and proud history in insurance in Australia and New Zealand. It did allow us to realize capital and further strengthen the balance sheet. It also -- I'm not sure if the question goes back to the initial decision to sell the Life company in 2020. At the time, we recognized that strategically, life insurance in the future needed to be a global, very large-scale business to be sustainable. By the way, the initial transaction in 2020 allowed us to complete a share buyback of up to $200 million and to pay a special dividend to shareholders of $344 million.

Chair, we have a question from Mr. Peter Treese. Given AMP's poor performance and collapse of the share price, if AMP received a take up a bid or merger offer, would they accept it? If not, why?

Thank you, Mr. Treese. At the moment, we're focused on completing the Collimate Capital businesses. As a Board, as you know, we have a responsibility to act in the best interest of shareholders, and we would be obliged to consider any approaches. But at the moment, our attentions and our efforts are clearly on the transformation to the new AMP.

Chair, we have a question from Ms. Fei Marshall. Why did you carry out a small shareholder sale facility last year?

Thank you, Ms. Marshall. Actually, this was in response to our listening to shareholders. AMP has a very large shareholder base. Selling small parcels of shares can be difficult and expensive. And the facility was a cost-effective way for shareholders to sell shares. They didn't need to sell shares. It's also important for AMP to manage the cost of a large share register on behalf of shareholders.

Chair, we have a question from Mr. Sean Muller. The share price of the big 4 banks in Macquarie have climbed significantly since March 2020 lows. AMP has gone backwards since March 2020. When can we expect to see the share price start to track with the rest of financial services companies in Australia?

Thank you very much for the question. We cannot manage the share price. We can manage the business. And we have taken really decisive action to reinvent AMP. I think it's clear that we're focusing on driving growth, and we assume and expect the share price to follow that growth. We are also pleased to see that share price has been stabilized and is up over the last 12 months.

Chair. We have a question from Mr. Michael Coburn. You've mentioned a couple of times recently that on the sale of Collimate and other sales, surplus funds will be returned to shareholders. There's been no mention of the quantum of the payment other than gross sales amount is over $2.1 billion. Could you please give us a guide of the amount of the payment? Maybe a range would help. And also, what percentage of the payment would be in the return of capital as distinct from the on-market share buyback?

Thank you. Mr. Coburn. I would like to be able to give you that detail. However, our teams are currently working on exactly what the quantum and the form, and to some extent, the timing that we will be doing this as soon as we can so that we can announce to you in more detail. However, you can imagine this is very complex. The sales will facilitate a capital return, and we are committed to returning the majority, but we need to engage with the regulators, the ATO. We need to also understand more about the sales themselves, and we'll be in a much stronger position as we get closer to those sales finalizing. I can understand the question. There's a lot of work being done, and we will -- we are hoping to be able to give you more detail in the third quarter to early fourth quarter of this year.

Chair, we have a question from Mr. Michael Friend. Why is it necessary for both the CEO and Chair to perform an acknowledgment of country at this meeting? Is this an example of AMP concentrating on wokeness rather than simply trying to fix the business, remembering to go woke is to go broke?

Mr. Friend, both Alexis and I feel strongly that it's appropriate to give an acknowledgment to the country. I don't think the extra few minutes of our time took away from our focus on rebuilding AMP.

Chair, we have a question from Mr. Michael de Tocqueville. Australia's affluent segment, including high net worth and mass affluent individuals, has experienced robust growth in recent years. What actually is AMP's return-driven strategy to rebuild its Wealth Management business?

I'm just wondering if we have already answered that question, Mr. Tocqueville. As I said, we have a clear path for the business going forward, and it's about repositioning our core capabilities in wealth management and banking so that we can better compete. We do see that there are great opportunities for Australia and New Zealand -- for AMP in New Zealand and Australia, and we think we're in a very strong position to do so. Do you think maybe you can add anything?

