Acadian Asset Management Inc. (AAMI) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Shareholders for BrightSphere Investment Group Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn the meeting over to Mr. John Paulson, Chairman of the company's Board of Directors. Mr. Paulson, the floor is yours.

Yes. Thank you. I would like to welcome you to the 2021 Annual Meeting of Stockholders of BrightSphere Investment Group Inc. I am John Paulson, Chairman of the company's Board of Directors. I will be acting as Chairman of this meeting. We are excited to hosting be a virtual meeting this year, which allows us to be more inclusive and reach a greater number of our stockholders. At this time, I call the meeting to order. We will conduct the business portion of our virtual meeting first and answer general questions at the end of the meeting. [Operator Instructions] I would like to begin by introducing the other current members of the Board: Robert Chersi, Andrew Kim, Barbara Trebbi and Suren Rana. I would also like to introduce Richard J. Hart, our Chief Legal Officer and Company Secretary, who will serve as the secretary of the meeting and record the proceedings. I would now like to start the formal proceedings of the meeting. As we have a quorum, I now declare the meeting open for the purpose of transacting such businesses as may properly come before it. Mr. Hart has been provided with an affidavit of Computershare Trust Company NA, the registrar and transfer agent for the company's shares, as to the mailing or distribution of the notice of the meeting, which states that on or about May 5, 2021, notice of the meeting and of the Internet availability of the proxy materials was mailed or distributed to the stockholders of record as of the close of business on April 27, 2021, the record date for the meeting. Accordingly, the requisite notice of the meeting has been given. The company's 2020 annual report on Form 10-K and 2021 proxy statement have been made available to shareholders and are available for viewing on the meeting website. Computershare is acting as the inspector of election for the meeting. The inspector of election has signed an oath to act as such, and this oath will be filed with the records of the company. The stockholder list of the company as of the record date showing the stockholders and their respective share numbers entitled to vote at this meeting is available on the virtual meeting website. Now I'd like to turn the meeting over to Richard Hart.

Thanks, John. If you have not already voted and you wish to vote at the meeting, please follow the instructions provided on the virtual meeting website. The final results of voting will be included in a filing with the SEC on Form 8-K within 4 business days following the conclusion of the meeting. You have 3 options for resolutions 1, 2 and 3. For each of resolutions 1, 2 and 3, you can vote for such resolution, against such resolution or abstain from voting on such resolution. You have 4 options for resolution 4. For resolution 4, you can vote for 1 year, 2 years, 3 years or abstain from voting on such resolution. In accordance with the company's certificate of incorporation and the bylaws, the election of directors shall be decided by the affirmative vote of a majority of the votes cast, and all other matters shall be decided by the affirmative vote of a majority of shares present in person or represented by proxy at the meeting and entitled to vote thereon. John?

Yes. Thank you, Richard. We will now proceed to vote on the resolutions, which I will formally propose to the meeting. I note that the date is June 23, 2021, and the time is 10:05 a.m. Polls for voting on all matters are open at this time. The full text of background and recommendations on the resolutions is set out in the notice of the meeting and the proxy materials that have been made available to you. [Operator Instructions] The first proposal relates to the reelection of directors of the company. The following candidates have been recommended by the Board's Nominating and Corporate Governance Committee as nominees for director, and the Board has accepted such recommendation: John Paulson, Robert Chersi, Andrew Kim, Barbara Trebbi and Suren Rana. The Board has recommended that each of these directors be reelected as directors. I now propose that John Paulson, Robert Chersi, Andrew Kim, Barbara Trebbi and Suren Rana each be reelected as a director. The next proposal relates to the ratification of the Audit Committee's appointment of KPMG LLP as the company's independent registered public accounting firm for the year ended December 31, 2021. The Board has recommended that stockholders ratify the selection of KPMG. I now propose that the appointment of KPMG as the company's independent registered public accounting firm be ratified. The next proposal is a nonbinding stockholder advisory vote related to the compensation of the company's named executive officers as described in the company's proxy statement. The Board has recommended the approval of the compensation of the company's named executive officers. I now propose that the compensation of the company's named executive officers as described in the proxy statement under "Compensation Discussion and Analysis" be approved on an advisory basis. The next proposal is a nonbinding stockholder advisory vote relating to the frequency of future stockholder advisory votes on the compensation of our named executive officers. The Board has recommended a vote to approve the frequency of holding votes on the compensation of the company's named executive officers every year. I now propose that the frequency of future stockholder advisory votes on the compensation of the company's named executive officers shall be held every year. Now let me ask once again if there's any questions or comments from shareholders on the proposals being acted on.

John, I can confirm that we have no questions on the proposals.

Thank you, Richard. There being no further -- no discussion on these proposals, we will now pause to allow for the completion of voting. Let us pause to allow for the completion of voting. [Voting]

Thanks, John. The voting should be completed now.

Thank you, Richard. I note that the date is June 23, 2021, and the time is 10:10 a.m. The polls for voting on all matters are hereby closed. Mr. Hart, will you please announce the preliminary voting results?

Thanks, John. The preliminary report of the inspector of election indicates that the stockholders have approved by a vote of a majority of the votes cast at the meeting, whether in person or by proxy, the reelection of all the directors proposed for reelection at the meeting, and by a vote of a majority of the shares present in person or represented by proxy at the meeting, one, the ratification of the appointment of KPMG as the company's independent registered public accounting firm for 2021; two, the compensation of the company's named executive officers as described in the proxy statement; and three, the frequency of future stockholder advisory votes on the compensation of the company's named executive officers to be held every year. The final results of the voting, including the proxy votes on each of the proposals will be announced by filing a Form 8-K with the SEC within 4 business days. I'll now turn it back to John for the final part of the meeting. John?

Well, this completes the business to be conducted at this meeting. Since there are no other matters to come before the meeting, I hereby declare this meeting adjourned. At this time, I would like to open the floor to any questions that stockholders may have. [Operator Instructions] Only matters that may concern all stockholders should be raised at this time. Let me pause for a moment to see if there are any questions. Richard, any questions?

No, we have not received any questions, John.

Okay. With no questions from stockholders, we will now conclude this question-and-answer session. Thank you for your interest and attendance. Goodbye.

This concludes the meeting. You may now disconnect.