Message from the Chair Dear Shareholders, I am pleased to share our results and operating review for the 2023/24 financial year. On behalf of your Board, I am once again proud to report that CSL has had a productive year where we have delivered for patients, communities and shareholders. In doing so, our people have demonstrated resilience and resolve in a complex operating environment. CSL is a truly global organisation. We help patients in over 100 countries around the world. External challenges will always be present, but we must concentrate on what we can control. Through our focus we have been able to deliver strong financial results this year. I extend my thanks to our Global Leadership Group, and all our colleagues throughout the world, for their commitment. Staying focused CSL has remained acutely focused on our strategy and the therapeutic areas that we target. This is where we can make the biggest difference. You can read about our strategy in this document, but to put it in my words, it is about tackling complex problems where we believe we have a distinct advantage and doing this at scale. Where possible, we innovate in these areas so we can better protect people and communities in the future. Our track record demonstrates that this has been a good formula for patients and shareholders alike. There remains strong unmet need in our areas of focus, and as long as this is the case, we see the opportunity for growth in your company. The best way to achieve these growth aspirations is through our strategy. While we may see some minor changes, your Board is confident that this is the right framework: we believe we have the right building blocks to deliver sustainable, profitable growth. Dr Brian McNamee AO Chair The Board also spent time in the United States this year meeting with important external partners and stakeholders, hearing from health experts including prescribers, payors and health economists as well as other investors in the biotech market. This provided Directors and the management team with invaluable insights into the global themes currently shaping CSL’s operating and strategic environment. We have also been listening to feedback from our investors. Remuneration has been a particularly important topic since our Annual Shareholder Meeting in October last year. Talent is a critical factor in driving company performance and remuneration is a key component of this. Your Board has discussed our remuneration framework extensively with our key stakeholders and has made several changes this year. Details of these can be found on page 77. We will continue to listen and respond to feedback in relation to our remuneration approach as well as any other issues important to our shareholders. Your Board is confident in the outlook for CSL’s ability to deliver sustainable, profitable growth for our shareholders. Once again, on behalf of the Board, I’d like to extend my thanks for your support. It has now been just over two years since we closed the acquisition of Vifor Pharma. We saw then, as we do now, a company with the right capabilities, competencies and adjacencies to CSL, that would contribute to our long‑term growth agenda. This view has not changed, but shareholders will be aware that the business has experienced several near-term challenges. We were prepared for some of these, but others were unexpected. This is disappointing, but I am confident that the leadership group have the right plans in place to deliver growth from CSL Vifor over the long-term. Governance update Dr Paul McKenzie and his leadership team are in charge of executing this strategy. The role of the Board is to maintain the highest standards of corporate governance as part of CSL’s commitment to maximise shareholder value. We were pleased to welcome Ms Samantha Lewis to our Board of Directors on 1 January 2024. Samantha is a diligent and experienced Board member. She currently holds two other Non-executive Director positions at leading Australian entities, including ASX-listed Nine Entertainment Co. Holdings, where she is Chair of the Audit and Risk Management Committee. She has also served as a Non-executive Director at Aurizon Holdings Limited and Orora Limited. Samantha’s responsibilities reflect her deep financial, audit and risk management knowledge. Engagement Another important responsibility of the Board is to engage with stakeholders inside and outside of CSL. This year, the Board held meetings in Australia, and the east and west coasts of the United States of America which gave us an opportunity to spend time on the ground at some of the operations that underpin your company’s success. We had valuable interactions with our site leaders, discussing the opportunities and challenges they face in their roles. The Board left with a strong sense of optimism, and we were encouraged by the efficiency and productivity measures being implemented by our people. 4 Limited Annual Report 2023/24
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