Yes. Maybe, if I can add a few things there. I kind of think of our Wealth Management business in 3 respects: The advice business, the superannuation or default superannuation system and the services we offer to advisers, both our own advisers or aligned advisers and the independents. I mean, I think if we look at the superannuation business, and I mentioned it before, we really have in '21 made sure there that we have competitively priced opportunities. The investment performance was focused on and was up to 20% last year. And we really have started to rebuild the brand, which was a problem for us in the past. So I think in terms of that space, our direct-to-consumer space, we've done a lot of work and are at the point where we really can start to grow in the future. Similarly, in our platforms or where advisers for the higher net worth or mass affluent might use our services, again, we repriced the platform, make sure that there were no proposition gaps, and we've actually just recently launched an app where the customers of the advisers can get direct access. So we are really, as you've heard me talk about, intending to grow that business, and I can see those positive signs coming through. And similarly, on our advice space, we're absolutely committed to the provision of advice. We have complex systems in Australia, and many people do need advice to be able to grow their wealth. And so there, we need to make that business sustainable. There's no doubt about that. But we also need to improve the way we can deliver those advice services more efficiently to customers. So I think there's many things we're doing in that wealth space to return it to growth. Debra?

Yes, I agree. And I think that we also recognize that it helps not only Australian and New Zealand individual customers, but it also helps the society and economy in both countries. David?

Chair, a further question from Mr. de Tocqueville. AMP Bank's net interest margin, or NIM, is forecast by the company to decline through 2022. What strategic plan does AMP have to improve its NIM rate at the bank?

I'm going to pass to Alexis for more detail. But we are in a highly competitive environment in Australia and New Zealand, driven by low interest rates, record low interest rates to date. While the rates have remained low, the cost of funding started to increase, which does impact NIM. Now we are very concentrated on making sure we are not looking at profitless growth. I will pass to Lex to talk about how we do that.

Yes. Thank you. I mean it is true that the net interest margin in our bank has decreased for the first 4, 5 months of the year, although we're starting to see a little bit of turnaround in that. And that is because the market has been very buoyant. It's been very competitive, especially in the mortgage space. And I'd remind you, in our bank, we only have 2 products, really deposits and mortgages. And so yes, we've had to compete. We haven't been stupid about that. I don't believe. And so we've competed where it made sense. As we look through to the latter half of this year, I think every economist I've spoken to would predict that there's likely to be some interest rate rises. And so we will have some benefits from that in our banking space, but we need to manage that responsibly. And I can assure you, I'm on top of that every single day that we come to work.

Thank you.

Chair, a further question from Mr. de Tocqueville. What money has AMP expanded over the past 5 years on digital technology? What have been the gains and what is it budgeting for the next 2 years? And please explain the cost benefits of the company's wealth management and banking strategy?

That question probably is in 2 parts. I believe, probably you're in a better position to speak to it, Alexis. But I can say that increasing our skills in both technology and digital data making sure our businesses are competitive and that the service quality is appropriate, is very high on our focus list.

Thank you. That's a very big question, Mr. Tocqueville, and I'm afraid at the top of my head, I don't know the exact dollars that were spent on various technology elements over the last 5 years. I can say a couple of things here. Firstly, I think we all know we live in a world where digital, whether we like it or not, has become a part of our everyday and as a financial services provider, we need to go that way as well. And we obviously don't just compete about it against our traditional competitors. We compete against the experiences that you may have with native digital players. So it's really important that we continue to invest and focus in this area. We've just recently brought on a new Chief Technology Officer, Felicia Trewin, and her mandate is to make us digital first. It's something we have to embrace as an organization and something I absolutely support. I mean, just recently, we became a cloud bank. So I think that's really important as well if we continue to reinvigorate our focus in this area. So I would say, arguably, we need to spend more in this space, not less, but of course, we have to drive value. And all expenditures very rigorously examined through the management team and the Board to make sure that we're returning value for shareholders.

Chair, we have a question from Mr. and Mrs. Freeman. When the Australian Mutual Providence Society demutualized, the retail share price was in the vicinity of $18 to $20. When can we expect to return to a similar ASX price?

Thank you, Mr. and Mrs. Freeman. As I said earlier, we can't manage the share price, but we can manage the business, and we are working very hard and effectively to reinvent AMP to improve the growth opportunities for you.

Chair, we have a question from Mr. Wei Ho. Would you be able to give some comfort to your long-suffering shareholders who have held on to their shares for almost a decade on the quantum of the return of capital from the sale of the Collimate Capital business?

Thank you, Mr. Ho. This is very similar to an earlier question. We are working as hard as we can to come up with more details for you in this regard. But it is complex. It will take some time and we need more certainty around the sales themselves before we can make those announcements. We do hope to be able to do that by the third quarter of this year.

Chair, a further question from Mr. Sean Muller. Given the Collimate brand does not exist now, can you give us an indication of how much money was spent setting up the Collimate brand? And how much does this dilute the money received in the buyout of the company?

