Directors’ Report The Board of Directors of CSL Limited (CSL) is pleased to present their report on the consolidated entity for the year ended 30 June 2024. The information referred to below forms part of and is to be read in conjunction with this Directors’ Report: • the Operating and Financial Review (OFR), which comprises of the following sections: • One CSL (from page 2); • Performance (from page 6); • Innovation (from page 26); • Promising Futures (from page 34); • Healthier World (from page 42); • Governance (from page 56); • the Remuneration Report (from page 77); and • the Auditor’s Independence Declaration (page 72). 1. Principal activities, strategy and operating model The principal activities of the consolidated entity during the 2023/24 financial year were the research, development, manufacture, marketing and distribution of biopharmaceutical products and vaccines. CSL is a leader in global biotechnology, and develops and delivers innovative medicines that save lives, protect public health and help people with life-threatening medical conditions to live full lives. CSL’s 2030 Strategy is delivered through its five strategic objectives: Focus; Innovation; Efficiency and Reliable Supply; Sustainable Growth; and Digital Transformation. More detail on CSL’s performance against its 2030 strategic objectives can be found in CSL’s Performance and Strategy (from page 6). CSL’s operating model for its businesses leverage multifunctional teams that connect with each other to share best practice. CSL’s operating model is based around four key value creation activities: early stage research, product translation, manufacturing, and patient access. CSL’s commercial and functional areas operate globally, with the Global Leadership Group responsible for the day‑to-day management of the Group and delivery of CSL’s strategic objectives. More detail on CSL’s operations can be found in One CSL (from page 2) and CSL’s Performance and Strategy (from page 6). 2. Operating and financial review CSL discloses its financial performance by segment information. The Group’s segments represent strategic business units that offer different products and operate in different industries and markets. This provides the most meaningful insight into the nature and financial outcomes of CSL’s activities and is consistent with the way in which the CEO monitors and assesses business performance and resource allocation decisions. Information on the operations and financial position for CSL and likely developments in the CSL Group’s operations in future financial years is set out in the Operating and Financial Review (OFR). Further details on CSL’s segment reporting can be found in Note 1 (Segment Information) of the Financial Statements. 3. Directors The directors who served at any time during the 2023/24 financial year or up until the date of this Directors’ Report were Dr Brian McNamee AO, Dr Paul McKenzie, Mr Bruce Brook, Dr Megan Clark AC, Professor Andrew Cuthbertson AO, Ms Samantha Lewis, Ms Carolyn Hewson AO, Professor Duncan Maskell, Ms Marie McDonald and Ms Alison Watkins AM. Information on the current Directors, including their terms of service, qualifications, experience and special responsibilities, and directorships of other listed companies held in the last three years, is set out in the Governance section (from page 56). Ms Samantha Lewis was appointed as a Non-executive Director of CSL with effect from 1 January 2024. Mr Bruce Brook retired from the Board of Directors on 11 October 2023. 4. Company Secretary Ms Fiona Mead, BCom/LLB (Hons) FGIA, GAICD, was appointed and commenced in the position of Company Secretary and Head of Corporate Governance on 4 June 2018 and continues in office as at the date of this Directors’ Report. Ms Mead was previously the Company Secretary and a member of the Executive Leadership Team at Tabcorp Holdings Limited. Prior to that, she was the Company Secretary at Asciano Limited. Ms Mead also served as Assistant Company Secretary at Telstra Corporation. Ms Mead began her career as a lawyer with law firm Ashurst. 5. Directors’ attendance at meetings The Board of Directors meets as often as necessary to fulfil its role. Directors are required to allocate time to CSL to perform their responsibilities effectively, including adequate time to prepare for Board meetings. During the 2023/24 financial year, the Board of Directors met eight times, with seven of those meetings held in Australia and one meeting held in the United States. Members of the Global Leadership Group and other members of senior management attend Board meetings by invitation. Director attendance at Board and standing Board committee meetings during the 2023/24 financial year is set out in Table 1 on the next page. 68 Limited Annual Report 2023/24
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