Australian Foundation Investment Company Limited announced Mr. John Paterson, the Chairman of the Company, and Ms. Catherine Walter AM, non-executive director, have both announced that they will not seek re-election at the 2023 Annual General Meeting and will retire at the conclusion of the meeting to be held on 3 October 2023. Mr. Paterson has been a Director since 2005, prior to that served as an Alternate Director from April 1987 to June 2005, and Chairman since October 2018. Mr. Paterson is Chairman of the Investment Committee and member of the Remuneration, Nomination and Audit Committees.

He is also a non-executive director of the Company's subsidiary, Australian Investment Company Services Limited (AICS). Ms. Walter has been a Director since 2002 and is currently Chairman of the Nomination Committee and member of the Remuneration, Investment and Audit Committees.