Thank you, Mr. Muller. And look, the Collimate Capital brand will be retired. The investment to set up the brand was covered as part of the demerger costs. But we believe firmly that we achieved really compelling value for shareholders with the sale of these businesses and we could not have achieved the sale of those businesses had we not gone through that process of separation and simplification, which was where we're focused with the demerger in mind.

Chair a further question from Mr. de Tocqueville. Given the intangible value attributable to the 173-year old AMP brand name has now been effectively destroyed, is it not time for shareholders to be asked to change its name also at the time of the proposed approval to consolidate their shares or instead just sell what's left of the company?

Thank you again, Mr. Tocqueville. Look, I think this is, once again, a question that points to recreating AMP so that it lives to the trust and respect that it had in the past. And I think we've both made it very clear that we're committed to delivering to that.

Chair, there's no further online questions at this time for this item.

Thank you. As there are no further online questions, we'll go to the questions on the phone line. Are there any questions on the phone line? And if so, could the operator, please, introduce the speaker?

There are no phone questions.

Thank you. I believe shareholders have had a reasonable opportunity as a whole to discuss this item. As there are no further questions or comments, we will now turn to the items of business which will be put to a vote. I now move to Item #2 of the Notice of Meeting, which concerns the election and reelection of our directors. We will proceed with Item 2A, which concerns the reelection of Andrea Slattery as a Director. The proposed resolution is on the screen. This item must be approved by an ordinary resolution. Andrea was appointed to the AMP Limited Board in February 2019, and at the same time, she was appointed to the AMP Bank Limited Board. As mentioned before, Andrea is the Chair of the Audit Committee and a member of the relevant Nomination, Risk and Remuneration Committee for these Boards. Andrea was also appointed to the AMP Foundation Limited Board in March 2022. Andrea has nearly 30 years experience as a nonexecutive director and senior executive in the financial services, infrastructure and professional services sector. Andrea is currently Non-Executive Director of Argo Global Listed Infrastructure, Clean Energy Finance Corporation and Deputy Chair of the Woomera Prohibited Area Board. Andrea has great expertise in strategic, digital and corporate governance transformation and a keen interest in ESG, having attained the Global Competent Board's ESG designation in 2021. I would like to invite Andrea to say a few words.

Thank you very much, Debra, and good morning, everybody. It has been a privilege to serve as a Director of AMP over these last 3 years. Under the committed, courageous and humble leadership of Debra and Alexis, supported by the Board and our able management, we are well on our way in the transformation of AMP Limited, and are now poised to enter a new era focused on long-term sustainable growth through our core businesses of wealth, retirement, advice and banking in Australia and New Zealand. As a director, Audit Chair and committee member at AMP, I set myself 2 key goals: 1, to support the transformation of AMP's purpose and strategy as a leader in financial services by reinvigorating its customer focus; 2, was to return trust, confidence and strength to the AMP brand. I believe when we do these things, shareholder value and benefits will follow. I am well-equipped for this role. I was the Co-Founder and CEO of the SMSF Association. I understand wealth and advice, and I've been recognized as a leader in retirement systems design. I also have expertise across corporate governance, cultural transformation and strategy, ESG and sustainability and risk and assurance management. While I've been at AMP, I've overseen transformational reforms, some of which are the following: a significant cultural change, including new integrity, accountability and assurance programs; re-pivoting to new contemporary wealth and banking capabilities focused on the customer; refocusing on transparent public disclosure, financial reporting and sustainability reporting; we've also met and discharged significant legacy commitments, and we've restructured for a more cost-effective business focusing on our competitive advantages. During my tenure on the Board, I have gained a thorough knowledge of AMP, its past and current challenges, and the enormous potential for its future. I recommit to you that I will continue working towards meeting our purpose and strategy and returning trust, confidence and strength in AMP. Should you support my reelection, I look forward to continuing to serve you as a Director of AMP. Thank you very much.

Thank you, Andrea. I confirm that Andrea has the unqualified support of her fellow directors for her reelection. I now open the discussion on Andreas Slattery's reelection. Please proceed to a microphone attendant if you have a question. It appears we have no questions from the floor. I'll move to questions received before today's meeting and from the online platform. David, do we have any questions? And if so, could you please read them out?

