Suncorp : 2016 AGM Chairman's Address

22 September 2016

While Suncorp's AGM is one of the earliest in the corporate calendar, we're already nearing the end of the first quarter's trading and the 2015/16 financial year seems increasingly distant.

Today, I will be speaking to some of the key factors that are shaping our industry and changing the way we operate - Technology, Regulatory Reform and Corporate Responsibility - while leaving the financial and operational highlights, and strategic update to the CEO, Michael Cameron.

Wherever we look, technology is changing how we live, work and play.

• 24/7 connectivity is expected.

• Access to virtually all of the world's information is now available quickly and conveniently.

• Transactions and relationships often start, and end, with the internet.

• The smartphone is by far the most important innovation of the early 21st century, (and its users an increasing hazard on our streets).

  Who would ever have imagined that this smart device could create such a profound social shift - dramatically changing consumer behaviour?

• Today, customers are more informed, more connected and more demanding.

• They have more power to influence not only what they buy but what others buy.

• They actively share their views which has an immediate impact on business reputation and performance.

• They are empowered by social networks and are dictating when, where, and how they will engage with a company.

• However, we also know this has left customers overwhelmed with choice and they are finding it difficult to make good decisions.

On the other hand, the pace of change will never again be so slow.

This is where Suncorp's alert but balanced approach to timely investment in technology, our use of the internet and new customer- focused operating model come in to play.

Most recently, Suncorp has completed its upgrade to our core banking systems and continues to invest in relevant digital, especially wireless, applications.

I am confident that the company, together with its strategic partners around the world, has the capacity and foresight to leverage emerging technologies, and embrace new opportunities in a timely manner, in order to create products that will be welcomed by our Banking, Insurance and Wealth Management customers.

Because of the importance of the financial sector to Australian households, investors and the economy in general, community expectations of disciplined standards of governance and quality processes are understandably high.

The recent public debate has extended to corporate culture and how it's shaped to ensure greater transparency, integrity and improved customer outcomes.

Regulators in particular have facilitated a number of useful forums where these issues have been canvassed.

More recently, ASIC has issued guidelines to licensees to provide financial services 'efficiently, honestly and fairly' and to take

responsibility for the consequences of things going wrong as they sometimes do.

There is no doubt that speaking plainly and minimising the occurrence of breaches which adversely affect clients are vital if we are to build greater trust in the sector.

At Suncorp, we take the trust customers place in us seriously and we will continue to work with industry and regulators to drive positive change and update codes of practice while adhering to our own robust governance framework.

We have a long and proud history of delivering quality customer outcomes and will continue to build a culture where doing the right thing underpins our social licence to operate.

This will be a key theme for the years ahead no matter what political interventions might occur.

Adding to our social licence to operate, companies like ours must be mindful of their wider corporate responsibility to integrate environment, social and governance matters into their strategy and operations.