Tower Limited · NZX:TWR
Tower — Shareholder Meeting (March 2003)
31 slides from Tower's shareholder meeting presentation, Mar 27, 2003
Slide 1: TOWER Limited AGM cover letter to ASX
27 March 2003 Pam Ross Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 AUSTRALIA Dear Pam TOWER LIMITED — AGM HELD 27 MARCH 2003 In accordance with the ASX Listing Rules, please note the following documents: « CHAIRMAN’S SPEECH
Slide 2: Chairman's speech - Annual General Meeting
TOWER Limited Annual General Meeting - 27 March 2003 Olaf O’Duill - Chairman Ladies and Gentlemen Welcome to the 4" Annual General Meeting of TOWER Limited. My name is Olaf O’Duill and I have been on the TOWER Limited Board for two and a half years. If you are surprised that I stand here as your Cha
Slide 3: Chairman's speech: lessons learned and strategy
We have learned many lessons from the experience of the past year or so. Issues about business development, cost curtailment, integrated infrastructure, effective expenditure on computer systems, improvement of service to our customers, levels of debt, management accountability to the Board and gene
Slide 4: Chairman's speech: board renewal
They are no more accountable than the rest of us, but have graciously decided to step down and make room for new blood. I thank them for their service and for their gesture. I should say here that the process of renewal will continue after this AGM. It is my intention to appoint new Board members to
Slide 5: Chairman's speech: new board members and CEO appointment
With the impending arrival of new Board members, | felt it appropriate to put the decision on hold until after the AGM so that our new Board members would have an equal opportunity to assess the situation and we can collectively decide. The matter should be resolved quickly. I would like to place on
Slide 6: Group CEO Speech to Annual Meeting
Group CEO Speech to Annual Meeting — 27 March 2003 The 2002 financial year was one that TOWER does not want to experience again. It is now 6 months since it ended. Much has already been said and explained about the very poor financial result. [ intend to only give an overview of the result and then
Slide 7: CEO speech: financial result
e Margins are being squeezed. Customers are less prepared to pay higher levels of fees when investment returns are poor; and distributors are seeking a higher share of the fee income. e Poor investment markets are constraining growth in funds under management. Valuation is a subjective matter and ot
Slide 8: CEO speech: turnaround actions
TOWER Asset Management obtained many new wholesale asset management contracts in NZ and continued its leading position in investment performance. In Australia the performance was not good mainly due to the impact of following a large cap, growth strategy for Australian equities. | want to move now t
Slide 9: CEO speech: capital and Australian business
TOWER meets all regulatory capital requirements for its businesses. Most importantly TOWER provides strong investment returns. We cannot guarantee what your investment returns will be but we are committed to high level professional investment management. The second issue | wish to address is whether
Slide 10: CEO speech: outlook
2002 was a tough and disappointing year. We have taken steps to turn it around. The results for the first quarter were positive despite the poor investment conditions. Our strategy will bring focus to the business and strengthen our competitive position. Lam confident we will deliver. We have alread
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Slide 12: 2002 Operating Environment
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Slide 13: What happened to TOWER in 2002?
Slide 14: Bridges
Slide 15: Risk Insurance
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Slide 16: What is TOWER doing to turn around from 2002?
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Slide 17: What is TOWER doing to turn around from 2002?
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Slide 18: How is TOWER doing in 2003?
Slide 19: How is TOWER doing in 2003?
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Slide 20: Are my investments/funds safe with TOWER?
Slide 21: What is TOWER's strategy?
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Slide 22: Conclusions
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