Chair, we have a question from Ms. Jacqueline Campen. Why are there directors with more than 6 directorships when it is proven that a director with more than 6 is not as effective as they could be?

Thank you for your question, Ms. Campen. You have a Board that is experienced and well-qualified with intense drive to build on the momentum across the business. Board governance is of utmost importance, and I can assure you my fellow directors and I are very mindful of the responsibilities and duties we manage. You would also recognize that different Boards require different levels of time and energy. I must say that there can be no doubt about the directors on the floor today, that they have committed enormous time and energy as can be seen by the accomplishments over the last 12, 18 months in AMP. They are professionals, and they are willing to give their commitment, and I am very comfortable that we don't have a governance issue in this regard.

Chair, there's no further online questions at this time for this item.

As there are no further online questions, we will move to questions on the phone line. Are there any questions on the phone line? And if so, could the operator, please introduce the speaker.

There are no phone questions.

Thank you very much. As there are no further comments or questions, I will close the discussion. We now move to Item 2b concerning the proposed election of Mike Hirst as a director. The proposed resolution is on the screen. This item must be approved by an ordinary resolution. Michael was appointed to the AMP Limited Board in July 2021, and at the same time, he was appointed to the AMP Bank Limited Board. Mike is a member of the relevant Audit, Nomination, Risk and Remuneration Committees for these Boards. He has more than 40 years of experience in Board and senior executive leadership roles in the financial services industry. Mike is currently a Non-Executive Director of AMCIL Limited, Butn Limited and GMHBA Limited. Mike served as Deputy Chairman of the Treasury Corporation of Victoria and held nonexecutive director roles with Austraclear, Colonial First State, Rural Bank and Barwon Health Limited. He was also previously Managing Director of Bendigo and Adelaide Bank. Mike has a solid track record for his work in the financial services industry and has earned a reputation for integrity, great judgment and building collaborative and effective teams. I'd like to invite Mike to say a few words.

Thank you, Debra, and good morning, everyone. Firstly, I'd like to thank you for the opportunity to serve on the AMP Board. It is a privilege to be invited to become involved with a company that has a storied history as any Australian company I can think of. I'm particularly pleased with this opportunity as I worked for Chase AMP Bank, which is the forerunner of the bank we own today. In accepting the Board's invitation, I realized there would be an enormous amount of work required to maximize value for shareholders and other stakeholders. I'm excited by that challenge, as well as the learning opportunity it presents, and I'm committed to making a positive difference. While you already have a highly skilled and competent Board, I believe my 40 years experience as a banker can assist management and the Board in growing AMP's business for the benefit of all stakeholders. I have relevant experience in banking and governance as evidenced through my tenure of 9 years as Managing Director of Bendigo and Adelaide Bank, and 6 years as Deputy Chairman of the Australian Banking Association. Banking is a technical business, and I have had the great fortune of being able to work across all areas of banking and a large part of wealth management. If elected today, I will apply myself to using the skills that I have accrued throughout my career to help AMP continue the upward trajectory of the company that this new management team and Board have initiated. It is my belief the recent transactions the company has undertaken have optimized value for shareholders, and the strategic direction set by Alexis and approved by the Board will deliver more value over the long term. I want to thank you again for this opportunity.

Thank you, Mike. I confirm that Mike has the unqualified support of his fellow directors for his election. I now open the discussion on Mike Hirst's election. Please proceed to a microphone attendant if you have a question. As we have no questions from the floor, I will move to the questions received before today's meeting from the online platform. David, do we have any questions? And if so, could you please read them out?

Chair, there's no online questions at this time for this item.

Thank you. In that case, I will move to the questions on the phone. Are there any questions on the phone line? And if so, could the operator, please introduce the speaker?

There are no phone questions.

As there are no further comments or questions, I will close the discussion. We will now turn to item #3, being the adoption of the 2021 remuneration report. The proposed resolution is shown on the screen. The remuneration report appears on Pages 42 to 68 of the 2021 annual report. It provides an overview of our remuneration approach and structure and details of the remuneration of the CEO and other key management personnel in 2021. Each director recommends shareholders vote in favor of adopting the remuneration report. AMP designed and implemented a new approach to remuneration that applied from the first of January 2021. The design of the remuneration framework included extensive consultation with shareholders, proxy advisers and other shareholder representatives to listen to their concerns and feedback and better align to market practice. We've taken action to significantly strengthen and simplify our remuneration framework, which has received positive support from stakeholders. Our approach is designed to align performance, ensure prudent risk management and support the attraction and retention of high-performing talent, to deliver strong customer outcomes and build sustained returns for shareholders. In line with our framework, AMP's 2021 remuneration has sought to balance the shareholder experience, with the need to attract and retain the right talent to deliver on AMP's transformation strategy. We are confident we have a strong remuneration framework in place to drive the transformation and growth of AMP for shareholders. I will now respond to any questions or comments on the 2021 remuneration report. Please proceed to a microphone attendant if you have a question.

