National Australia Bank (NAB) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with acknowledgments of country and a focus on NAB’s Reconciliation Action Plan and economic advancement for First Nations people.

• Procedures for voting, question submission, and meeting conduct were outlined, emphasizing shareholder participation and safety.

Financial performance review

• Cash earnings for FY2024 were AUD 7.1 billion, down 8.1% from FY2023 due to lower revenue and higher costs.

• Cash return on equity was 11.6%, in line with FY2022 and ahead of most major peers.

• AUD 5.2 billion was returned to shareholders via dividends and share buybacks; the dividend was AUD 1.69 per share with a 73.7% payout ratio.

• Share buyback of AUD 2.4 billion completed, with a strong capital ratio of 12.35%.

• Total shareholder return over three years was 51.1%, outperforming major bank peers.

Board and executive committee updates

• Ross McEwan retired as CEO; Andrew Irvine appointed as new CEO.

• Doug McKay and Anne Loveridge retired from the board; Warwick Hunt appointed and endorsed for election.

• Board composition changes focused on skills in technology, digital, and environmental issues.