Australian Foundation Investment Company Limited announced that Mr. Peter Williams, a non-executive director of the Company has advised that he will not seek re-election at the 2022 Annual General Meeting and will retire at the conclusion of the meeting to be held on 4 October 2022. Mr. Williams has been a Director since 2010 and is currently the Chairman of the Audit Committee and a member of the Investment and Nomination Committees. Mr. Williams is also the Non-executive Chairman of the Company's subsidiary, Australian Investment Company Services Limited.

The Board has greatly benefited from Mr. Williams' extensive experience.