We have a question from the auditorium. I will take the question from microphone 1.

Thank you, Chair. I'd like to introduce Julieanne Mills from the Australian Shareholders Association.

Thank you. The Australian Shareholders Association will be voting all our undirected proxies against this resolution, unless the Board can explain how the remuneration incentives align with shareholder returns. The ASA's view is that the short-term incentives maximum remuneration should not exceed the fixed remuneration. And while we appreciate the deferred equity components, we're concerned about the lack of a financial gateway. Our view is that a larger component of the CEO's remuneration should be genuinely at risk through the long-term incentive and the true financial hurdles should apply to this.

Thank you, Ms. Mills, and thank you for ASA for your continued interest in AMP. There are several questions included in that question. So let me try to break it down. First of all, I would say that the STI -- the target payment on the STI is 100% of fixed remuneration. The extension to 200% is for a very, very exceptional performance and very rarely used, but needs, we think, to be in the framework to recognize if there is such a situation. In terms of the remuneration framework itself, we did mention it earlier, but let me say that a competitive remuneration framework was established after a lot of consultation with shareholders and other stakeholders, including proxy advisers. We did receive a lot of support for that framework. The way different groups -- there is no universal agreement around the need of gateways, financial gateway nor the size or the focus and balance between long-term and short-term STIs. We took the view that this was appropriate for our business to attract and retain the best talent we could to deliver to the transformation of AMP. The sense of a financial gateway, I understand, and I understand why you're asking that question. There is some misunderstanding in the market as to our financial indicators in our scorecard. We do look at short-term financial indicators as well as long-term financial indicators. The long-term financial contribution that our talent make is caught in the strategic initiatives in this scorecard. So whereas some have interpreted the financial indicators as being 30% of the scorecard, we count them as 50% of the scorecard. I must say we continue to listen. We continue to take these comments very seriously, and we review our remuneration system and framework always in light of the needs of the business, the needs of staying market competitive and the expectations of the industry. So we will take your points, and we will consider them and continue to engage with ASA and others. Thank you. It seems we have no more questions from the floor. I'll move to questions received before today's meeting and from the online platform. David, do we have any questions? And if so, could you read them out, please?

Chair, we have a question from Mr. John Hodges. When will the remuneration of directors and top officers be reduced to fair and reasonable levels? Unfortunately, the general trend is in the opposite direction. AMP should set an ethical example by refusing to pay inflated amounts.

Thank you very much for the question, Mr. Hodges. The Board did review the Chair and Non-executive Director fees and determined that there would be a 15% reduction to all fees effective 1st August last year. And that was to reflect the sale of AMP Life. Before that, the previous Chair took a 22% reduction in Chairman's fees in 2020, which, of course, flowed on to the current year. We are very aware that the size of the business and complexity of the business is reducing. That's deliberate because we want to focus on where we think we best grow value. So we are also committed to reviewing Director's fees again after completion of the Collimate Capital businesses. Thank you.

Chair, we have a question from Mr. David Loveridge. Why is it that it is not compulsory that all directors when appointed have to purchase within 1 month, at least in dollar terms, 50% of the annual director's fees in shares?

Thank you very much, Mr. Loveridge. Under AMP's Nonexecutive Director minimum shareholder policy, a nonexecutive director has 4 years to reach the minimum holding. That means they are required to apply 25% of their base fee each year to the acquisition of AMP shares. The issue is they're only able to do that when permitted to trade and subject to AMP trading policy. Because of the access to price-sensitive information that directors have, these periods -- these trading windows, as we call them, are really only exists in our policy 3x a year, unless there is something happening at those times, which also suggests that a director might have sensitive information. It's a good opportunity, I think, to point out that over the last few years, as I think we've amply pointed out, there's been so much activity in AMP that often directors have not had the chance to purchase shares in those trading windows because of price-sensitive information.

Chair, we have a question from Mr. Ben Amato. Why were dividends not paid to shareholders yet AMP staff were still paid short- and long-term incentives?

Thank you, Mr. Amato. We really understand the importance of dividends to shareholders. And as I said earlier, the decision not to pay dividends is not made like me. We do appreciate your patience during the transformation of our business. We will be returning capital after the sales of the Collimate businesses are completed. When we determined the 2021 group incentive pool for our executives, the Board was very aware of shareholder experience. However, it's a difficult discussion because we need to balance the recognition of disappointment of shareholders with the need to continue on the path of transformation to build long-term value for those shareholders. We can't do that unless we retain and meet the market expectations in terms of rewarding those people for the work they have done and the work they will need to do to eventually add long-term value. So while we recognize the shareholder experience, we believe that we took the right decision to make sure we have the right talent in place to build future value for the shareholder.

Chair, we have a question from Mr. Davy Henry. Why give directors a pay rise when shareholders get stuff all for their measly shares?

I suspect that's a technical term. Thank you. I beg your pardon? Pretty lame. I should come up with something better than that. The Board did review that Chair and Non-executive Director fees, as I mentioned earlier, and they were reduced by 15% last year, and we're committed to looking at them again after the sale of the Collimate Capital businesses.

Chair, we have a question from Mr. Alistair Smith. Please explain why there was an asterix against the short-term incentive for the Chief Risk Officer in the remuneration report?

Thank you. At the time of the executive's resignation, the STI had not been determined, and we had committed to publishing the remuneration report with our results. Following the finalization of that report, the executive tendered his resignation, and I should make it very clear that STI payments follow very appropriate benchmarks and protocols, and disclosures will be made in the 2022 remuneration report.

Chair, we have a question from Mr. Anton Adi. Until AMP recovers from the management disasters of the last several years destroying shareholder value, why are long-term incentives and bonuses considered appropriate from general manager level and above until senior management demonstrates its ability to create shareholder value and prove themselves worthy to shareholders to govern and attract incentives?

I think I've probably dealt with this question earlier in various ways. But thank you again, Mr. Adi for the question. We do appreciate your patience through the transformation of our business. It is a balance when we are looking at shareholder experience and rewarding our team. I probably haven't highlighted enough just how much I think Alexis have pointed that out, but there has been an enormous amount of work and dedication by our teams to deliver to the transformation program as much as we have over the last 12 to 18 months. We need to make sure that we retain and attract the kind of people that can deliver that kind of performance.

Chair, we have a question from Ms. Shirley Arndt. Why does your company pay executive bonus while your employees get nothing?

I don't understand that question. I'm sorry, that's just not true, actually. I mean, if we look at our remuneration report, our actual employees, apart from the key management personnel who were named received 70% of their target bonuses for '21.

Yes.

So maybe, I suspect now I understand why Ms. Arndt has asked the question because those payments are not probably -- they don't appear in the remuneration report. Thank you.

Chair, we have a question from Mr. Chris Roberts. I can tolerate a Board of Directors' failure to maintain shareholders' wealth due to circumstances outside of their control, however, the demise of AMP lies at the feet of the Board to offer the Chair an incentive to deliver for shareholders is an insult. Your prude salaries should be enough.

Thank you, Mr. Roberts. We don't receive any incentive payments. We receive fees as directors. And for both directors on the Board and for subcommittees that directors are representative on. By the way, the Chair doesn't receive any extra fees for subcommittees.

Chair, we have a question from Mr. Graham Hay. When is the gravy train of overpayment to the Board going to stop and some return to the suffering shareholders going to be secured?

I think I've answered this question, though I don't think it's appropriately phrased. We did review the Chair and Non-executive Director fees, as I said, and reduced them by 15% last year.

Chair, a further question from Mr. Hay. How much and when will we get some return? Can we stop bonus to the executives and pay the shareholders first?

Thank you very much again, Mr. Hay. I should have made it clear that the detail of remuneration is very clearly expressed in the remuneration report for those who have detailed questions. I think it's clear that there will be no -- the returns to shareholders come after the executives put in the work and deliver the results.

Chair, there are no further online questions at this time for this item.

Thank you. As there are no further online questions, we'll move to the questions on the phone line. Are there any questions on the phone line? If so, could the operator, please introduce the speaker?

There are no phone questions.

I believe shareholders have had a reasonable opportunity as a whole to discuss the 2021 remuneration report. As there are no further comments or questions, I will close the discussion. We will now turn to Item 4, being the approval of the CEO's long-term incentive for 2022. The proposed resolution is shown on the screen. The CEO's 2022 long-term incentive will be awarded in performance rights, with the face value of $1,715 000, equivalent to 100% of fixed remuneration. The 2022 CEO LTI award has a 3-year performance period, which determines the equity that vests contingent upon AMP achieving a total shareholder return at or above the median of its peer group. The vested portion is then subject to a further 1-year holding lock. As such, the LTI award has a 4-year vesting period. Alexis was not awarded an LTI for 2021 as she commenced at AMP in August 2021 after the 2021 grant date. Alexis did receive a sign-on grant outlined in the 2021 remuneration report. This grant was to replace awards at her previous employer and to attract a high-quality leader. A substantial portion of the sign-on award has a TSR performance, total shareholder return performance hurdles, that is aligned with shareholders' interest and is absolutely not guaranteed pay. It is the non-executive directors' view that it is in the best interest of shareholders to approve the 2022 LTI grant to the CEO because vesting of the performance rights will be subject to a performance hurdle, which aligns the CEO's remuneration with shareholder returns. I will now respond to any questions or comments on the CEO's 2022 long-term incentive. Please proceed to a microphone attendant if you have a question. As we have no questions from the floor, I will move to the questions received today -- before today's meeting and from the online platform. David, do we have any questions? Could you read them out, if so?

Chair, we have a question from Mr. and Mrs. McDonald. Why is it deemed necessary to incentivize the CEO. They already have a salary of $1.7 million plus short-term incentives. Surely, that is enough in tight times.

Thank you very much Mr. and Mrs. McDonald. We are delighted that Alexis George joined AMP as our CEO. And I think those in the room and those online would now understand how much she has delivered in just 9 months in the job. It's also appropriate to mention that there was some misunderstanding about Alexis' remuneration package. So without going into too much detail, let me say that the remuneration report got the full support of all proxy advisers or major proxy advisers, but for one. The one proxy adviser who didn't support the report, we believe, misunderstood that Alexis' STI was included her sign-on bonus from her previous employer. We also think that they did not recognize that the financial -- in their financial metrics used in our scorecard involve long-term as well as short-term financial metrics. I think also, I've said enough today that it's really important that we attract the very best people to take AMP through this transformation. No one is more important, no role is more important in my mind than the CEO. And I can say that I think we have a fantastic opportunity in having Alexis lead the company, together with our very talented executive team who are, by being here themselves, bringing more talent to AMP. We have to pay competitive packages in the market and to attract those kind of people. And when we design our remuneration system and our framework, we listen very carefully and we look very carefully at what is comparatively fair in the market.

Chair, there's no further online questions at this time for this item.

Then in that case, let's turn to the telephone. Are there any questions on the phone line? And could the operator, please introduce the speaker if so?

There are no phone questions.

Phone must have not been working today. I believe shareholders have had a reasonable opportunity to discuss the CEO's long-term incentive for 2022. As there are no further comments or questions, I'll close the discussion. That concludes the questions section of the meeting. I would like to advise that voting on all resolutions will close shortly. I will provide you all with a few moments now to finish voting. If you are in the room and not voting online via the QR code and instead have completed the colored card, these will now be collected by the Computershare staff in the room. We'll take a brief pause while you finalize your votes. [Voting]

We've got voting tomorrow, too, don't forget. Thank you. Thank you again for those who came and voted today. We really appreciate your active support and interest in AMP. I now declare the voting closed. As the poll has now closed, the provisional results will now be calculated. This will take a few moments. Thank you for your patience. The provisional results are now visible on the screen. It appears that all resolutions are carried. Congratulations, Andrea. Congratulations, Mike. As David mentioned earlier, final results will be lodged with the ASX later today and published on our website. Before I close the meeting, I'd like to reiterate the Board's commitment to take all necessary actions to restore confidence and trust in our company. On behalf of my fellow directors, I would also like to thank all AMP and AMP Capital employees for their continued focus on delivering for customers and dedication to the strategic transformation of AMP. Under the leadership of Alexis and the Executive Committee, we are well-positioned as we embark on a new era of opportunity for AMP. Thank you again for joining us today. I now declare the meeting closed. Have an enjoyable afternoon. Thank you.